Online Income Tax filing is now truly online, thanks to Income Tax Department. Online Income Tax filing is mandatory if your income is more than 5 lakh during the financial year. Though the tax filing process is referred as Online Income Tax filing, but it is not truly online. Reason being, after Online Income Tax filing, the taxpayer is supposed to send signed ITR-V acknowledgement through Speed Post / Ordinary Post to CPC-Bangalore. I remember standing in a queue for 3 hours to speed post ITR-V acknowledgement. In my opinion, it is not an online Income Tax filing in the true sense. I am ... Read More
7 Common Mistakes in Income Tax Return
Every year, 31st July is the last date to file your Income Tax Return for previous Financial Year. It is equally important as your birthday or anniversary date. I remember 10 year ago it was next to impossible to file Income Tax return without any help but Income Tax Department has done a commendable job to simplify the Income Tax Return Process. E-filing of income tax return through official portal of Income Tax Department is very easy, convenient & most important it's FREE. To avoid last minute rush, i always file my income tax return in the month of May or June. I keep receiving ... Read More