My Income My Taxes

25/09/2019

Thank you followers. We were little bit busy with client's books of accounts. We successfully cater our professional services to 117 clients in the month of June, July and August 2019 which is mix of , Employees, , , F&O Traders, , as .

43 of which choose to share their recommendation letter on major points; how we were able to understand their need of professional, do we able to make them understand why they are paying taxes (higher or lower); in-built follow up system we have.

11/05/2019

Are you eligible to take benefit of filing single pager ITR in Form Sahaj ITR-1 instead of ITR-2 which is of 21 pager Form. Check your eligibility with due care.

This Return Form is to be used by an individual who is a resident other than not ordinarily resident, whose total income for the assessment year 2019-20 does not exceed Rs. 50 lakh and who has income under the following heads Income from Salary/ Pension; or Income from One House Property; or Income

08/04/2019

Those assessee showing fake agriculture income will be difficult from now onwards.

Details of Agriculture Land to be given in ITR forms if Agriculture Income is above INR 5 Lakhs.



Drop an email to discuss the same in details on [email protected]

20/03/2019

I may not put color on your face, but we are praying GOD to add more and more beautiful colors in your life... Wishing you and your family a colorful Holi :)

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11/12/2018

ITax Update - THE ITAT JAIPUR BENCH held in the case of Jagdish Wadhwani v.Income-tax Officer, Ward 3(2), Jaipur that disallowance of indexed cost of Improvement under Section 54 was justified if assessee fails to prove the quantum of expenses incurred.

- My Income My Taxes

15/08/2018

in our minds; Freedom in our words; in our souls & to our ! Let's strive to make our a safe and better place..... Wish you all a 72nd :) ,

www.linkedin.com/in/cargupta

30/07/2018

Income Tax : MyIncomeMyTaxes/013
Return can be filed on Paper Form with following conditions.
In continuation of my previous updates via MyIncomeMyTaxes/011 & MyIncomeMyTaxes/012

(3) In following cases Return can be filed on Paper Form:

a. Individual / HUF filing ITR-1, ITR-2 or ITR-4S : If income is upto 5 lakh AND no refund is claimed AND no deduction u/s 90, 90A or 91 claimed in return AND he is not an ordinary resident and has (i) assets (including financial interest in any entity) located outside India; or (ii) signing authority in any account located outside India; or (iii) any income outside India.

b. Individual filing ITR-1 or ITR-2 : If age is 80 or more AND no deduction u/s 90, 90A or 91 claimed in return AND he is not an ordinary resident and has (i) assets (including financial interest in any entity) located outside India; or (ii) signing authority in any account located outside India; or (iii) any income outside India.

Detailed information of Income Tax is available on www.myincomemytaxes.com

29/07/2018

Income Tax : MyIncomeMyTaxes/012
Mandatory e-Filing of Income Tax Return with or without Digital Signature for AY 2018-19.

In continuation of my previous update via MyIncomeMyTaxes/011
(2) In following cases e-Filing without digital signature:
a. Individual / HUF filing ITR-2: In all cases.
b. Individual and HUF (except individual age 80 or more using ITR-1/ITR-2) filing ITR-1, ITR-2 or ITR-4 : If income exceeding 5 lakh.
c. Individual / HUF (except individual age 80 or more using ITR-1/ITR-2) filing ITR-1, ITR-2 or ITR-4 : If any refund is claimed.
d. Individual / HUF filing ITR-2 : If deduction u/s 90, 90A or 91 claimed in return.
e. Individual / HUF filing ITR-2 : He is ordinary resident and has (i) assets (including financial interest in any entity) located outside india; or (ii) signing authority in any account located outside India; or (iii) any income outside India.
f. Firm, LLP or any other person filing ITR-5 : A firm which is not covered under audit u/s 44AB. If it is covered under 44AB then digital signature is mandatory.
g. Person other than Political Party filing ITR-7 : In all cases.
h. All persons (as applicable) : Assessee is required to furnish Electronically a report of audit specified u/s-10(23C)(iv),(v),(vi) or (via); u/s-10A, u/s-10AA; u/s-12A(1)(b); u/s-44AB, u/s-44DA, u/s-50B, u/s-80-IA, u/s-80-IB, u/s-80-IC, u/s-80-ID, u/s-80JJAA, u/s-80LA, u/s-92E, u/s-115JB or u/s-115VW or to give a notice u/s-11(2)(a) of the Act.

