Income tax department extended the due date of filling income tax return for AY 2019-20 from 31 st July to 31 st August, 2019. Income tax return is the form of information all about income of assesse . Various forms are available for income tax return ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, and ITR 7. If you are filled belated return, you are not allowed to carry forward losses. However taxpayer who have not filled their ITR appear to be in a hurry to meet this dead line . But there are something wrong among them in the crowd for filing their tax return on the due date, which is not expected . If a taxpayer want to avoid this type of mistakes to follow those rules. 1)Choose correct ITR return form : Everyone must choose correct ITR from . For example, while ITR 1 to ITR 4 are applicable for individual and HUF, ITR 5 to ITR 7 are for company and firm . ITR 1 can file those people whose total income doesn’t exit 50 lakh and whose income under the head income from sal
Fixed Deposit is a financial instrument issued by Banks or NBFC’s . Investor get higher rate of interest than a regular savings account, until the maturity date. Fixed Deposit is very popular way to save money in India. They are safe Investment and its offer guaranteed return . So, fixed deposit is a financial instrument which offer higher return , grater flexibility and safety of investor money. Key feature of Fixed Deposit : Ø Tenure : 7 Days to 10 years Ø The Interest is taxable under Tax Deducted at Source (TDS) of the Income tax Act , 1961 Ø Bank do not deduct TDS if your Interest on fixed deposit is less than 40,000 in a year. Ø If your net income does not exit taxable limit , you can apply for tax exemption by submitting Form 15G or 15H Ø Many Banks offer Loans Or Overdraft which can be availed against Fixed Deposit Ø Investor can choose frequency of interest pay out: · Cumulative Fixed Deposit – Interest paid on matu