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Saving tax beyond Section 80C for FY 16-17
https://www.valueresearchonline.com/story/h2_storyview.asp?str=32877

Saving tax beyond Section 80C for FY 16-17 - Value Research: The Complete Guide to Mutual Funds Here are a number of ways by which you can save taxes other than the Rs 2 lakh permitted under Section 80C (including additional 50000 under 80CCD (1b) for NPS)

Why a mutual fund cannot assure any fixed returns on investment?
https://www.valueresearchonline.com/story/h2_storyview.asp?str=200320

Why a mutual fund cannot assure any fixed returns on investment - Value Research: The Complete Guide to Mutual Funds We all love assured returns on our investments. Then why do we invest in, or even consider, the instruments that don't assure returns?

You can now use an ATM to e-verify your income tax return!

Check the below link for more details.
https://www.valueresearchonline.com/story/h2_storyview.asp?str=200256

You can now use an ATM to e-verify your income tax return - Value Research: The Complete Guide to Mutual Funds Every year, when the last date for filing IT returns approaches, income tax assesses crowd tax-filing kiosks and the income tax department's website.

It's official.

Last date for filing IT Returns extended to August 5th, 2016.

Is e-filing of IT returns for 13-14 & 14-15 possible now?

Yes the I-T Department accepts tax returns for past two financial years. This means that you will be able to file returns for 2014-15. However, you cannot e-file your returns for 2013-14.

The deadline for filing returns for the Financial Year 2014-2015 was July 31, 2015. If you missed this deadline, you could file by March 31, 2016. If you missed the late deadline too, you can still file by March 31, 2017. But this might attract a penalty.
The returns filed after the due date i.e. 31st July or 30th September is considered as Late Return under section 139(4).

Is it mandatory to file income tax returns?

It is mandatory to file your Income Tax returns only in cases where your gross the total income (without allowing any deduction under section 80C to 80U) exceeds R2.5 Lakh. However whether or not it is mandatory to file returns, there are advantages to filing your income tax returns. Processing of home, educational and other types of loans require income tax returns to be shown to the lending institutions. Thus filing returns makes loans easier to process. Further, it is mandatory to have income tax returns for the processing of any Visa in case of travel abroad.

July 31st last date to file IT Returns. What does it mean?

If you file IT Returns before July 31st, you can file revised returns till March 31st 2017 if any changes required.

If you miss the July 31st deadline of the current year, then you can still file it by March 31st of the 2017, but you are not eligible for filing revised returns.

If you also missed the deadline of 31st March 2017, you can further file till 31st March 2018, this is treated as belated return.

Workshop at EBIX Consulting

Date: 21-07-2016
All set to meet 200+ employees tomorrow and share knowledge on tax saving investments, tax filings and returns.

Q&A:

If you have taken a personal loan and it is used to purchase a house, you can claim tax benefit on it as well?

Yes or
No

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