8 Mistakes that could serve you a tax notice

Income Tax authorities are on an overdrive. There are collection and compliance targets that they need to meet. Tax authorities now have integrated databases on taxpayers and can track almost all financial transactions of an individual. You are more likely to get an IT notice now, than ever before. Find out some of the key reasons why you could be served an IT notice, and take pro-active steps to avoid them...Read on..

Is electronic Filing of Income Tax Return Mandatory for AY 2014-15? (QandA : 002)

Question 002

Is it mandatory to do electronic filing of Income Tax Returns? Or, can i continue to file returns in the manual format?

Is it mandatory to file Income Tax Returns AY 2014-15? (QandA : 001)

Question 001

Is it mandatory to file Income Tax Returns? Or, based on my income, am i exempt from filing IT returns?

Income Tax Slabs for FY 2013-14 / AY 2014-15

There has been no change in the existing tax slabs in the interim budget of the current fiscal year. The tax slabs applicable for FY 2013-14 / AY 2014-15 are as given in the post...read on...

How to avoid a notice from Income Tax Deptt

Ignorance of law is never an excuse, especially if it relates to financial ignorance. Are you wary of getting a notice from IT Dept even if you are not deliberately avoiding taxes? There are high chances, if you do not know the tax laws. But you can take certain fundamental precautions to avoid the same...read on...

What is Form 26AS

What is Form 26AS?
It is a form wherein all tax related (TDS, TCS, Refund etc..) information in relation to a PAN is published by the government of India. Remember that all information is mapped via the unique PAN Number of the individual / HUF or the organization. This is one sure shot way to know how much of your tax has been received by the government and is consolidated from multiple sources like your salary / pension / interest income etc..

Income Tax Return (ITR) Submission Deadlines, Delays and Implications

It is time for Income tax Returns submission (ITR submission), and there are many queries that we come across every year, not only because the laws related to tax filing keep changing, but also because we keep landing ourselves into a new trouble every time e.g. what to do if you did not file ITRs in the previous years. 

So, i thought it might be helpful to put forward a few important scenarios and the answers to such queries.

Which Income Tax Return(ITR) form should I file for AY 2015-16 (FY 2014-15)?

Income Tax department has unveiled the income tax return forms for the Assessment Year 2015-16 (Financial Year 2014-15). The main intention has been to simplify the ITR forms and make them user friendly. Many of the salaried class have been used to file SARAL (Form 1). However, this year, better be careful.
Those who avail HRA, have availed LTA or had any other "exempted income" more than Rs. 5,000 in the entire year, you better find out what form you are required to file...read on...