Types of income tax notices and penalties for various offences

Identify your potential Audience with Native AdsSponsored by Colombia Section 131(1A) & Section 133A An individual can receive a tax notice for a variety of reasons. Here is what the notices under different sections mean. Section 131(1A) If you’ve got a notice under section 131(1a), it means the assessing officer has reason to suspect More...

by Loknath Das | Published 2 weeks ago
By Loknath Das On Thursday, August 2nd, 2018
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Red flags to avoid while filing income tax return

These mistakes will alert the taxman Here’s a list of seven red flags you need to avoid while filing your income tax return (ITR). These discrepancies in your tax return can alert the I-T department and More...

By Loknath Das On Thursday, August 2nd, 2018
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ITR filing: 10 things about income tax return you probably didn’t know

Income Tax Return filing: It is mandatory for an Individual to furnish the details of his assets and liabilities in the income-tax return if his income exceeds Rs 50 lakh. We generally exercise due care while More...

By Loknath Das On Saturday, June 30th, 2018
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Don’t take that instant personal loan, do monthly savings instead

According to the Reserve Bank of India (RBI), personal loans increased 35.3% from to ₹ 5,065 crore in April 2018 from ₹ 3,737 crore in April 2017. Mumbai: More people are now taking personal loans in the More...

By Loknath Das On Wednesday, June 13th, 2018
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Handmade hollow noodles increase income of local people in China’s Hebei

A villager dries handmade hollow noodles in Wangqing Village, Handan City of north China’s Hebei Province, June 12, 2018. Handmade hollow noodles increase the income of local people in Wangqing Village, where More...

By Loknath Das On Wednesday, June 13th, 2018
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Planning to take interest-free loan from your employer? Now pay income tax on it

The employee who receives an interest-free loan must ensure that his employer deducts TDS on the total salary income, including the perquisite value of such a loan. Getting interest-free loans from employers More...

By Loknath Das On Wednesday, June 13th, 2018
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Two Days Left To Pay First Instalment Of Advance Income Tax

Advance tax deadline: Quoting of your PAN is mandatory while filing income tax returns. June 15 is the last date to pay the first instalment of advance income tax. Days ahead of the advance income tax deadline, More...

By Loknath Das On Saturday, June 2nd, 2018
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All Seven Forms Of Income Tax Return Uploaded For E-filing. What Are These Forms. Details Here

The ITR-2 form is used by individuals and Hindu Undivided families (HUFs) HIGHLIGHTS Seven types of ITR forms applicable to different assessees Last date to file income tax return is July 3 Taxman started More...

By Loknath Das On Saturday, June 2nd, 2018
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Be An Informer For Income Tax Department; Earn Up To Rs. 5 Crore

The reward scheme is aimed at encouraging people to give info on benami transactions (Representational) NEW DELHI:  Sharing “specific information” with the income tax department about any benami transaction More...

By Loknath Das On Tuesday, April 3rd, 2018
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From Income Tax Rules To New GST E-Way Bill; Changes That Came Into Effect From April 1

The new income tax (I-T) rules came in force from April 1. There are some major announcements and financial changes that came into effect from April 1, 2018, the first day of financial year, 2018-19. These includes More...