Detailed information of Income Tax is available on www.myincomemytaxes.com

26/07/2018

Central Board of Direct Taxes (CBDT) extends the ‘Due Date’ for filing of Income Tax Returns from 31 JUl 2018 to 31 AUG 2018 in respect of the Certain Categories of Taxpayers.

(Certaim Categories means for those 31st July was the Original Due Date).

13/07/2018

Income Tax : MyIncomeMyTaxes/011
Mandatory e-Filing of Income Tax Return with or without Digital Signature for AY 2018-19 onwards.

For Assessment year 2018-19 e-Filing is mandatory in most of the cases with or without digital signature and there are only few cases where return can be filed on paper form. We have summarized the provisions of new Income Tax Rules and divided them under three categories.
-> Return required to be e-Filed under digital signature.
-> Return required to be e-Filed without digital signature.
-> Return which can be filed on Paper Form.
(1) In following cases e-Filing with digital signature is mandatory:
a. Individual / HUF filing ITR-3: If provision of section 44AB is applicable.
b. Firm filing ITR-5: If provision of section 44AB is applicable.
c. Company (Private / Public both) filing ITR-6: In all cases.
d. Political Party filing ITR-7: In all cases.

Detailed information of Income Tax is available on myincomemytaxes.com

12/07/2018

Income Tax : MyIncomeMyTaxes/010
Having Interest Income? Check if it is Taxable and where to disclose in Income Tax return form?

We all have savings which are either invested or lying in our saving bank account. Have you ever wondered how many different type of Income from Interest you are earning? How it is taxed? If it is exempt where to show in Income Tax Return?
# With PM project of Jan dhan Yojna number of people receiving interest on saving bank account has increase in crores.
# Forget interest income on saving, most of elder individuals has invested in KVP, PF post office etc. and forgotten the investment altogether, only at the time of maturity they realize they have not shown interest income yearly and have to pay taxes on receipt basis at higher slab.
# Recently many individual has received notice from Income Tax as there is TDS deducted by Bank on Interest income, however the same is not included in total income or individual has skipped filing of income tax return thinking interest in exempted.
# Not all interest Income is exempted, and even it is exempted we need to disclose the income in ITR forms.

Detailed information of Income Tax is available on myincomemytaxes.com

10/07/2018

Income Tax : MyIncomeMyTaxes/009
Importance of 26AS Report, information on Basic exemptions to assessee, additional surcharge if income exceeds Rs.1crore, and taxes on companies.

-> Every Taxpayer should verify his Form 26AS.
-> Form 26AS provides the Information regarding the TDS, Advance Tax paid and details of refund.
-> Notice may be sent to the Taxpayer if the Income mentioned in Form 26AS and the Income Tax Return filed is having difference.
-> Basic Exemption Limit for individuals for FY_2016-17 is Rs.2,50,000.
-> Basic Exemption Limit for Senior Citizen i.e. above 60 years age is Rs.3,00,000.
-> Basic Exemption Limit for Super Senior Citizen i.e. above 80 years age is Rs.5,00,000.
-> If taxable income of Individual is less than Rs. 3.5 Lakhs then relief of Rs. 2,500/- is available in Tax.
-> Advance Tax is to be paid if Tax Liability during the year exceeds Rs.10,000 otherwise interest will be applicable.
-> 15% of Surcharge is applicable if Income Exceeds Rs.1 Crore.
-> Income Tax Return should be filed if Income exceeds Basic Exemption Limit. (before allowing any deduction under section 80C to 80U)
-> 30% of Tax applicable on Income of Partnership Firm, Company, LLP etc.
-> For Companies – Minimum Alternate Tax and for other Assesses – Alternate Minimum Tax rate is 18.5%.

Detailed information on Income Tax available on myincomemytaxes.com