Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: empanelment :: cpt :: VAT Audit :: form 3cd :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TDS :: Central Excise rule to resale the machines to a new company
 
 
News Headlines »
 Infosys to configure GST network for filing returns
 Save income tax through mutual fund investment. All you need to know
 Income tax returns (ITR): On sale of property, here is what you should know
 Section 35 of the Income-tax Act?
 Notification regarding extension of last date w.r.t submission of closing stock by dealer.
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash

5 myths about filing income tax returns
September, 03rd 2015

The last date for filing income tax returns was on Monday (i.e. 31st August, 2015). The government on Wednesday extended the last date for filing Income Tax return by a week to September 7.

“Due date for filing Income Tax return extended till 7th Sep, 2015,” the Finance Ministry said in a tweet.

The Income Tax department will not allow revision of returns if there’s any misapprehension, you cannot carry forward losses, and you cannot claim refund.

So, in an effort to save you from committing flaws we are sharing the 5 most common myths surrounding this process of e-filing of tax returns, which otherwise is extremely simple in nature. If you are planning to do it on the last day, here’s a list of things to keep in mind:

Myth 1: People always have a misconception that they don’t need to pay tax for the interest income generated on fixed deposits as the bank already deducts the tax at source. This is a common myth with people earning interest income on fixed deposits. It is important to note that the taxpayer may be liable to pay tax on the same at a much higher tax rate.

Myth 2: Another common myth is that people generally think that the e-Filing process is complete once they have submitted the tax return online. Please keep in mind that the e-Filing process of a taxpayer isn’t complete unless a signed copy of the ITR-V acknowledgement has been sent to the CPC in Bangalore within 120 days from the date on which the taxpayer filed his/her income tax return.

To e-verify your income tax return one needs an aadhar card, in this case there is no need to send any form to CPC Bangalore.

Myth 3: Some people have a notion that they don’t need to divulge previous salary amount to current employer. This is a common problem as in this manner new employers will have no details about previous salary, making them deduct tax at source as if the employee has no other source of income. The employee must agnize that the tax must be paid on the total amount of salary received in the previous year.

Myth 4: It is a myth that the process of e-Filing one’s income tax return is not mandatory. Filing returns has been made obligatory for any taxpayer having a total income of INR 5,00,000 or more.

Myth 5: It is a common thought that by filing income tax return one will come under the scrutiny of the IT Dept. Once the process of e-filing the return is over, you receive an intimation u/s 143(1). This intimation is just a standard practice on the part of the CPC in Bangalore. A refund cannot be processed without the same.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Integrated Software Solutions Integrated Software Development Integrated Software Services Integrated Software Solutions India Integrated Softw

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions