M S Meherally & Co

5 key financial documents that you should keep your family informed about

5 Key Financial Documents That You Should Keep Your Family Informed About A well-kept inventory of your financial assets helps in smooth succession planning. It also prevents leakage, later

Please note the office timing in this blessed month will be 1:00 pm to 6:00 pm.

Taxpayers Beware! Please do not click on any fake link which promises to give refund. These are phishing messages and are not sent by the income tax department," the department said in a tweet

A must read for salaried individuals

TDS on salary: How employees can opt for new tax regime, avoid deduction under old system The CBDT has also clarified that the option once availed in the year cannot be modified during the year.

https://www.livemint.com/news/india/here-s-list-of-activities-that-will-be-allowed-from-20-may-during-coronavirus-lockdown-11586925498347.html

Full list of activities that will be allowed from April 20 during lockdown 2.0 Transportation of goods will be permitted without any distinction of essential or non essential commodities.Employers will have to abide by strigent safety instructions suggested by MHA

ATTENTION TAX PAYERS

This is the biggest confusion in the minds of the taxpayers. Following points clarifies some of the issues:

1) FY 2019-20 is not at all extended till 30th June. Only the date is extended for some compliances.

2) Belated returns or Revised returns for the FY 2018-19 can be filed till 30th June.

3) In the FY 2019-20, income is taxable till 31st March only and not upto 30th June, i.e. for taxability of income financial year is considered till 31st March only.

4) Deductions under 80C, 80D, etc. can be claimed by investing till 30th June.

5) New LIC, mediclaim, PPF, NPS, etc. policies taken till 30th June will be eligible for the deduction for the FY 2019-20.

6) Payment of Premium of old policies of LIC, mediclaim, PPF, NPS, etc. due upto 31st March can be claimed as deduction even if paid till 30th June.

7) Housing loan interest is eligible for deduction on accrual basis, so interest accrued till 31st March will be eligible for the deduction in FY 2019-20. However Installments due upto 31st March can be claimed as deduction ever if paid till 30th June.

Be careful while filing Income Tax Return.

ITR filing: Common mistakes that could get you an income tax notice Taxpayers should be wary of some common mistakes while filing tax returns that may trigger tax notices later on.Using the wrong ITR form, not disclosing all the bank accounts operated by the taxpayer are some...are some of the common reasons

Caution! Don't under report your income!

ITR filing for AY 2019-20: Don't miss these incomes Even if you don’t have to pay tax on the income, you still need to report it.Even if tax is deducted on salary and TDS is paid on your interest income, you may still notice that there are some taxes due

Be cautious while filing the return, be safe, hire a professional

10 reasons why you may get a notice from the income tax department You may anytime come under the taxman's lens. The department can randomly scrutinise returns to enforce tax compliance.

Good news for all return filer and tax practitioner, Government extends the due date of Income Tax return filing.

Deadline to file income tax return for FY2018-19 extended to August 31 Usually, the deadline to file the income tax returns by individuals and HUFs is July 31.