Income Tax Deduction under Section 80C for tax saving:

There are many sections in income tax deduction under which individuals can save taxes by investing in the various tax saving options. Section 80C, Section 80D and other section 80 deductions comes under the income tax deductions where you can claim maximum deduction of up to Rs.1.5 lakh from total income.

Life Insurance Premium, ELSS, Provident Fund, Sukanya Samriddhi Yojana and PPF are some of the best tax saving investment options under section 80C.  Section 80C Deductions can be claimed by any individual or HUF for tax planning or tax saving purpose.

Section 80C Deductions

ELSS:

Equity Linked Savings Scheme (ELSS) is one of the best tax saving options which allows the maximum tax deductions of 1.5 lakh under Section 80C of the Income Tax Act. An individual can invest in ELSS with minimum lock-in period of 3 years. The returns of ELSS depends on the various market factors and risk-taking ability of investor.

Life Insurance Premium:
Life Insurance Premium provides the tax benefits and any individual can claim maximum deduction of 1.5 lakh under section 80C. The minimum lock-in period of life Insurance policy is 2 years.

EPF (Employee Provident Fund):
Any salaried employee can get tax deduction under section 80C by contributing to EPF which is a retirement benefit scheme. An employee can not withdraw the funds from the EPF if he/she is employed in company except some emergency conditions. The rate of interest is 8.65%.

PPF (Public Provident Fund):

PPF is one of the best Section 80C deductions for a long-term investment. Any salaried employee or non-salaried can choose to invest in PPF (Public Provident Fund). The maximum lock-in period of PPF is 15 years.

ULIP (Unit Linked Insurance Plan):

Any individual can claim tax deduction benefits by investing in ULIPs. An investor can invest in life insurance and stock market through ULIPs. The rate of interest in ULIPs depends on the market factors.

Sukanya Samriddhi Scheme:

Sukanya Samriddhi Scheme is the tax saving option that allows the maximum deduction of up to Rs. 1.5 lakh. The maturity period of Sukanya Samriddhi Scheme is 21 Years and Rate of interest is 8.4%.

Senior Citizens Savings Scheme:

Any individual who is over 60 years old is eligible for this tax saving option. The maturity period of Senior Citizens Savings Scheme is 5 years and rate of interest is 8.6%. A maximum of 1.5 lakh can be claimed for tax deduction under Section 80C by investing in this scheme.

NSC (National Savings Certificate):

An investment of up to Rs. 1.5 lakh is allowed for tax deduction under Section 80C in NSC which is postal department scheme. The maturity period of NSC is 5 years and the rate of interest is 7.9% compounded annually.

You can start plan your investment before March and decide the best tax saving options suitable for you. You can contact us here for any expert advice: Best tax saving investment option.

Goods and Services Tax:Understand CGST, SGST and IGST

Goods and Services tax is an indirect tax levied on goods and services in whole nation. There are three types of GST: CGST (Central Goods and Services Tax), SGST (state goods and services tax) and IGST (integrated goods and services tax). Before GST there were different taxes like VAT, Central excise, Service Tax were being levied by the government on consumers which abolished after GST and makes India “one nation one tax”. There are different GST rates for every products and services levied by the Government.

Details of GST rates on different products: GST RATE SLAB

What is CGST (Central goods and services tax)?

CGST which is also known as central goods and services tax levied by the Central Government on any transaction of goods and services. If there is intrastate supply of goods and service then the seller has to collect both CGST and SGST. The CGST will be collected by the central government and SGST will be collected by the state government.

What is SGST (State goods and services tax)?

SGST refers to state goods and services tax is governed by the SGST act and levied by the state where the transaction of products and services are being purchased or sold. The tax collected from intrastate transaction of goods and services in state will be added to the state government revenue.

What is IGST (Integrated goods and services tax)?

IGST also refers to Integrated goods and services tax is a tax charged on all interstate transactions of goods and services. Integrated goods and services tax is governed by IGST act and applicable to all interstate transaction which mean transactions of goods and services within two different states. Under IGST, exports would be zero-rated and tax will be shared between the central state government.

There are many advantages of GST including transparency and less complicated tax structures which aimed at simplifying the tax reforms and make India a business-friendly nation.

