Here’s all you need to know about filing extended last date to file ITR

When the financial year comes to a close, all the people think about is the filing of the ITR for that year. The last date of filing the ITR for year 2016-2017 and ay 2017-2018 is  31st July. The purpose of this article is to know about all the things which a taxpayer needs to know about the last date [...]

By | April 24th, 2017|Categories: Uncategorized|Comments Off on Here’s all you need to know about filing extended last date to file ITR

Best Judgement Assessment

Income Tax Return - In the best judgment assessment, the assessing officer is required to base the assessment on his best judgment i.e. he must not act dishonestly or either vindictively or capriciously. There are however  two types of judgment assessment: Compulsory best judgment assessment which is made by the assessing officer in cases of non-co-operation on the part of [...]

By | April 24th, 2017|Categories: itr|Tags: , , |Comments Off on Best Judgement Assessment

7 Things You Need to Know Before Filing Your Income Tax Returns

We generally see the tax payers running from pillar to post to file their tax returns before 31st of July and them very often get caught in a complex web of tax laws in order to help the tax payers. To make the things simpler, the article will run a series of the things which one should know before filing [...]

By | April 24th, 2017|Categories: itr|Tags: , |Comments Off on 7 Things You Need to Know Before Filing Your Income Tax Returns

How can NRI’S file income tax return in India?

If you are an NRI who lost connection with your motherland but not the income arising from your properties back home, then filing income tax returns is something that you have to follow up along with your visits back home. You may be unsure about filing tax returns in India, but as a thumb, rule if your gross total income [...]

By | April 17th, 2017|Categories: itr|0 Comments

Which ITR shall I file for rental Income?

The taxpayers with rental income are required to file ITR 1 form which is often called as SAHAJ form. This Return Form is thus to be used by an individual whose total income for the assessment year 2015-16 includes: Income from the  Salary/ Pension; or Income which is earned from One House Property (excluding the cases where the loss is [...]

By | April 10th, 2017|Categories: itr|0 Comments

Understanding income tax implications for Professionals & Freelancers

If the employer allows to either become a consultant or a freelancer, this has just become more attractive since one of the biggest reliefs which were introduced in budget 2016  was for the people who are earning up to Rs 50 lakh from a business. The finance minister had brought these professionals under the ambit of presumptive tax and now [...]

By | April 10th, 2017|Categories: itr|0 Comments