Which ITR Form To Pick When You Switch From Being Employee To Entrepreneur.

If you're a private, you recognize you have got to file either kind ITR one or ITR two. If apprehend have a business. You recognize it's either ITR three, four or 4S that you just have to be compelled to make a choice from.

However what if you're within the transition? You have got simply quit your job and commenced functioning on model for your start-up. Functioning on a model for your start-up. That tax come kind is that the right one for you?
Should you simply collect your kind sixteen from your ex-employer and declare your earnings financial gain move into ITR1 or does one have to be compelled to file ITR four, although the business might not are incorporated? Your business has no workers nevertheless simply friends attempting to develop and doubling their drawing area as a short lived workplace. The start-up capital additionally known as Bengaluru is stuffed with such cases and with the tax-filing point in time simply days away. Several of those entrepreneurs square measure grappling with such tax coupled dilemmas.

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Government To Use Info Collected Under Various Pacts To Identify Suspected Tax Dodgers.

The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.

The income-tax department will soon write to such individuals that they have been identified on the basis of information received under the foreign account tax compliance Act (FATCA) from the US, various tax information exchange agreements.

These letters will not make people ineligible for making a declaration under the new black money window as these do not fall in the category of formal notices issues by the tax department. 

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5 Things To Know when Filing Your Tax Return Online.

The Tax-return filing deadline is five weeks away and it is time you sat down with the required documents, calculated your liabilities or sent a refund receipt. If you are a salaried employee, Form 16 is the first document to get hold of and most of you should have received it already. If not start hounding your HR department immediately. Going by current rules and limits, most will be in the online tax-filing category. If your income is more than Rs 5 lakh, e-filing is mandatory. Plus, if you want to claim a refund or your interest earning from savings bank account tops Rs 10,000, e-filing is mandatory. You can file using the tax department’s site while there are a few online platforms with better interfaces.

Whichever option you use, here are five things to take care of when filing your tax returns online.

      Reading your form 16:

While on the government site you have to file the numbers yourself, some websites such as ClearTax.com lets you upload your form 16 on the platform and directly picks up the incorrect figures from the form. However, you should cross-check the figures and ensure they are correct, especially if you had switched jobs and have more than one form 16 to refer to you would have to recalculate your tax liability accordingly.

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9 Tax Investment To Save Lakhs on Your Income Tax

Income tax is something all of us would like to reduce it to the maximum. And what better than tax saving investments under Section 80C to reduce our taxes to some extent. Choose one of the following tax saving investments before 31st March.

PPF (Public Provident Fund)

It is one of the traditional yet highly preferred retirement planning investments. It is also a great long-term tax saving investment. The maximum amount that is allowed as an investment in the scheme is Rs 1.5 lakh. Interest income on PPF and the amount received on maturity are both tax free.

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Tax grievances: Income Tax department to ensure ‘E-nivaran’

The income tax department has launched a special electronic grievance redressal system called ‘e-nivaran’ in order to fast track taxpayer grievances and ensure early resolution of their complaints.

A separate and dedicated window for grievance redressal has been launched recently in the has been launched recently has been launched recently in the income tax business application (TBA), the new smart electronic platform for the regular operations of the department.

The facility is called ‘e-nivaran’ (electronic solution and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing officer of the case upto the supervisory officers in a paperless environment.

The new system is called unified grievance management system and is acronymed ‘e-niravan’ The system not only records the origin of the grievance on the electronic platform it works on but it also keeps tracking it till it reaches its logical conclusion for final resolution “a-senior IT official said.

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No Official Estimation of Money sent to Foreign Countries by Indian Persons

There is no estimation of the amount of money that has been sent to the foreign countries by Indian persons said by government today.

The money sent by Indian persons to foreign countries is subject matter of investigation and requires follow-up actions by the relevant law enforcement agencies such as Income tax Department, CBI etc, which is going on.

“The economists from Bank of Itlay estimated that Indian share in black money stashed in tax heavens across the world is at $152-181 billion. These economists have reportedly analysed data from IMF and the Bank of International Settlement (BIS) and applied certain assumptions to arrive at the estimation. The same economists have reportedly estimated Indian share in black black assets at $4-5 billion with the new set of assumptions”, Mr. Sinha said .

These estimations have put a red flag that these estimations have to be considered with great care and in no way can represent firm data,” Mr. Sinha said.

Ruchi Anand and Associates are Tax Consultant in India.

IT Department activates e-filing for three more ITRs

The Income Tax department today launched the e-filing of income tax returns for a few more category of filers for the assessment year 2016-2017 after it operationalized some of them early this week.

The latest enabled Income TaxReturns (ITRs) include ITR-2 for individuals and hindu Undivided families not having income from business or profession, 2A for individuals and HUFs not having Income from business or profession and capital gains and who do not hold assets and ITR-3 which is meant for individuals or HUFs being partners in firms and not carrying out business or profession under any proprietorship.