Training for Fresh Batch of Tax Return Preparers
The Income Tax Department is in the process of training a fresh batch (Batch-II) of 5000 graduates as Tax Return Preparers (TRPs) across the country.
Formal Order for extension of last date for filing ITR issued
As reported in the Media yesterday, a formal order under Section 119 of the Income Tax Act, 1961, for extension of due date for filing Income Tax return for assessment year 2012-13 (Financial Year 2011-12) has been issued by CBDT, Ministry of Finance.
Non-Residents, Private Discretionary Trusts -Exempted from E-filing of ITR
Rule 12 of the Income-tax Rules, 1962 mandates that an individual or Hindu undivided family, if his or its total income or the total income in respect of which he is or it is assessable under the Act, during the previous year, exceeds ten lakh rupees, shall furnish the return electronically for the assessment year 2012-13 and subsequent assessment years.
Income Tax Return- Deadline extended to 31st August 2012
Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for assessment year 2012-13 to 31st August 2012. The Original Last Date was 31st July 2012.
Income Tax E-Filing – Proves to be a Crowd Reducer
The volume of income-tax applications has increased after the department has made it mandatory for all those who earn over Rs 10 lakh per annum or own assets abroad to file their returns online, causing the department’s website to crash intermittently as several assessees try to register before the due date.
IT Department’s Taxpayer Friendly Initiatives
In order to make the Income Tax Return filing experience even more convenient, the Income Tax Department has started two more taxpayer friendly initiatives ‘Register for Home Visit’ and ‘Online Tax Help’.
Clarification for term Total Income for exemption from filing Income Tax Return
Ministry finance has explained about the exemption it has granted for Salaried Employees for filing Income Tax Returns for the year 2012-13.
Income tax deduction on housing loan interest – Applicability of condition of three years for completion
We have come across the following question from one of our readers recently regarding Interest paid on borrowed capital for house property (interest paid on housing loan) which is allowed as deduction under Section 24 of the Income Tax Act
Some of lesser known deductions from Taxable Income
Most taxpayers are aware of the deductions available under Section 80C, the tax benefits of medical insurance and the advantages of a home loan. But there are also some inconspicuous sections of the Income Tax Act
GConnect Income Tax Calculator 2012-13 (A.Year 2013-14) – No Login Version
We have launched GConnect Income Tax Calculator 2012-13 (A.Year 2013-14) – No Login Version
New Features and detailed tutorial for GConnect Income Tax Calculator 2012-13 (A.Year 2013-14)
New Features and detailed tutorial for GConnect Income Tax Calculator 2012-13 (A.Year 2013-14)
GConnect Income tax Calculator for the year 2012-13 (A.Year 2013-14)
As promised last month, the GConnect online Income Tax Calculator with save option is launched today.