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Mumbai beats revised income-tax collections target by Rs 252 crores

Collection of income tax according to the pre determined period is sure a task of high diligence and expertise which calls in for hard labour and precision. In the present context it seems very difficult as the tax refunds this year has already made a significant contribution to act as a barrier for the government to achieve its desired tax goals. The estimated collection for the year was revised at Rs. 4, 46, 000 crores .....

Delay in Filing of Return should not be Reason to Deny the Assessee’s Claim of Exemption u/s 10B(1)

This judgment is from the Bangalore bench of Income tax appellate tribunal. The judgment that came in is that in order to claim any kind of exemption under section 10B return has to be filed within the due date as it has been mentioned in the section 139(1). The provision has been proved as non mandatory like the requirement of filing of the return is not compulsory for claiming the deduction under section 10B. There .....

10 Thinks You Must Do Before Filing Your Income Tax Return

Filing a return for your income tax purpose is sure a vital issue and requires to be handled with utmost care and responsibility, thus there are certain areas which shall be focused upon and are listed below: Identify source of Income: an assessee should primarily be able to identify all his income in separate groups as income from house property, income from salary, income from capital gain, etc., so that total income can be generated .....

A Brief on Return of Income

Return of income is a special type of form to be used by the assessee for furnishing the necessary particulars like name, address, PAN/GIR No., Bank Account, income under each head, total income, tax liability, etc. before the Income Tax authority. Different types of forms are prescribed in Rule 12 of the Income tax Rules, 1962 to be used by different categories of assessee earning different types of income. Each assessee liable to submit the .....

Procedure for Rectification of Mistake in Filing of Return

With a view of rectifying any mistake apparent from the record, an income tax authority may amend any order passed by it under the provisions of this Act or amend any intimation under section 143(1). An order for such amendment shall be passed in writing by the income-tax authority. Who can amend the order or intimation: The order or intimation or deemed intimation, as the case may be, may be amend— By the income-tax authority .....

Miss the Tax Deadlines: Don’t Worry You can file the Income tax return till March, 2011

Tax returns are a primary issue for every individual and every individual who is liable to pay tax on income must file their return for the financial year 2009-10 before 31st July, 2010. However, the date has been extended to 4th August, 2010 on the ground of few technical hitches that are being currently faced by the department and the people for e-filing; the problem of poor weather conditions in some places has also added .....

Furnish Correct Information While Submitting Income Tax Return

The time has come for all entities to get prepared with all their books of accounts and other data which will help to prepare their Tax return file. The due date of filing income tax return for companies and other entities whose books are liable to get audited needs to submit its return by the 30th September whereas individuals and entities belonging to the non-audit-able group are required to furnish their tax return by 31st .....

Due Date for Tax Returns Extended upto 4th August 2010!

The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July 2010. All paper returns or e-returns filed on or before 4th August 2010 will be considered as filed within the due date. The decision was taken in view of some technical snags in the e-filing computer system, and .....

Avoid These Errors Before Filing Income Tax Return

Tax should be paid by every individual as a result of his income earned by any of the source. This is often termed as Income tax. For every country a separate income tax department in present and that department will look after the processes. The income tax department does many functions apart from the filing of Income tax it also ensures various other tasks. While filing an income tax return one should follow some of .....

Income Tax Return Forms Simplified

Recently the income tax return forms are simplified based on the complaints and requests given. In order to get right results one should have right, better and simplified tools that can be reachable and understandable to everyone. Choosing the right income tax return form from your income tax return filling can be quiet difficult and confusing. The income tax forms are newly revised under the way or sources of income we get by which the .....

Why You Must File Income Tax Returns?

In simple words, Income Tax return is a payment to the government by an individual from his earnings. Income Tax return should be regularly filed with the government authorities either in physical form or in electronic form. Generally people have a mistaken belief that tax is just a source of income for the government and they take it just in order to increase their revenues. But this conception is wrong; Tax is a social obligation .....

E-filing of Income Tax Return Online

E-filing of ‘Income Tax Return‘ is an emerging concept with a dynamic view to cut down the arduousness that is faced by the tax payers. Online filing of income tax returns refers to a procedure of filing income tax returns through the use of internet in an electronic form. Hence, derives its name as E-filing. E-filing is mandatory for a company and a firm is liable to get its accounts audited under the section 44AB .....

List of Useful Codes for Filing Income Tax Return

The list of codes is very useful while preparing income tax returns, especially when we are filing online through software provided by the income tax department. Please check the below list and kept in front of you while preparing the income tax return. List of Useful Codes for Income Tax Return

Highlights of e-Filing for A.Y.09-10 (up to 30/09/2009) State Wise

Highlights of e-Filing for A.Y.09-10 (up to 31/09/20009) State Wise HIGHLIGHTS OF e- FILING SEASON AY 09-10 ( up to 31/09/2009) (1) COMPARATIVE PROGRESS OF e-FILING OF RETURNS Form Type RETURNS RECD. FROM 01/04/09 TO 31/09/09 RETURNS RECD. FROM 01/04/08 TO 31/09/08 % CHANGE FROM L.Y A.Y. 09-10 A.Y. 08-09 TOTAL A.Y. 08-09 (incl of AY07-08) ITR-1 5,50,148 15,595 5,65,743 4,56,291 24% ITR-2 4,97,313 26,723 524,036 4,65,993 12.45% ITR-3 66,361 6,434 72,795 69,652 4.51% ITR-4 .....

What is meant by Revised Return? When can a Revised Return be filed?

Revised return means that you can re-file your income tax return with some modification. If a person has already submitted his return of income and subsequently he discovers any omission or wrong statement therein, he may furnish a revised return for any previous year at any time before the expiry of 1 year from the end of the relevant assessment year or before the completion of the assessment. For Example If you have already filed .....

E-Filing of Income Tax Return – Presentations Step by Step

E-Filing of Income Tax Return – Presentations Step by Step E Filing Presentations : Income Tax India View more presentations from rkumar02. E-Filing of Income Tax Return – Presentations Step by Step

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