Solution to problems faced in Income tax Returns by Salaried Assessees There are few cautions which are often ignored thereby resulting into complications being faced by Salaried Assesses while filing Income tax Returns.Quite some number of times it so happens with people working in Corporate that a Professional would visit them, take their respective Tax […]
Deduction of medical insurance premium- section 80D Payment for Medical Insurance Premium under section 80D is allowed only to an individual (resident / non resident/ Indian citizen/ foreign citizen) or a Hindu undivided family (resident/ non resident).Note that medical insurance policy refers to mediclaim policies (where you submit bills and get re-imbursement). Fixed benefit policies […]
Fill IFSC Code in Upper Case in ITR for fast processing of Refund After processing of the return we have received a failure of the credit of refund proceeds. As per communication received from CPC- Bangalore the said failure was on account of erroneous IFSC code. On verification of the IFSC code mentioned in the […]
Tution/school/education fees under section 80C of IT Act Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assesses and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assesses have more then […]
Cyber Crimes while e-filing of Income tax Returns 1. Registering PAN on income tax portal without the PAN holder’s consent: If any professional / accountant found that he has access to all pan data of its client company employees or other clients and/or he voluntary register PAN without consent is cyber crimes while e-filing of income […]
Before filing of TDS Statement pay late filing fee also Your attention is hereby drawn towards the provisions of section 234E of the Act, which reads as follows: Levy for Late filing of TDS Statement (Section 234E of Income Tax Act) 1) Without prejudice to the provisions of the Act, where a person fails to […]
ITR Forms with new features-Java based New ITR Forms utilities has been developed by income tax department by using the latest JAVA technology and effort has been made to make it user friendly, simpler and faster preparation/submission of tax returns.