Missed filing of taxes deadline? Here’s what you must know

Missed filing of taxes deadline? Here’s what you must know

If you have missed your tax filing deadline, there is not much to fret if your tax dues are fully paid, says Anil Rego Rajesh Ashar still cannot believe how he could have been so careless to have missed the filing deadline of taxes. In his 14 years of tax filing, this was the first occasion when he had missed on his tax filing deadline. The government had extended the tax filing deadline by a full month from July 31 to August 5. But the last 15 days before the…

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TDS – Paying the government when you get paid

TDS – Paying the government when you get paid

If you are under the impression that you pay tax only while filing income tax returns; you are wrong. Tax is deducted before the income reaches your hands, and hence the term TDS (Tax Deducted at Source). Accept it, the government’s smarter than you think it is. Expenditure, like payments as salary, payments to freelancers and consultants, payment of rent, commission income from lotteries and interests from banks are taxed or reach the receiver only after a tax deduction. When a payment is made under any of the above mentioned…

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ATM to e-verify your income tax return. Did you know?

ATM to e-verify your income tax return. Did you know?

Every year, when the last date for filing IT returns approaches, income tax assesses crowd tax-filing kiosks and the income tax department’s website. To help the income tax payers the banks have started to provide ATM machines as an alternative. The usual last date is 31 July. During the assessment year (AY) 2015-16, more than 1.4 million returns were filed on 31 August (8% of all the returns filed till then). That year the deadline was extended by a month to 31 August and then again to 7 September. Similarly,…

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ITR-4S – As a small business owner, are you checking all the right boxes?

ITR-4S – As a small business owner, are you checking all the right boxes?

So what’s the small business man doing about his taxes? Let’s take a look. Over the years there has been a steady rise in the number or ITR forms filed. While we see a consistent increase in the forms across different categories there has been a sharp and steep increase in the number of ITR-4S Sugam forms. While we peek into those reasons a little later, let us first understand who are the individuals or businesses who file the ITR -4? An ITR-4 can be used by individuals or HUFs…

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Filing Income Tax returns online for FREE? Danger ahead!

Filing Income Tax returns online for FREE? Danger ahead!

The perils mentioned here may seem few in number, but each of it encompasses an entire set of dangers posed by the free online Income tax returns filing offers. July 31 is fast approaching and there is a rush to file income tax returns. With the advent of online filing of income tax returns, many websites and organisations have mushroomed with the intent of helping people file their tax returns online for free.   In the case of delivering the service of filing income tax returns online in lieu of…

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