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I.T. SEEKS BIGGER ROLE FOR I.T.!

If your taxable income exceeds Rs.5 lakhs, E-filing of your Income-tax Return shall be mandatory from A.Y. 2013-14!          The Income-tax (IT) Department is seeking to place increasingly greater reliance on Information Technology (IT). Under its notification issued on 1st May, 2013, the Central Board of Direct Taxes (CBDT) has made it mandatory for all taxpayers with total income exceeding Rs.5 lakhs to e-file...

YEAR END TAX MANAGEMENT!

With 31st March around, just ensure that you are not missing out on securing any tax saving & filing of your tax return!  As the fiscal year 2012-13 ends on 31st March, it’s time for all income-tax taxpayers to take a quick look whether they have fully availed of the opportunities for tax saving via saving of specified investments and allocations.   TAX SAVING THE 80C WAY!             ‘Be happy and gay, saving...

IT’S TIME FOR YOUR TAX RETURNS!

You need to know atleast this much on mandatory E-filing & filing returns even where no tax is payable!               Starting from Companies in Assessment Year 2006-07 and Partnership Firms liable to tax audit under Section 44AB in Assessment Year 2007-08, Proprietorships of Individuals and HUFs liable to tax audit from Assessment Year 2010-11, have all been mandatorily required to file their income-tax...

GET SET TO FILE RETURN THOUGH NO TAX PAYABLE!

If Your Gross Total Income Exceeds The Taxable Limit You Are Under Obligation To File Your Income-tax Return!                        Section 139 of the Income-tax Act provides that an Individual or a Hindu Undivided Family is required to file his income-tax return, if his Gross Total Income (GTI) prior to various deductions under Section 80 family (such as 80C, 80D, 80G etc.) exceeds the basic income-tax exemption...

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