Income Tax Returns - A to Z of New Form 12BB

Income Tax Returns: A to Z of  New Form 12BB This form will act as a single entity that you can use to declare your investments and claim tax deductions under HRA, LTA, Section 80, and interest paid on home loans under Section 24 of the I-T Act By Mr. Adhil Shetty ,  BankBazaar…

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Income Tax department to block PAN Number, LPG subsidy of wilful tax defaulters

I ncome  Tax department to block PAN Number, LPG subsidy of wilful tax defaulters In order to cripple and check the activities of wilful tax defaulters, the Income Tax  (IT) department has decided to “block” Permanent Account Number (PAN) of such entities, get their LPG subsid…

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Claiming Housing Loan Benefits in Income Tax Rreturn ..!

Claiming Housing Loan Benefits in IncomeTax Rreturn By Archit Gupta, ClearTax.in Buying a home is India’s favourite dream. Buying property also involves making the most of tax benefits. Increasingly, homes are being bought by the young with home loans. If you are unsure about …

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Know the new disclosure norms in income tax return forms

Know the new disclosure norms in income tax return forms by Ms. Sonu Iyer, EY India. The Central Board of Direct Taxes has released new return forms to be used for filing tax returns (ITR). The amendments brought in the ITR forms are a move towards creating an environment of…

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DIRECT TAX ALERT – EMPLOYEE TAXATION – CHANGES IN TDS, 2016-17

D IRECT T AX A LERT – E MPLOYEE T AXATION – C HANGES IN TDS, 2016-17 By Mr. K. Vaitheeswaran,  Advocate and Tax Expert, Chennai  Background The CBDT vide Notification No. 30/2016 dated 29.04.2016 has amended the Income Tax Rules, 1962 (11 th Amendment) and the amendment shall come i…

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New ITR forms: Ultra-Rich Must Declare Cost Price of Assets in assessment year 2016-17

New ITR forms: Ultra-Rich Must Declare Cost Price of Assets in assessment year 2016-17 Rich people with annual income of over Rs. 50 lac will have to disclose the acquisition cost of all assets such as land, building  and jewellery in the Income-Tax return forms for assessme…

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India Crorepati Income Taxpayers : 18,360 Individuals declared Income of Rs.1 crore or more

IN  2013, then finance minister Mr. P Chidambaram had said, "It is shocking about 42,800 people and firms admit to earning over Rs. 1 crore (Rs. 10 million). Many more earn but only so many admit," said.  New data released (May 2016) by the income-tax department las…

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Financial year-end paperwork for individual tax filing..!

Financial year-end paperwork for individual tax filing..! The financial year has just ended, and it is important for individual taxpayers to start putting together the documents necessary for initiating the process of filing their tax returns. Documents..! Typically, three se…

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Income Tax Return and Investment : FIve Things to Do Before March 31, 2016

Income Tax Return and Investment :  5 Things to Do Before March End From  Apna Plan Things to do Before Financial Year End Its just two weeks before the financial year 2015-16 ends and so we present you with five things you should do before this Financial Year ends. (1.) File Pen…

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