Changes to look out for in Income Tax form - Make My Returns

by Vikram | 24 July 2014
Make My Returns lists the important changes to note in the new Income Tax Return (ITR) Form that the Income Tax Department introduced. Click to know more!! [More]

Tax Return Filing

Pay rent to parents and claim tax deduction

by Team MMR | 17 July 2014
Seldom do people realize that investing in your parents or family is a wise way to manage your tax planning. Make My Returns shows you how. Click for more! [More]

Direct Tax Code of India - How Does It Affect You?

by Vikram | 2 June 2014
The Direct Tax Code 2013 was introduced in order to create an efficient direct tax system in place of the old Income Tax Act. The new Tax Code was meant to be simpler and easy to understand for the layman. There are few points which are debatable under the new Tax Code which may have an effect on the Assesee’s annual income. Since the DTC has not been passed as an act in the parliament all the below provisions are proposed one’s which come into force if DTC is passed by the Parliament.  Here are some of the facts about the new Direct Tax Code:  1)    The S... [More]

Income Tax | Income Tax News | Tax Filing News | Taxation

Interest Earned on Deposits Held in Foreign Currency

by Team MMR | 2 June 2014
Interest earned on deposits held in foreign currency with a scheduled bank, by a non-resident or by a person who is not ordinarily resident (RNOR) is exempt from income tax according to the provisions of section 10 (4) (ii) of the Income-tax Act, 1961 (the Act). The exemption would be available until one is a non-resident or an RNOR under the Act. One will be an RNOR if he is a non-resident in nine out of the 10 previous years or has stayed in India in the seven previous years preceding the current year does not exceed 729 days. Typically, a returning NRI would qualify to be RNOR for two years... [More]

Compliance – Income tax Return eFiling- Why and how to reply ?

by Vikram | 2 June 2014
The focus of Income Tax Department nowadays has been to increase awareness about Compliance with our direct tax laws, through improved taxpayer service and strict enforcement, and thus maximise the direct and indirect tax revenue collection for the Nation.   As a result of this the Income Tax Department has started sending notices to different assesses for variety of reasons and also seeking information as per AIR Filing by various Institution. These reasons vary from not filing of returns to tax frauds. Most of assesses are Receiving Email with subject as “Compliance – I... [More]