INDIAN TAX SOURCE

Indian Tax Souce Wishes You a happy " Sankranthi "

Need Rent Receipts for HRA exemption? ClearSave is here To claim HRA exemption, you have to submit rent receipts to your employer. Usually employers need this proof of rent in January or February, before the financial year ends. It helps your employer give you exemption on HRA and adjust your TDS. Now you can prepare and print your rent receipts at  ClearSave . 1) Enter to clearsave .https://cleartax.in/save/rent and by Entering your rent and your door no. the below page will appear                  and now you should enter your name and your mail address and your owners name and owners pan number,from which date to till you would ike to take the receipt.      Just enter a couple of details to print these receipts and submit to your payroll department. You can even save & use them later. Remember to tell all your friends about it!                                                                                                                             

Received compliance email of Non-filers Monitoring System (NMS)? What is Non-filers Monitoring System or NMS? NMS is a project of the tax department to reach out to non-filers. Those who haven’t filed income tax return but may have tax dues. [Anyone who earns an income of more than Rs 2,50,000 must file an income tax return. Return filing may be mandatory in some cases, read  here ]. According to the income tax department, they have identified filers through AIR (Annual Information Return), CIB (centralised information branch) and TDS statements.   The tax department is sending out SMSs, emails and letters to these non-filers. Email received by non-filers Dear Taxpayer , As per our records, it is observed that you have not filed your Income Tax Return for Assessment Year 2014-15. Please submit your online response as under: Step 1: Login to e-filing portal Login to e-filing portal at  https://incometaxindiaefiling.gov.in Step 2: View Information summary Inform

HOW TO PAY INCOME TAX CHALLANS ONLINE ? Today Let we know about how to pay  income tax challans online .  For This First Let we go to  the  e-Tax Payment System and on Clicking on the  e-tax Payment System  The Below Page will Appear and we should click on  challan No./ITNS.280  (Payment of Income Tax & Corporation Tax) And By Clicking On This The  Following e-Payment Page Will Be Appear At First, We Should Select Tax Applicable For  Income Tax On Companies  or  Income Tax Other Than Companies (Includes Individuals,HUFetc..)                  And We Should Fill The Above Coloumns Such as PAN and  address of  assessee and we should  Select The Aseessement Year For The Tax Has Been Paid and Select The Type of Payment Such as Advance Tax or Self Assessment Tax  or the other options Related to Taxes                After Filling The Options We Should Select The Bank For Payment Of Tax  and Type The Characters Below and By Clicking The Proceed Option At The End Of

Do I need to submit any documents or proofs with my Tax Return? A lot tax payers  inquire whether they need to submit any documents, proofs or certificates along with their  income tax  return to the  income tax department . Your  Income Tax  Return is now referred to as an ‘ annexure less ’ return. This means that no documents or proofs have to be attached along with the return.  Many sections of the Act require certificates to be obtained for claiming deductions and tax payers are unsure who to give these certificates to. The relevant proofs and certificates etc are absolutely essential to be obtained, however those must be kept safely by you in your own records, should the Assessing Officer sends a notice and calls for them or you have to justify them under any circumstance. Possibly the only paper document you may have to send is your physical  ITR-V , that too only if you haven’t been able to e-verify your tax return successfully. Once your filing is complete you have

Wednesday, 27 May 2015 Service Tax Rate will be 14% from 1st June Rate of  Service Tax  will be  14%  from  1 st  June 2015 , instead of the  12.36%   earlier. The new rate was proposed in the Budget and is now effective after the Finance Bill 2015 became a law post receiving President’s assent. This is being done to bring the service tax rate in line with the overall  GST  implementation.

My Income Tax Refund has not been paid? If you filed your income tax return for FY 2014-15 and have not received your REFUND yet – read on to understand why you may not have received it. Usually, if you have completed the process of your filing your return and duly sent the ITR-V to the IT Department – the status of your Refund will be updated by the department. This process at least takes 90days or sometimes may take even longer. Do note that the department pays interest on your refund if the delay is greater than 90 days of e-filing (interest is paid when refund is more than 10% of the tax payable by you).  to check the status of your Income Tax Refund. All you need is your PAN number and the assessment year (Assessment year is 2015-16 for financial year 2014-15). Do note that online status of your refund is updated only after 10-15 days of the processing of your refund. Is your Refund Status one of these below? Here’s what you should do ‘No e-Filing has been done

Changes in ITR -4S for FY 2014-15 (AY 2015-16) We have already looked at the changes that have been made to ITR -1 here and ITR-2 here. Today we list down for you the changes which have been in the Income Tax Return forms ITR -4S for financial year 2014-15 (assessment year 2015-16). There are no significant changes in ITR -4S as such Change 1 (same from ITR -1)  – Same as ITR 1 on aadhar card. EVC submission. Change 2  (same from ITR -1)   - Same as ITR -1 regarding bank account information. Change (small change) 3  – Starting FY 2014-15, presumptive monthly income from both heavy and other than heavy goods carriages is Rs 7,500 (was Rs 5,000 for heavy good carriage and Rs 4,500 for other than heavy goods carriage uptil FY 2013-14). Therefore they’ve taken off the two sections for heavy and non heavy good carriages and now kept one.

Changes in ITR -2 for FY 2014-15 (AY 2015-16) Yesterday we looked at the changes that have been made to ITR -1 here. Today we list down for you the changes which have been in the Income Tax Return forms ITR -2 for financial year 2014-15 (assessment year 2015-16). Change 1 (same from ITR -1)  – Same as ITR 1 on aadhar card. EVC submission. Change 2  (same from ITR -1)   - Same as ITR -1 regarding bank account information. Change 3  – Details of foreign travel done during the year (applicable to both resident and nonresident). Details required – mention passport no, place issued at, along with details of name of country visited,number of times traveled and mention the expenses incurred from own sources of income for such a trip (other than expenses incurred by the employer or any other person being a sponsor). Change 4  – To mention if unutilized capital gains on asset transferred during the previous years (FY 2011-12 and FY 2012-13) was deposited in the Capital Gains

Changes in ITR-1 for FY 2014-15 (AY 2015-16) Here we list down the changes which have been in the Income Tax Return forms, starting with       ITR -1, for financial year 2014-15 (assessment year 2015-16) Change 1  – Introduction of Aadhar Card Number in Return of Income. This Aadhar card number shall be used for EVC system. EVC or Electronic Verification Code shall mean that if one has an Aadhar card number there will be no need to send the physical ITR-V to CPC, Bangalore. The verification of the Return shall take place electronically. The government is working on a process to set this up and hopefully the change shall be available starting the current tax return filing. A large number of e-filers skipped this very important process, assuming the job was done once their return was e-filed. Whereas the IT Department said that they wouldn’t consider a return filed unless the ITR-V reached them on time. It was unfair, to say the least, to expect every single tax payer t