Due to many new concepts in goods and services tax you may have many questions related to GST.  For any assistance related to GST:  Check out GST Query support

Latest updates on GST rate and GST filing

The GST council has slashed the GST rates of 178 items of daily use from tax bracket of 28% to 18% which will come in to effect by November 15^th.Good and Services Tax council took a major step to simplify the process of GST returns filing during the meeting held last week. Now only 50 items left in the highest GST rate slab. The recommendations made by the GST council will reduce the compliance burden on businesses and ease the GST returns filing procedure for companies.

The item includes liquid soaps, chocolates, granite, detergents, perfumes, creams, wash basins, plywood, artificial flowers, panels, boards, tiles, ceramic pipes, glass mirrors, doors, fire extinguishers, compound optical microscopes, wrist-watches, razors and after-shave products which is a welcome step to benefit the consumers. There is no change in GST tax rates on consumer durables. These changes in GST rates of daily use items will increase the consumptions, affordability and consumer sentiment according to the industry experts.

In order to know more about the GST rates of other items included in 5%, 12% and 18% click here: https://www.trutax.in/gst-rate-slab

Changes in GST forms:

The GST council has decided to simplify the GST returns filing process for both small businesses and large enterprises. Before these changes the taxpayers had to file GSTR-1, GSTR-2 and GSTR-3 by 10^th ,5^th and 20^th of the subsequent month respectively.

There are two cases for GST returns filing depends on turnover of businesses.

Businesses with turnover of up to Rs. 1.5 crore a year:

-The last date to file GSTR-1 form for July to September is December 31.

-The last date to file GSTR-1 form for October to December is February 15, 2018.

-The last date to file GSTR-1 form for January to March by April 30, 2018.

Companies with turnover of 1.5 crore or more a year:

-The last date to file GSTR-1 form for July to October is December 31.

-They have to file monthly returns but with a delay of 40 days from the end of the taxable period.

Know more about the details of other GSTR forms and its deadline dates:  https://www.trutax.in/gst-returns-filing

Penalty for last filing of GST returns:

The GST council has also revised the penalty charges for late GST return filing to reduce the compliance burden on small and large businesses. The penalty for late filing of GST return has been cut to 20 per day from 200 per day for small business with a turnover of up to Rs. 1.5 crore and 50 per day for companies with the turnover of Rs. 1.5 crore or more.

It is very important to file the GST returns on time without any errors.

For any expert assistance related to GST returns filing process or query, click here: https://www.trutax.in/askexpert

Understand Defective Return Notice under Section 139 (9) | Upload form 16 on TruTax

Understand Defective Return Notice under Section 139 (9) | Upload form 16 on TruTax

Understand Defective Return Notice under Section 139 (9)

If you get the Notice under Section 139 (9) then it is about Defective Return Notice. You can get this Income Tax Notice under Section 139 (9) due to various reasons and mistakes done while filing your income tax returns. There is no need to panic about this notice as you just need to understand the reason behind it which you will get through mail by Income Tax Department.

In case if you will get the Defective Return Notice then you just need to correct your mistakes and provide the required information mention on mail while filing your return again within given deadline. You will get 15 days to rectify the errors and file your returns correctly. In case if you ignore this notice and fail to rectify the errors mention by the Income Tax Department then your return will be treated as invalid which can be resulted into serious consequences.

Reasons of Defective Return Notice under Section 139 (9):

- Proof of TDS, Advance Tax and Self Assessment Tax.

- Incorrect Income Details Information.

- Claiming Income Tax Refund without paying full taxes.

- Mismatch name on Income Tax Return and PAN Card.

- Fail to provide copy as proof in case of audit under Section 44AB.

- Incorrect income information under the head “profits and gains”.

- Failure to provide mandatory information in ITR form.

It is very important to rectify these errors and file your income tax return within given deadline.

How to rectify the errors under in Defective Return Notice u/s Section 139 (9)?

The process to submit the response to Defective Return under Section 139 (9) as follows:

-Login to Income Tax e-filing Website: http://www.incometaxindiaefiling.gov.in/.

-Click on “e-file in response to Notice u/s 139 (9).

-You will be redirected to the page where you can check the Defective Return Information.

-If the assesse agree with the specified defective return info then you need to select “Yes” under the column name “Do you agree with defect”. In other case Assess can also select “No” if assesse does not agree with the defective return and mention remarks also to provide information.

-If Assesse is agree with defective return and selected “Yes” then Assesse need to upload the relevant XML Return.

