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Income Tax Returns e-filing – Which ITR Should I File? The following infographic will help you find out what type of income tax credit applies to you for the FY 2017-18. ITR-1 or SAHAJ This deposit shall be used by an individual whose total income for the 2018-19 assessment year includes:- Income from salaries/pensions; or Income from one housing (with the exception of cases where losses have been transferred from previous years); or Revenues from other sources (excluding winnings and income from hats) Who can not use ITR 1 Form? If your total income exceeds Rs 50 lakhs. If you have a foreign asset If you have an agricultural income that is more than Rs. 5,000, If you have a taxable profit If you have income from business or profession If you have income from more than one housing ITR-2 ITR 2 is used by an individual or Hindu non-family family, whose total income for AY 2018-19 contains: Income from salaries/pensions; or Income from the housing; or Reve...

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of  ITR  will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your  income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Re...

How to save tax when you miss the income tax period of proof Every employee must know how they receive reminders to submit an investment certificate from their employers. Sometimes you tend to postpone it repeatedly and finally release the income tax proof deadline. Therefore, it will not reflect on Form 16. It is disappointing to continue to pay high taxes even after making your 80C investments and other savings. But you can still save on taxes and receive a refund from the income tax department in such cases. 1. Claim HRA Exemption in your Return Forgot to submit a certificate to your employer in time? Do not worry! If you rent and have made rent payments, you may require a deduction for rent because your application is sent. All you need is your rental cost and your PAN landlord (where payments are more than Rs 1,00,000 a year). Here is the HRA calculator that you can use to find out how much HRA will be exempt from tax. This calculator is built into clear taxes under ...

How to download your ITR-V from the Department website? ITR-V stands for tax assessment and IT department for taxpayers to verify the validity of their re-application. This applies only to those who have no digital signature file. ITR-V is easier to get from your home or office. This is the essence of the following steps. Step 1:  Go to the Income Tax India website and log in. Step 2:  Select the “View Returns/ Forms” option to see e-filed tax returns. Step-3: Click on the confirmation number to download your ITR-V. You may also choose to confirm your income tax. To confirm an email, select the option “Click here to view your refund waiting for email confirmation”. Step 4:   Select ITR-V/Acknowledgement to begin the download. Step 5: Once you have downloaded, enter the password to open the document. The password is your PAN number in lower case with birth date. Example: PAN: AAAPA2211F Date of Birth: 01/01/1965 Password: aaapa2211f01011975 Step...

How to download your ITR-V from the Department website? ITR-V stands for tax assessment and IT department for taxpayers to verify the validity of their e-application. This applies only to those who have no digital signature file. ITR-V is easier to get from your home or office. This is the essence of the following steps. Step 1:   Go to the Income Tax India website and log in. Step 2:   Select the “View Returns/ Forms” option to see e-filed tax returns. Step-3: Click on the confirmation number to download your ITR-V. You may also choose to confirm your income tax. To confirm an email, select the option “Click here to view your refund waiting for email confirmation”. Step 4:  Select ITR-V/Acknowledgement to begin the download. Step 5: Once you have downloaded, enter the password to open the document. The password is your PAN number in lower case with birth date. Example: PAN: AAAPA2211F Date of Birth: 01/01/1965 Password: aaapa2211f01011975...

The report, issued by the Ministry of Finance, the deadline for filing tax returns is extended from 31 July 2018 until 31 August 2018. For the year of assessment 2018-19, the format was changed to include the GST part with detailed financial information. The old tax form ITR-4S was renamed ITR-4. 1. What is the ITR 4 for AY 2017-18 and 2018-19 AY? Form ITR-4 is the tax return form for those taxpayers who have opted for the scheme estimated income under section 44 ad, 44ADA Section and Section 44AE the Income Tax Act. However, if the turnover of the business referred to above is greater than Rs 2 crore, the taxpayer must submit an ITR-third Click here to download the ITR-4 for the assessment year 2018-19 download What is the structure ITR 4 for AY 2018-19 and 2017-18 AY? ITR-4 is divided into: Part A: General information Part B: gross total income of the five chapters Revenue Part C: deduction and the total taxable income Part D: The tax calculation and tax status C...

Latest GST News August 21, 2018:   The date of the  GSTR-3B  submission for July 2018 has been extended until  August 24, 2018 . August 6, 2018:  Return the payment mechanism for the supplies provided by  registered  persons to TDS and TCS under GST, postponed until  January 30, 2019 . August 4, 2018:  The  29th meeting of the GST Council  was held in New Delhi. Digital payment incentives had a green flag. A committee to be set up to address MSME defects. July 30, 2018:  We know the importance of the proposed changes in the GST’s return. July 30, 2018:  The date of submission of the GSTR-6 documents from August 2017 to August 2018 dates back to the  3rd September of 2018 . Recent Notification and Circulars CGST/IGST/UTGST Notifications issued in 2018 CGST/IGST/UTGST Orders & Circulars issued in 2018 CGST Orders issued in 2017 – PDF IGST Circulars issued in 2017 – PDF CGST Circulars issued in 2017...