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Trak.in has teamed up with Taxmantra.com to create a knowledgebase that answer tax related queries from Individuals and small businesses.
The series will throw light on the common misconceptions and myths revolving around Income Tax Return Filing. On numerous occasions, we are troubled by complex legal mindgames of local tax consultants. There are instances where lack of proper tax planning and timely Income tax return filing results in out-of-pocket flows, which could have been readily addressed and avoided. The videos below are attempt to address such queries on Tax filing.
Is it Mandatory to E-File (Online) Tax Returns?
Yes, it is in 2 scenarios.
Central Board of Direct Taxes (CBDT) has issued a notification, which makes e-Filing compulsory for :
- An individual or a Hindu undivided family, if his or its total income, or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Ten lakhs rupees; and
- An individual or a Hindu Undivided Family (HUF), being a resident, having assets (including financial interest in any entity) located outside India or signing authority in any account located outside India and required to furnish the return in Form ITR-2 or ITR-3 or ITR-4.
The following video talks more on mandatory filing of Tax Returns:
How to claim Tax investments not registered in Form-16
In this video, we discuss about a situation when the assessee has not been able to disclose complete tax investment to his employer, resulting in excess tax deduction. Also, this video explains the best method to claim income tax refunds that is by filing of timely income tax return filing.
How to file Income Tax Return when you have multiple Form 16?
The following video shows how to file income tax return when you have worked with more than one employer in a financial year and you have multiples Form16. An employee can have multiple Form16 in any of the following two situations:
- Has changed his job during the same financial year.
- Is working with multiple employers simultaneously.
If you have any more questions, do drop in a comment and we will try to answer them in form of such short videos.