No filing of IT Return if salary and interest income up to Rs 5 lakh

In India, as many as 85 lakh salaried tax payers whose taxable income, including salary and interest income, is up to Rs 5 lakh, are not required to file income-tax return from now onwards. “No income-tax returns is required for salaried persons whose annual annual taxable income including salary and interest is up to Rs [...]

Author: Austin Comments: 0 comments Date: 6 Jun 2011 More: Read more
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Due Date Of Filing of Income Tax Returns Extended To 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 [...]

Author: Austin Comments: 0 comments Date: 1 Aug 2010 More: Read more
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Password to open your ITR V/ ITR-Acknowledgement

Photo by .schill After a lot of searching, have finally got the password logic for the ITR acknowledgement that’s made available to users who file their returns electronically through the www.incometaxindiaefiling.gov.in website. The password is a combination of the pan (in lower case) and the date of birth in the format ddmmyyyy. For example, 1) [...]

Author: Austin Comments: 1 comment Date: 30 Jul 2010 More: Read more
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14 tax-free incomes for FY 2009-10

In a few months’ time the taxman will coming knocking on your door. However, he cannot tax you on the following 14 important items of income and receipts, as they are fully exempt from income tax and which a resident individual Indian assessee can use with profit for the purpose of tax planning. Read More

Author: Austin Comments: 0 comments Date: 7 Nov 2009 More: Read more
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Know your challan status via SMS

photo by Erik Schlange National Securities Depository Limited (NSDL) has launched a Short Message Service (SMS) based facility to know the status of challans. The procedure for availing this facility is as under: 1. The tax payer can send an SMS to 575758 with a message containing the word CSI followed by a space and [...]

Author: Austin Comments: 0 comments Date: 21 Jun 2009 More: Read more
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2 strategies to help save tax without spending a penny

Entry loads have been waived off on applications that are submitted directly to the mutual fund house. For MF investors, who invest either by way of SIP (Systematic Investment Plan) or as bulk investing, it could mean saving quite a sum of money – around 2% of the investment amount. So consider investing directly in [...]