The new financial year has began. Few weeks back many of us were scrambling to make last minute tax saving investment. This year save yourself from making impulsive tax saving decisions, plan ahead and relax. Here is what you should do for your Tax Planning for FY 2010-2011.
Claiming Leave Travel Assistance (LTA) benefit has always been a puzzle for many. Some of us even settle to pay additional tax instead of claiming the Income Tax benefit associated with LTA. Here is your primer to know all about LTA exemption.
The Income Tax Department generates the acknowledgment form ITR V once you e-file your Income Tax Return. For increased security level to protect your financial information, this ITR V is password protected.
The information age has not done away with the need to keep your paperwork handy. It has only felicitated mode of storage! Much of the paperwork is connected to your income tax returns filing. For you, that means you need to be more organized with paperwork and keep them handy in physical or electronic format.
Last date to file income tax returns is approaching. We often fill up details as contained in our Form 16 and omit other relevant information which needs disclosure. Annual Information Returns (AIR) is one such area which is mostly not provided by us in our ITR.
In our previous article, we tried to help you in decide whether you should e-file your income tax returns? Now we will provide details on how you can e-file your Income Tax Returns and evaluate various options available.
E-filing of income tax returns was enabled by the Income Tax Department a couple of years back. Using the e-filing process is simple and easy for all. Plus you have so many options available to you to prepare your Income Tax Returns.
Tax planning entails making investments and contributions that help minimize the tax liability. Traditionally, most of us invest only instruments that provide tax saving benefit as aversion for taxes ranks as one of the most universal emotions. But, does this fit well with our overall financial planning goals?
Read this carefully, before you file your Income Tax Return (ITR), else you might end up putting yourself in big trouble. Many people in-spite of their best efforts are not able to fill error free Income Tax Returns (ITR).