-On successful completion of the response to the defective return assesse can view the success screen and click on “View” link under response column. Assesse can also note down the acknowledge number and date while filing the Return.

Click here to know about the Income Tax notice under Section 143: https://www.trutax.in/income-tax-notice

Online Income Tax Return: Income Tax Deductions for AY 2017-18

Online Income Tax Return: Income Tax Deductions for AY 2017-18: Important Income Tax Deductions for AY 2017-18: 80C Deductions,80D Deductions. Income Tax Deductions under Section 80C,80D are the...

Income Tax Deductions for AY 2017-18 | Upload form 16 on TruTax

Income Tax Deductions for AY 2017-18 | Upload form 16 on TruTax

Income Tax Deductions for AY 2017-18

Important Income Tax Deductions for AY 2017-18: 80C Deductions,80D Deductions.

Income Tax Deductions under Section 80C,80D are the most common options for the taxpayers to reduce the tax burden. There are many income tax deduction rules as per income tax act which taxpayers should know to increase their tax savings while filing income tax return.

Income Tax Deduction under Section 80C:

What is Section 80C Deduction?

Section 80C is the most common income tax deduction section or tax saving section that allows the deductions of Rs.1,50,000.

Section 80C Deduction includes various income tax saving options/instruments which taxpayer can choose to increase their investment plans.

These are the best tax saving schemes available under Section 80C:

Investment in ELSS: ELSS (Equity Linked Savings Scheme) are the tax savings scheme that invest primarily in equities. The lock-in-period of ELSS is 3 years. You can invest through a SIP (Systematic Investment Plan).

Investment in PPF (Public Provident Fund) under Section 80C Deductions: The lock-in-period of PPF is 15 years.

Investment in EPF (Employee Provident Fund) under Section 80C Deductions.

Investment in NPS (National Pension System) under Section 80C Deductions.

Investment in NSC (National Savings Certificates) under Section 80C Deductions: The lock-in-period of NSC is 6 years.

Investment in ULIP (Unity Linked Insurance Plans).

Investment in Sukanya Samriddhi Yojana.

Investment in Life Insurance.

Investment in Senior Citizen Saving Scheme.

Section 80C Deduction is applicable to Individual and HUF and allows deduction up to Rs.1.50 lakh.

Income Tax Deduction under Section 80D:

What is Section 80D Deduction?

Section 80D Deduction is applicable only for individuals and HUF. Section 80D Deduction provide deduction for medical insurance premium and health check-up.

The deduction amount is different for senior citizens and non-senior citizens under section 80D.

These are the types of deductions that you can claim under section 80D:

Section 80D Deduction on Health Insurance premium paid for your parents: You can get a tax deduction of a maximum of INR 25,000 under Section 80D.

Section 80D Deduction on Health Insurance premium paid for you and your family: You can get a tax deduction of a maximum of INR 25,000 under Section 80D.

Section 80D Deduction on health check-up: You can get a tax deduction of a maximum of INR 5,000 under Section 80D.

Section 80D Deduction on medical expenses of senior citizens: You can get a tax deduction of a maximum of INR 30,000 under Section 80D.

For our Tax Experts assistance related to income tax, you can register on Trutax and we will contact you to resolve your query: https://www.trutax.in/sign-in

GST Returns Filing

What is GST Return?

GST Return is a document which includes the information of sales, purchases, input tax credit and every taxpayer is required to file this GST returns.

The GST mechanism include electronic filing of returns, uploading of invoice level information and auto-population of information relating to Input Tax Credit from returns of supplier to that of recipient, invoice level information matching the auto-reversal of Input Tax Credit in case of mismatch.

Under GST taxpayer needs to file monthly returns and one annual return.

Know more about the GST rates: https://www.trutax.in/gst-rate-slab

You can file GST Return on GSTN portal- https://www.gst.gov.in/

Types of GST Returns and due dates:

GSTR-1, GSTR-2 and GSTR-3 are required to file by normal taxpayers.

These are the types of GST Returns and its due dates for filing of GST Returns:

GSTR-1:

GSTR-1 form includes the details of outward supplies of taxable good or services. This form contains 13 different heads like GSTIN of the taxpayer, Name, Turnover, Export Sales, Tax paid etc.

The due date for filing of GSTR-1 form is 10^th of Next Month.

