Income tax department has started sending notices to non-filers for the assessment year 2014-15. The income tax department has been capturing information on financial transactions /activities relating to you through Non-filers Monitoring System (NMS). This year NMS has identified 58.95 lakhs non-filers (Cycle 4 -2015) with potential tax liabilities for AY …Read More »
Are you unable to link Aadhaar with PAN due to mismatch of the name? Here is the solution
Recently income tax department has introduced electronic verification of income tax return. Income tax return can be verified now by generating an Electronic Verification Code or EVC. If you verify your return via EVC, you are no longer required to send signed physical copy of ITR-V to CPC, Bangalore. At …Read More »
13 points to consider in filing correct income tax return and its processing at CPC, Bangalore.
As the due date for filing the Income Tax Return for Assessment year 2015-16 is approaching ie 31st August 2015, please find below certain important points which will be helpful in submitting a correct return and its processing at CPC, Bangalore. Electronic filing of income tax return is mandatory for …Read More »
E-verify your return [Income Tax Return for the Asst Year 2015-16]
e-Filing Team of Income Tax Department has started sending email communications to those who have filed income tax return for the assessment Year 2015-16 but not verified the same by sending the signed hard copy of ITR-V to Centralized Processing Centre (CPC), Bangalore or the ITR V has not yet been …Read More »
Can Non Resident Indians invest in National Pension System (NPS)
National Pension System (NPS) is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Under the NPS, the individual contributes to his retirement account. NPS is designed on Defined contribution basis wherein the subscriber contributes to his own account. The benefit subscribers ultimately receive depends on the …Read More »
List of queries asked by an NRI about Capital Gain tax on sale of property
Mr. Abrahim an NRI living at UK is corresponding with me regarding the capital gain tax on sale of property in Bangalore. Here are his queries and my answers – Dear Mr. Abrahim, I am an NRI seller. I want to sell my house in Bangalore and reinvest it in …Read More »
How to e-file return using EVC without sending signed copy of ITR-V?
Taxpayers filing return of income electronically (without digital signatures) are required to send the signed copy of ITR-V acknowledgement to the CPC, Bengaluru within 120 days of uploading the return. From the Assessment Year 2015-16, an option is given to the taxpayer to file return of income via ‘Electronic Verification …Read More »
Tempting mistakes while filing the Income Tax return
Some of the cases where taxpayers ‘took chance’ while filing the returns are listed below. Check whether you have done these ‘tempting mistakes’! Salary from two employers – Mr.Prasanna had worked in Selfie Software till August 2014, before he joined Centura Techno. Thus for the Financial Year 2014-15, he has …Read More »
Is interest earned in NRO Savings Account eligible for deduction u/s 80TTA?
Mr.Ramakanth, a Non Resident Indian (NRI) working at USA is holding Non-Resident Ordinary (NRO) Account in State Bank of India. During the Financial Year 2014-15, he has earned Rs.16000 towards interest on NRO Savings Account. He wants to know the eligibility of claiming deduction u/s 80TTA. Deduction U/s 80TTA …Read More »
Higher TDS rate of 20% u/s 206AA on Income Tax Act not applicable to non resident
Where payment has been made to non-residents who did not have PAN and tax has been deducted on the strength of the provisions of DTAAs, the provisions of section 206AA could not be invoked by the AO to insist on the tax deduction at 20% having regard to overriding nature of Section 90(2). …Read More »