Monthly Archives: June 2017

ITR form Sahaj

The Central Board of Direct Taxes (CBDT) has notified new income tax return filing forms for 2017-18. An easy to understand, single page form named “Sahaj“ (ITR 1) has been introduced for individual assessees whose income in the financial year 2016-17 has been up to `50 lakh, subject to certain conditions. Who can file? ITR… Read More »

New ITR forms ready for e-filing

New ITR forms ready for e-filing   The Income Tax department has activated the e-filing facility for all categories of Income Tax Returns (ITRs) for the assessment year 2017-18. A taxpayer should keep ready a copy of last year’s ITR, bank statements, TDS and savings certificates, Form-16 and other relevant documents ready before attempting… Read More »

What is NPS

NPS National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. As per the latest announcement, the total available limit available… Read More »

What is Form 16

Income tax Form 16 is a certificate issued by the employer to every employee for each financial year, and it is essential to file income tax returns every year. It lists out various things like the total salary paid to you during the period, the total tax that the employer deducted at source (TDS) and… Read More »

What are RBI 8% Saving (Taxable) Bonds

RBI 8% Saving (Taxable) Bonds It is a fixed income product floated by the Government of India. GOI bonds pay a little more than post office time deposits and bank deposits. They are very safe since they are issued by the government of India. This product offers an attractive investment option, especially with interest rates… Read More »

How to fix Mistake in your Tax Return?

Many taxpayers race to the deadline and file at the last minute. Sometimes this may lead to an inadvertent error in their tax return. A deduction not claimed or an income not reported are some of the common errors. If you have e-filed within the due date, don’t worry, your return can be revised. Who… Read More »

TDS for Interest of Saving Bank Account Interest

Interest income from a savings bank account is considered under the head "income from other sources" Interest above a certain level earned on fixed deposits attracts tax deduction at source (TDS). Recurring deposits have also been brought under the net of TDS, effective 1 June 2015. But there is no TDS on interest earned from… Read More »

How to Enable E-filing Vault on Income Tax Website

1. E-Filing Vault – Higher Security Restricting the methods/options for Login and locking the reset password options will secure account from possible mis-use. This is for additional security or secured access. Pre-requisites User should be registered in the e-Filing portal. A valid DSC is already registered in the e-Filing application. A valid Aadhaar should be… Read More »

Where to See Tax Credit

How to view tax credit A taxpayer can view the tax credit or the tax that has been deducted on his behalf in the form of TDS. This information is available in Form 26AS and can be downloaded from the Income Tax website. It provides information about the tax deducted by various entities on behalf… Read More »