Video on Income Tax Return Filing The return of Income Tax also known as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. All India Services at Reasonable Price ...
This YouTube video from Income Tax explains what is updated ITR and how to file Updated Income Tax Return (ITR U) What is the penalty on Filing ITR Late Check out our course on Income Taxhere. Check out the Workbook on Income Taxhere. ...
In the old ITR Forms one had to report foreign assets in Schedule FA only if the person had held them at any time during the ‘relevant accounting period’. The ‘accounting period’ is not defined in the Income Tax Act. However, the instructions issued by the CBDT for filing of ITR F...
However, it’s important to watch out for the flip side: it might also mean you’re at risk of running out of stock, potentially missing out on sales if you can't keep up with demand. Companies need to make sure their high turnover is due to strong customer demand, rather than simpl...
Video on how to show break up of salary in ITR Changes in ITR for FY 2018-19 or AY 2019-20 Online filing of ITR mandatory: In a departure from the previous year, all individuals (except for super senior citizens i.e above 80 years of age) will be required to file their ITRs electr...
How will you come to know about pending e-verification? Email and SMS will be sent to the taxpayer informing that information has been received in the case and response may be submitted on the Compliance Portal. Please verify and update the email address and mobile number on the e-filing po...
While Filing ITR of next year Tarak will have to show 1299.70 as his Income from other sources. As no TDS is deducted so he will not have to claim TDS. He would have to pay Advance/Self Assessment Tax as he is in 30% slab.
You can be an investor, trader, or both. You canconsult a chartered accountant before filing returns. Hiding trading activity from the Income Tax department could mean trouble. The chances of getting a call for scrutiny are higher when the IT department systems/algorithms pick up trading activity...
The last date to file returns for NRI is same as that for the resident India. For the financial year 2015-2016 is July 31st 2016. Like resident Indians an NRI can delay filing his Income Tax returns. If you do not have any tax payable (that is all your tax has been deducted at sou...
consider it , you can claim it while filing ITR. When HRA is not accounted by employer, more TDS is deducted from salary. It may happen that may be eligible for refund if net tax paid is more due from you. So claiming HRA not given by employer in ITR involves changing following steps...