GSTR-2:

GSTR-2 form includes the details of inward supplies of taxable goods or services. GSTR-2 form contains the heads like GSTIN of the taxpayer, Name, Details of Inward Supplies, Import of Goods, Tax paid, Input Tax Credit Reversals etc.

The due date for filing of GSTR-2 form is 15^th of Next Month.

GSTR-3:

GSTR-3 form includes the details of Monthly return on the basis of finalization of details of outward supplies and inward supplies along with the payment of amount of tax. GSTR-3 form contains heads like GSTIN of the taxpayer, Name, Address of the taxpayer, Details of outward supplies, Details of Inward Supplies etc.

The due date for filing of GSTR-3 form is 20^th of Next Month.

GSTR-4:

GSTR-4 form includes the details of Quarterly Return for compounding taxable persons.

The due date for filing of GSTR-4 form is 18^th from end of the Quarter.

GSTR-5:

GSTR-5 form includes the details of Returns for Non-Resident foreign taxable persons.

The due date for filing of GSTR-5 form is 20^th from end of the month.

GSTR-6:

GSTR-6 form includes the details of Input Service Distributor Return.

The due date for filing of GSTR-6 form is 13^th of Next Month.

GSTR-7:

GSTR-7 form includes the details of Return for authorities deducting tax at source.

The due date for filing of GSTR-7 form is 10^th of Next Month.

GSTR-8:

GSTR-8 form includes the details of supplies effected through e-commerce operator and the amount of tax collected as required under sub-section (52).

The due date for filing of GSTR-8 form is 10^th of Next Month.

GSTR-9:

GSTR-9 form is required to file Annual Return by taxpayer. In this return, the taxpayer needs to furnish details of expenditure and details of income for the entire financial year.

The due date for filing of GSTR-9 form is 31^st December of next financial year.

GSTR-9A:

GSTR-9A form is used for Simplified Annual Return by compounding taxable persons registered under Section 10.

The due date for filing of GSTR-9A form is 31^st December of next financial year.

Taxpayer who fails to file GSTR-1, GSTR-2, GSTR-3 or Final Return within the due dates shall be liable to pay a late fee of Rs. 100 per day, subject to a maximum of Rs. 5,000.

Income Tax Refund Status

Income Tax Refund starts after processing of income tax returns complete by income tax department. Once taxpayer file the income tax returns and verify it then processing of income tax returns starts by the income tax department.

During the processing of income tax returns department checks whether there is any discrepancy in returns or not. Once it is verified by the income tax department then status of ITR would be “Successfully Verified” or “ITR processed”. You can check this status anytime on e-filing website of Income tax department.

During the processing of income tax returns if department finds any discrepancy in your ITR then it sends the notice to the particular taxpayer.

Read more about the income tax notice in detail here: https://www.trutax.in/income-tax-notice

If in case there is any discrepancy in your returns then you will get the notice under Section 143 which will clearly mention the reason behind it.

Important points to know about the income tax refund status:

1.Refunds are processed in two ways which are direct credit or cheque.

2. In case of direct credit account number and IFSC code mention is mandatory in ITR.

3. If account details are not correct then refund will be processed through cheque payable to the account mention in the ITR.

4. You can check the income tax refund status of your ITR anytime on Income Tax Department website.

5. You need to issue request again on income tax website if refund not credited.

6. You can check the paid refund amount in form 26AS.

How to check Income Tax Refund Status online?

Once you have filed the income tax returns and verify it then income tax department start processing of your ITR. If you want to check the current status of your ITR then you can easily check it on income tax department website.

Steps to check income tax refund status Online:

1. Click on ITR status on right hand side of income tax e-filing website.

2. Once you will click on the “ITR Status” then you will be redirected to new page. Now you need to fill your details on form like PAN number and Acknowledge number

3. After filling all the details, you will be redirected to new page and get your status as “Return Submitted and Verified”.

This is the simplest and easiest way to check your income tax refund status on income tax e-filing website.

Income Tax Refund Status

Income Tax Refund Status

Income Tax Return Verification

Income Tax Return Verification

Income Tax Return Verification

e-verify tax return is the last and important step of filing income tax returns. Once you file your income tax return then you get 120 days to e-verify your income tax returns. In fail to do so the income tax department will not consider your tax returns for processing and you will not be able to claim income tax refund status.

