PF weekly review: Govt extends deadline to file income tax returns by a month

Business News

The most important development of the week for Indian taxpayers came in the form of an extension of the deadline to file income tax returns to August 31. Earlier the deadline was July 31. The Central Board of Direct Taxes (CBDT) authorities had notified the new ITR forms to file income tax returns online on April 5. The extended timeline comes to the rescue to all those who are running behind the schedule to file the income tax returns. Non-filing of the ITR before the due date attracts penalty up to Rs 10000. To avoid such a situation it makes sense to file the return before the revised deadline ends.

Here are the ten points you must check before you sit down to file the income tax return. You should have your Form 16 and Form 26AS in your hand. The bank account statement and capital gains are also required. If you get all such requirements in place then filing your ITR will no longer remain a cumbersome task.

If you have borrowed money to buy a home, such a home loan can fetch you a tax benefit. Here are some loans that can fetch you tax benefits. Loans such as home loans, education loan, and car loans do offer tax benefits. One needs to understand the tax benefits to make the most of these loans.

After the extension of the deadline to file ITR, there is also a good news for investors. The market got a new lease of life as the key indices such as Nifty and Sensex hit a new high. Though the investors have not made much money in the last one year there is a ray of hope in the form of rising corporate earnings. Here is why you should not lose hope in your SIP.

Ongoing earnings season will spell the future of the stocks in the short term. Analysts are carefully tracking the earnings announcements to ascertain the future winners. No one should overlook the fact that there are only 5-6 stocks that are holding the Sensex and Nifty.

You must be prudent in your spending and embrace technology to invest your savings better. India is seen adding millions of on the go jobs. If you are one of those here are a few money tips to make your money harder than you do.

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