22 July 2015
The process of eVerifying your Income Tax return through netbanking is relatively straightforward.
Once you have completed eFiling your Income Tax Return on makemyreturns.com.
Simply goto the Income Tax Department website.
Click on Registered User Login.
On the resulting screen click on eFiling Login through NetBanking.
Then choose your the bank through which you would like to login to your Income tax eFiling account.
You will then be redirected to the netbanking login screen of your Bank. Once you successfully login, look for an option that says "... [More]
13 July 2015
After years of manual verification of efiled Income Tax Returns via the ITR-V Manual submission process to the CPC in Bangalore, the Income Tax Department finally launched the EVC (Electronic Verification Code) method of verifying your income tax returns. And this couldn't have been done at a better time.
Here is how the process works:
1. eFile your Income Tax Return on makemyreturns.com
2. Once you receive the ITR-V Acknowledgement from makemyreturns.com, you simply need to logon to your Tax account on the IT Department website with your PAN Number and your passw... [More]
3 July 2015
Under section 80 C, the income tax act allows the taxpayer, a deduction for making investments in listed tax saving instruments amounting to a maximum of Rs. 1, 50,000. This deduction limit was raised to 1.5 lakh from assessment year 2015-16 onwards. The maximum deduction under this section up until assessment year 2014-15 was 1, 00,000. Now this section has been used by many a taxpayer over the years, to save on his/her taxes. At the same time, investment opportunities offered under this section have also always been very attractive as far as the return on investment is concerned. But now tha... [More]
3 July 2015
Interest u/s 234 A, B & C
Did you file your income tax return after the due date of 31st July last year? If you did, then you must have realized that your outstanding tax liability had increased due to the interest component u/s 234 A, 234 B and 234 C.
I’m sure this must have bothered you and to make sure this doesn’t happen to you ever again, it’s important to understand the complete details with respect to the interest levy u/s 234 A, 234 B and 234 C.
Let’s start with breaking down the dynamics at play for the levy of interest u/s 234 A. Interest u/s 234 A is lev... [More]
3 July 2015
Filing a rectification u/s 154
It has now become standard practice for the income tax department to send a taxpayer; an intimation u/s 143(1) after the taxpayer has duly filed his income tax return for a particular assessment year. This intimation is a summary assessment issued by the income tax department containing a comparison between the income information the taxpayer has offered for tax in his/her income tax return vis-à-vis the income information available with the income tax department.
Many a times, the tax liability determined by the income tax department does not match the l... [More]