There should be no reason to not e-verify your returns which has serious consequences. You can e-verify your income tax return easily instead of sending physical ITR-V. But still you have the option of sending physical ITR-V if in case you don’t want to e-verify your returns.

There are 6 simplest and easy options to e-Verify your income tax returns:

1.e-Verify your return using net banking:

• Login to your net banking account.
• Click on income tax e-filing link provided by bank.
• Click on e-verify link against the return to be verified.
• Verified.

2.e-Verify Return using Bank ATM:

• Swipe your ATM card in Bank ATM.
• Click on pin for e-filing.
• EVC received on registered mobile number.
• Login to e-filing portal & select the option to e-verify return using bank ATM.
• Enter your EVC on e-filing portal.
• Verified.

3.e-Verify Return using Bank account number:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Pre-validate your bank account number.
• Bank account details validated successfully. Click e-verify link, select option to e-verify using bank account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

4.e-Verify Return using Aadhaar OTP:

• Go to e-filing portal- http://incometaxindiaefiling.gov.in/
• Link Aadhaar number with PAN.
• Aadhaar successfully linked. Click e-verify link on the screen & select option to e-verify return using Aadhaar OTP.
• Generate OTP. EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

5.e-Verify Return using Demat Account Number:

• Go to e-filing portal
• Pre-validate your Demat account number
• Demat account details validated successfully. Click e-verify link, select option to e-verify using Demat account details and generate OTP.
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified

6.e-Verify Return using registered mobile number and mail id. (total Income <=5 lakhs)

• Go to e-filing portal
• Generate EVC
• EVC received on registered mobile number.
• Enter your EVC on e-filing portal.
• Verified.

For more details:https://www.trutax.in/income-tax-return-verification

Online Income Tax Return: What is ITR-3 form?

Online Income Tax Return: What is ITR-3 form?: ITR-3 Form: ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to b...

What is ITR-3 form?

ITR-3 Form:

ITR-3 is a new form introduced this year by the income tax department and substitute of old ITR-4 form which is to be used by individuals and HUFs for filing income tax returns.

Eligibility of ITR-3 Form:

This income tax return form is used by HUFs and individuals which comes under these following categories:

·         Partnership in a firm.

·         Income by a means of interest, salary, bonus, remuneration, commission as a partner.

·         Income through Profits or Gains of business or profession.

Structure of ITR-3 Form:

Part-A: General Information

Part-A-BS: Balance Sheet as on 31^st day of March,2017 of the proprietory business or profession.

Part-A-P & L: Profit and Loss Account for the financial year 2016-17

Part-A-OI: Other Information

Part-A-QD: Quantitative Details

Part-B-TI: Computation of Total Income

Part-B-TTI: Computation of tax liability on total income.

Verification

SCHEDULES OF THE RETURN FORM:

Schedule S: Details of Income from Salary

Schedule HP: Details of Income from house property

Schedule BP: Details of Income from business or profession.

Schedule DPM: Depreciation of plant and Machinery

Schedule DOA: Depreciation on other assets.

Schedule DEP: Summary of depreciation on assets.

Schedule DCG: Deemed Capital gains on sale of depreciable assets

Schedule ESR: Deduction under Section 35 or 35CCC or 35CCD

Schedule CG: Capital Gains

Schedule OS: Income from other sources.

Schedule CYLA: Details of income after set-off of current years losses

Schedule BFLA: Details of income after set-off of brought Forward losses of earlier years.

Schedule CFL: Details of losses to be carried forward to future years.

Schedule UD: Unabsorbed depreciation and allowance under section 35(4)

Schedule ICDS: Effect of income computation Disclosure standards on profit.

Schedule 10A: Deduction under Section 10A

Schedule 10AA: Deduction under Section 10AA

Section 80G: Details of donations entitled for deduction under Section 80G.

