Posted On:  1 month ago


How to pay advance income tax online

Advance tax is liable for those whose liability is more than 10,000 in a financial year. Advance tax is payable for all the taxpayers, Salaried freelancers & business man. This tax is mainly for those who received income from other sources apart from their salary. This tax is exempted for the senior citizens who are 60years & older & do not run a business.

article author CA Chirag Chauhan

Posted On:  1 month ago


Deadline to link Aadhaar and PAN card extended to 31 March 2018.

After considering various representations received and inputs received from Banks, it has been decided to notify 31stMarch, 2018 or six months from the date of commencement of account based relationship by the client, whichever is later, as the date of submission of the Aadhaar number, and Permanent Account Number or Form 60 by the clients to the reporting entity. Necessary notification in this regard has been issued

article author One Roof Consultant

Posted On:  1 month ago


How profit from Bitcoin will be taxed in India?

Bitcoin is the buzzing word on social media and all want to become rich by investing in the crypto currency. Many Indian despite RBI warning has invested in to Bitcoin few months back and have made handsome gains. The question now remains is the gains on sale of Bitcoin is taxable under Income Tax Act? If yes then it shall be taxed as business Income or Capital Gains or something else ? Any gain on Bitcoin is taxable as any gain on account of Bitcoin exchange is certainly (100%) taxable because the definition of income u/s 2(24) under Income Tax Act is inclusive, which mean every kind of income unless clearly exempt .

article author CA Chirag Chauhan

Posted On:  4 months ago


On Blockage of Working Capital of Exporters

There are lots of apprehensions expressed in the media about the problem of blockage of working capital for exporters’ post-GST. There are various figures also being discussed on the blockage of such funds, which are wild estimates. Such media reports are not based on facts

article author CA Chirag Chauhan

Posted On:  5 months ago


Missed Filing Income Tax Return on deadline you can still file till 31 March

While the government has extended the last date for filing income tax returns to August 5 because of some technical glitches, if an assessee still misses the deadline, it does not mean that he cannot file his tax returns for the assessment year 2017-18. . Missing the deadline does not mean you cannot file your return.  Infact if you have missed to file your return for last financial year ended March 2016, you can still file till 31 March 2018 however there is some catch. Read the article to know more.

article author CA Chirag Chauhan

Posted On:  5 months ago


Filed IT Return, got Income Tax Intimation or Notice? Know what to do next

The Deadline for filing Income Tax Return which was 5th August. Central Processing Center (CPC) of Income Tax have started processing return and sending various intimation and notices. The processing of Income Tax returns have expedited compared to previous years and most of returns are processed within month time. The communication or intimation are usually send by Email with hard copy at address mention in ITR. Do check all communication you received on the register email id and check under which section you have received intimation or notice and respond

article author CA Chirag Chauhan

Posted On:  6 months ago


10 important points while file Income Tax Returns

Many taxpayers mess up their tax returns because of either out of greed, ignorance of rules, or just lack of time for knowing the rule. Some mistakes are not very serious offences and the taxpayer will get away with an additional tax demand. But some errors, such as not mentioning cash deposits after demonetization or foreign assets and income or sale of property disclosure, can land the taxpayer in serious trouble How to avoid such mistakes? There have been several changes in tax filing rules in the past year. The tax payer may not be aware of all the changes so it is advisable to take help of professionals in filing the return and avoid any mistakes. There might be many mistake which a individual makes if filing is done by self. Here are the few common errors or mis outs in case of filing returns.

article author CA Chirag Chauhan

Posted On:  10 months ago


Missed filing income tax return for FY 2014-15 and FY 2015-16? Last chance to file your return before 31st March, 2017

Taxpayers who have not filed the Income Tax Return for the financial year 2014-15, the deadline to file the return has already passed. The Act mentions hat if a person does not file the return of income within the time limit as per section 139(1), he may file the return for same at any time before the end of one year from the end of the relevant assessment year or  before the completion of the assessment, whichever is earlier. So, the taxpayers who have not filed the return for FY 2014-15 has the last chance to file the return before 31st March, 2017 with penalty and taxpayers who

article author CA Chirag Chauhan

Posted On:  10 months ago


12 Things to be done before 31st March, 2017

As we are approaching towards the end of this financial year, there are certain things we should do before the year comes to an end. It is time to ensure that you have your documents and all the pending formalities in place. Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and Calculate His Tax Due and Pay the same. Here we have listed things which Assessee needs to do before the end of the year

article author CA Chirag Chauhan

Posted On:  1 year ago


Procedure governing import of un-shredded scrap (HMS- I & HMS- II) under Para 2.54 of Handbook of Procedures (2015-2020)

