Missing the Aug 31 deadline for filing taxes? Things you should know

August 31 is the last date for filing returns. If for any reason you miss this deadline, you can still file returns by the following March 31. Belated returns can be filed on or before two years from the end of the relevant tax year. 
Read Full Article »

Filing Income Tax Return: Interest Under Section 234B Explained

As you prepare to file your return and pay the due tax, are you surprised to see a couple of hundreds charged as interest under Section 234B of the Income Tax Act? Let's understand this interest and why it is charged in your tax return.
Read Full Article »

How to convert Form 26AS text file to Excel File?

Form 26AS is most important document for tax payers as it is a tax payment and deduction ledger for them. It shows Tax deducted /collected amount by deductors, Amount paid with TDS against form 15G/15H, tax paid by tax payer like advance tax, self assessment tax etc. Further it also shows refund amount . Every tax payer should match tax amount shown in form 26AS with tax claimed in Income Tax return before filing of income tax return. Now income Tax department have given automatic population of TDS entries in Income tax return from pan ledger/Form 26AS.
Read Full Article »

Grossing up income to show right results for tax payments

You have to account for tax deducted at source, while computing income tax payable and accordingly file your income tax returns
There is often a tax deduction at source done on several payments or income that is received by an individual. A common example of this is bank fixed deposits or even some other income where the amount that is received in the bank account or through a cheque is actually the net figure after the deduction of tax. In this case many individuals make a mistake while considering the figures in the return filing process. They often just take the amount that they have received but this is not the right one and it actually needs some work to ensure that the details here are correctly shown. Here is a closer look at what needs to be done in such a situation and how one can handle this.
Read Full Article »

Section 44AD of Income Tax Act

Section 44AD – The Income Tax Act, 1961. Find Complete for Section 44AD. In this article you can find complete details for Section 44AD like – Introduction for Section 44AD, What is Section 44AD, What are the criteria for Section 44AD, How to Apply for Section 44AD, What if he declares income lower than 8%? and Examples for Section 44AD, Now you can scroll down below and Check complete details regarding “Section 44AD – The Income Tax Act, 1961″
Read Full Article »


We provide you some method to verify your PAN Details, Service Tax Details, TDS Details, and Excise details online.


To know about your pan jurisdiction click below link and enter your pan no. and verification code and submit.
Read Full Article »

Cost Inflation Index notified for FY 2015-16

What is Cost Inflation Index (CII)?

It is a measure of inflation that finds application in tax law, when computing long-term capital gains on sale of assets. Section 48 of the Income –Tax Act defines the index as what is notified by the Central Government every year, having regard to 75 percent of average rise in the consumer price index (CPI) for urban non-manual employees for the immediately preceding previous year. Therefore, if we consider that price of a capital assets has risen in tandem with base price rise, than if one want to sell an asset and replace it, the cost allowed even after indexation will be lesser than the price payable for new asset. However, in case of many capital asset the price rise is lesser than market price and in many cases it is higher. How does CII help in capital gains computation? Capital Gain, as you know, arises when the net sale consideration of a capital asset is more than the cost. Since “cost of acquisition” is historical, the concept of indexed cost allows the taxpayer to factor in the impact of inflation on cost. Consequently, a lower amount of capital gains get to be taxed than if historical cost had been considered in the computation.

Read Full Article »

How to file (E-Verify) Income Tax Return through EVC

This year CBDT introduce E-Verification system through EVC (Electronic Verification Code). From this feature Assessee enable to Verify his return through EVC and no need to Send ITR - V to Bangalore. EVC can be generated only in below case:
Read Full Article »

How to file (E-Verify) Income Tax Return through Net Banking

CBDT introduced 4 methods to verify your return and after verification there is no need to send ITR V to Bangalore (Income Tax Department).
Read Full Article »

No tax on PF withdrawal after 5 years of continuous service

A person worked in a Indian-based organization for four years. Now he is going abroad for work. Since he has not completed five years of continuous service, his provident fund (PF) withdrawal will be taxable. But if he get Universal Account Number (UAN) and hold the PF for another two years and then put forth the withdrawal request, will I still be taxed?
Read Full Article »