The government last month notified the new income tax returns forms. As per the new norms, an individual or HUF who does not have capital gains, income from business/profession or foreign asset/foreign income can file a shorter version of ITR2, i.e. ITR 2A.

In case you sold any ...

Every year taxpayers not just in lakhs but in crores file their income tax return. Majority of them have done it more than once. For others, it is the first step towards their annual tax compliance journey.
 

Whether you are a first time tax return filer or a seasoned ...

Electronic alternative to posting signed ITR-V acknowledgement after e-filing is now possible. After your e-return has been uploaded by taxspanner to Income Tax Department e-filing portal, you can then e-verify the uploaded return (as an alternative to posting paper ITR-V). The time period for electronic verification of return is 120 ...

ITR-V is an acknowledgement slip generated on filing the income tax return online. This ITR-V is to be signed and sent to the Income tax department-CPC by post to complete the return filing process.

The password of the document is a combination of PAN (in lower case) and date of ...

One of the basic needs of every individual is that of having a shelter. But due to the constantly increasing property prices, not many people are able to realize the dream of owning their own house. To facilitate the realization of this dream, income tax has done its part by ...

Are you paying too much tax?

By restructuring your income, expenses and investments you can reduce your tax outgo significantly, says CA Sudhir Kaushik.

Indians are paying too much in tax. This is not because our tax rate is high. Compared to other countries, the tax rate in India is ...

Old Wisdom for the New Age

Once upon a time, the city of Damascus got all its sugar from India. The price of sugar in India was one rupee a kilo. So, the merchants in Damascus used to add the expenses they had incurred, along with a profit margin, and ...

What if you own the property, but not the land: To be considered an owner, you need not own the land on which the property is built. For e.g., you can be the owner of a shop in the mall, but may not own the actual land on which ...