The existing designated sea ports namely Chennai, Cochin, Ennore, JNPT, Kandla, Mormugao, Mumbai, New Mangalore, Paradip, Tuticorin, Vishakhapatnam, Pipava, Mundra and Kolkata will be allowed to import un-shredded scrap till 31st March, 2017 by which time. they are required to install and operationalize Radiation Portal Monitors and Container Scanner. Such sea ports which fail to meet the deadline will be derecognised for the purpose of import of un-shredded metallic scrap w.e.f  1.4.2017.

article author One Roof Consultant

Posted On:  1 year ago


Due date of Filing Income Tax Returns for Financial Year 2015-16 Assessment Year 2016-17

Filing of Income Tax Return is tedious task and should be complete well before the due dates. Most of times there are confusion in relation to due dates applicable for various type of whose earn different kind of Income.The point to be noted is Basic limit include all Income without any deduction in Section 80C to 80U and any other deduction. So in case your Income is 3 Lakhs .

article author CA Chirag Chauhan

Posted On:  2 years ago


Benefits of filing income tax return before due date of 31 July

People in India has a habit to wait till last moment to complete the task. They are always referred as Jugadi. The habit start during school and college days where we start studies one day before the exam. It continues in job profile also where we start working on projects a day before submission. Most of individual and few corporate have similar culture. They do all the compliance on the due date whether it is filing of Income Tax Return or Compliance of MCA.

article author CA Chirag Chauhan

Posted On:  2 years ago


Couldn’t submit investment proofs within the deadline ? Claim refund when you file your income tax return

Just like the credit card payment deadlines, Income tax proof submission deadlines are also missed unintentionally. Unlike the banks, the Tax Department does not penalize us for this error. In such a case there is no need to panic as there are ways to save tax and get a refund. Deduction can be claimed at the time of filing return by submitting the proof.

article author Peeyush Kumar

Posted On:  2 years ago


Forget to sign and send ITR V for last 6 years ? You have time to Verify till August 31 2016 - CBDT

CBDT has declared August 31 as deadline for the taxpayers whose ITRs for six assessment years between 2009-10 and 2014-15 are pending for processing and issuance of refunds due to issues of non-filing of ITR-V acknowledgement form at its Bengaluru-based collection centre.

article author One Roof Consultant

Posted On:  2 years ago


Why you should file your Income Tax Returns? Benefits of Filing Income Tax Returns

Most of the individuals who are non-filer of Income Tax Return are scared of filing of return thinking income tax department will track them and later send notices which will create trouble for them. Let me tell you, this is the myth. Income tax department never harass genuine tax payers. Other reason for non-filing are, “my employer has deducted tax at source on the salary income received by me hence I don't need to file my income tax returns. The Lazy one says “The deadline for filing tax returns is far away, why bother now.” If everyone follows the law and file return on time it has many benefits which are highlighted as follows

article author CA Chirag Chauhan

Posted On:  2 years ago


Download Income Tax Return form for Financial Year 2015-16 Assessment Year 2016-17

Every year Income Tax Form are released in Month of May. This year government has taken positive step in enabling forms in month of April itself, giving no room for extension of deadline to file your income tax returns. We Indians always wait till last minute to file the returns, let not repeat the same mistake we did last year, let us file much before time to avoid last minute rush and miss out on any deduction or exemption

article author CA Chirag Chauhan

Posted On:  2 years ago


Last few days to plan your Taxes before march end. Get maximum Tax benefit avoid last minute rush

We Indians have will always wait till last minute for execution. Be it Exam preparation during college days or deadline in office for presentation and lastly for planning and avoiding taxes on Income. Salaried individual who had liquidity for investment has made and submitted proof, however many are still left because they are confused or are not able to make right choice for investment.

article author CA Chirag Chauhan

Posted On:  2 years ago


Missed filing Income Tax Return for FY 2013-14 and FY 2014-15? Last Chance to file your Income Tax Return before 31 March 2016

The deadline to file your Income Tax Return has already lapsed. Income Tax Act Says, If a person has not furnished the return of income within the time allowed under section 139 (1), then he may furnish the return of income at any time before the expiry of one year from the end of the relevant assessment year or before the completion of assessment, whichever is earlier. So the assessee who has not filed his return for Financial Year 2013-14 can has last chance to file before March 2016 and person who has not filed his income

article author CA Chirag Chauhan