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2015
  • Due date for filling of Income Tax Returns has been extended form 31-8-2015 to 7-9-2015 for Gujarat State, vide CBDT Notification dtd: 31-8-2015.
  • Notification is attached herewith.

2015
  • With the Income Tax Department becoming net savvy and going online, it has become very easy for them to identify discrepancies in your papers and to keep a close eye on almost every financial transaction. Therefore, while filing return, one needs to be extra careful. Any wrong details furnished might put you in trouble.
  • From past few years, almost every taxpayer is receiving notices from Department. Now, it has become important that every provision and clause of tax laws shall be strictly abided. There are few reasons due to which notices are being issued and these reasons are very common among taxpayers.

2015
  • Filing your income tax returns was once a cumbersome task. With things gone online, the process has become much easier over the years. But, there’s always a possibility of making silly errors. Here’s a list of a few errors you might make inadvertently. Read on, so you won’t make the same.
  • 1. Getting numbers wrong: The most common mistake tax filers make while filling in is giving incorrect PAN and TAN. Double check these numbers without fail.
  • 2. Mistakes in bank details: The second one is bank account number(s). Tax payers often make silly mistakes while putting the IFS code of their bank branch. Refunds are no longer issued by cheque but through ECS. Therefore, it is essential to ensure submission of correct bank details, like the full digit account number. Also, ensure that the bank account mentioned on the form is an operating account. From this year, one has to mention all operational savings and current accounts held. You don’t need to mention inoperative accounts – that have been inactive for more than three years.

2015

A. ITR – 1 – (Applicable to Only Individual)

  1. Salary
  2. Only one House Property – No B/F losses
  3. Other Sources – No B/F losses

2015
  • In an era when houses have moved out of the affordability arena, home loan is an important expense in building the dream house for many tax payers. With prices shooting through the roof, the loan requirement too has gone up.
  • The good news is that the taxation benefit offered on home loan as expanded too. An individual can claim up to Rs. 1.5 lakh of principal repayment under the Section 80C, while the interest portion too can be claimed to the extent of Rs 2. lakh. This amount claimed between co-borrowers can prove to be a bigger tax saving for the family as a whole.

2015

PRESS INFORMATION BUREAU

GOVERNMENT OF INDIA

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INCOME TAX RETURN FORMS ITR 1, 2 AND 4S SIMPLIFIED FOR CONVENIENCE OF THE TAX PAYERS; A NEW FORM ITR 2A PROPOSED WHICH CAN BE FILED BY AN INDIVIDUAL OR HUF WHO DOES NOT HAVE CAPITAL GAINS, INCOME FROM BUSINESS/PROFESSION OR FOREIGN ASSET/FOREIGN INCOME; IN FORM ITR 2 AND THE NEW FORM ITR 2A, THE MAIN FORM WILL NOT CONTAIN MORE THAN 3 PAGES, AND OTHER INFORMATION WILL BE CAPTURED IN THE SCHEDULES WHICH WILL BE REQUIRED TO BE FILLED ONLY IF APPLICABLE;AS THE SOFTWARE FOR THESE FORMS IS UNDER PREPARATION, THEY ARE LIKELY TO BE AVAILABLE FOR E-FILING BY 3RD WEEK OF JUNE 2015;TIME LIMIT FOR FILING THESE RETURNS IS ALSO PROPOSED TO BE EXTENDED UP TO 31.08.2015; ONLY PASSPORT NUMBER, IF AVAILABLE, WOULD BE REQUIRED TO BE GIVEN IN FORMS ITR-2 AND ITR-2A. DETAILS OF FOREIGN TRIPS OR EXPENDITURE THEREON ARE NOT REQUIRED TO BE FURNISHED.

Financial Management