Schedule 80-IA

Schedule 80-IB

Schedule 80-IC or 80-IE

Schedule VI-A

Schedule AMT: (Computation of Alternate Minimum Tax payable under section 115JC)

Schedule AMTC: (Computation of tax credit under Section 115JD

Schedule SPI

Schedule SI: (Income chargeable to tax at special rates)

Schedule IF: (Information regarding partnership firms in which you are partner

Schedule EI: Details of Exempt Income

Schedule PTI: Pass through income details from business trust or investment fund as per section 115UA,115UB

Schedule FSI: Details of income from outside India or tax relief

Schedule TR: Summary of tax relief claimed for taxes paid outside India

Schedule FA: Details of foreign assets from any source outside India

Schedule 5A

Schedule AL: Asset and Liability at the end of the year (other than those included in Part-A-BS) (applicable in a case where total income exceeds Rs.50 lakh)

There are some sections of the Income Tax Act under which you can get the income tax notice.
No need to panic if you receive the income tax notice instead understand the reason of getting the income tax notice and its implications.
Section 139(9):
There are some cases in which you will get a notice under section 139(9):

• Wrong ITR form while filing income tax returns.
• Mismatch in the name on the form and PAN card.
• Paid taxes but not mentioned income.
• Not paid the whole tax due.
• Claimed a refund for deducted tax but not mentioned the relevant income.

Time to respond: Within 15 days of date of intimation by assessing officer.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section 245:
In Section 245, you will get this notice or intimation letter if you have claimed a refund in some assessment year, but there is also some outstanding tax to be paid by you.
Time to respond: In the specified duration, as per the notice by the assessing officer.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section-143(2):
If you get notice under section 143(2), it means your returns has been selected for scrutiny by Assessing officer which means the tax filed return by you was incomplete in document or not proper.
This can be of three types:

• Limited purpose Scrutiny.
• Complete Scrutiny.
• Manual Scrutiny.

Time limit to respond: The assessee will have to appear in person before the officer on the date specified in the notice.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans
Section 143(1):
This is an intimation about the returns filed by you.
Time limit to respond: If tax is due then you will have to pay it in within 30 days. If there is no discrepancy then you no need to worry about this.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section 143(1A):
This income tax notice under section 134(1) is sent only if there is any discrepancy in the income mentioned in the return and form 15, Section 80C deductions and Form 16AS, then verification will be sought.
Time limit to respond: Within 30 days of issue of intimation.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Income Tax Notice-Understand Section 143

As we all know that it is very important to file your income tax returns on time but filing ITR correctly is also very important. If there will be any error in income tax return filed by you then you can expect income tax notice.
In that case you no need to panic about the income tax notice and just need to understand the various sections under which you have received it.

Section 143(1):

This is an intimation about the returns filed by you.
Time limit to respond: If tax is due then you will have to pay it in within 30 days. If there is no discrepancy then you no need to worry about this.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section 143(1A):

This income tax notice under section 134(1) is sent only if there is any discrepancy in the income mentioned in the return and form 15, Section 80C deductions and Form 16AS, then verification will be sought.
Time limit to respond: Within 30 days of issue of intimation.
You can contact our experts for any assistance: https://www.trutax.in/affordable-tax-services-and-plans

Section-143(2):

If you get notice under section 143(2), it means your returns has been selected for scrutiny by Assessing officer which means the tax filed return by you was incomplete in document or not proper.
This can be of three types:

• Limited purpose Scrutiny.
• Complete Scrutiny.
• Manual Scrutiny.

Time limit to respond: The assessee will have to appear in person before the officer on the date specified in the notice.

If you fail to comply with the provisions of this section:

• Prosecution up to one year with or without fine.
• Penalty of Rs. 10,000 for each failure under section 271(1) (b).
• Best Judgement assessment of your case under section 144.

Last date for filing of Income Tax Returns is 5th Aug(Saturday)

The Income Tax Department had recently extended the deadline to 5th Aug for filing the Income Tax Returns.

There are two ways to file the income tax returns online. In one method individual can download the applicable form from the Income Tax e-filing website, fill the form offline, save it, generate the XML file and then upload it.

Another way for filing the income tax returns online is to fill the data directly in an online form and then submit it.

There are some important things to do by taxpayers if they have already filed the income tax returns or not yet filed the ITR.

If you have not filed your income tax returns:

1.       Link your Aadhaar and PAN: https://www.trutax.in/link-aadhaar-with-pan

2.       Keep relevant documents for filing income tax returns.

3.       File your income tax returns on time to avoid penalty.

If you have file your income tax returns:

Verify your return: https://www.trutax.in/blog/income-tax/e-verify-itr-using-aadhaar

Keep tabs on intimation status.

Income Tax refund status.

File your Income Tax Returns Today: https://www.trutax.in/sign-in