Tax Gyan - The Makeyourtax Blog

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Four new forms notified for black money disclosure

The Income Tax department on Thursday notified four new forms for disclosure of untaxed funds and properties. This is under one-time domestic black money compliance window that was released this month. The forms– 1, 2, 3 and 4– can be used both for e-filing or manual filing of the black money assets by a declarant …

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Amendments made in the Finance Bill 2016

In regard to the original Bill presented in the Lok Sabha on 29th February, 2016, many changes have been made therein. After incorporating such amendments, the Lok Sabha has passed the Finance Bill on 5th May, 2016. Amendments made in the Finance Bill 2016: Unlisted shares held for 24 months or less would be treated …

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ITR for AY 16-17 released with extra burden on ultra-rich

Financial Year 2015-16 has ended and it indicates that Income Tax Return filing for this financial year is to be done on priority. With our past experience, we are relaxed thinking that ITR Forms will be released near to the due date and then automatically the due date shall get extended. If you are in the same …

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5 Common mistakes in the Income Tax Return filing to avoid

Be cautious while filing of Income Tax Returns. Even a small mistake in your return may result into a notice from Department. When returns are assessed every minute detail if wrongly entered may put you in between different notices and if no proper reply given to any such notices then you may encounter a series …

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