About Shivam Patel

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So far Shivam Patel has created 85 blog entries.

Income from Interest on Bank Deposits included while filing ITR

By | 2017-10-23T07:39:27+00:00 July 14th, 2016|Categories: Income from other sources, Income Tax Guide|

Income from Interest on Bank Deposits included while filing ITR It has been made mandatory now for the individual taxpayers to include their income earned from interest on bank deposits in their tax returns while Income Tax Return Filing. Taxpayers are now required to file revised income-tax returns for the past two years to reflect their interest income. [...]

Tax Benefits of Mutual Funds in India

By | 2017-10-23T08:01:26+00:00 July 14th, 2016|Categories: Income Tax Guide|

Tax Benefits of Mutual Funds in India What are Mutual Funds? These are the funds which collect funds from the public and invest in securities or bonds. These bonds help the investors earn interest. Classification of Mutual Funds These funds can be classified into two categories: Equity mutual funds- They are those funds where a major part [...]

Tax deductions under different sections

By | 2017-10-23T08:04:39+00:00 July 14th, 2016|Categories: Income Tax Guide|

Tax deductions under different sections Under the Income Tax Act 1961, a taxpayer can save taxes legally by claiming the deductions under various sections at the time of filing their income tax returns. It is available for all classes of taxpayers.  Following are the sections under which the taxpayers can claim their deductions: Tax Saving Under [...]

Investments that can be made under Section 80C

By | 2017-10-23T08:05:07+00:00 July 14th, 2016|Categories: Income Tax Guide, Tax Savings|

Investments that can be made under Section 80C Section 80C is basically used for claiming Income Tax Deductions. This section can be used to claim the deduction for all categories of taxpayers and the maximum amount that can be claimed for deduction is Rs. 1,50,000. You can invest in more than one instrument under Section 80C. Equity [...]

Reasons why the Income Tax Department conducts Tax Raids and Seizures

By | 2017-10-23T08:13:15+00:00 July 14th, 2016|Categories: Income Tax Guide|

Reasons why the Income Tax Department conducts Tax Raids and Seizures The Income Tax Department conducts various tax raids to ensure whether the people have paid their taxes or not. It is mainly done to stop the process of tax evasion. This is a hectic and troublesome process for those who are going through this. It [...]

Income Tax Scrutiny Assessment

By | 2017-10-23T08:15:48+00:00 July 14th, 2016|Categories: Income Tax Guide, Tax Savings|

Income Tax Scrutiny Assessment Scrutiny Assessment-Meaning Scrutiny Assessment is an assessment of the income tax return by giving a chance to the assessee to substantiate the incomes, losses, expenses, deductions, etc which are claimed in the tax return with proof. How is the Scrutiny Assessment conducted? While scrutinizing, the assessing officer enquires the taxpayer. The scrutiny [...]

Self Assessment Tax: Computation and Payment

By | 2017-10-23T08:19:21+00:00 July 13th, 2016|Categories: Income Tax Guide, Tax Savings|

Self Assessment Tax: Computation and Payment What is Self-Assessment tax? Self-Assessment tax is the tax which is calculated by the taxpayer on his own and then paid to the government. It is ought to be paid before the filing of Income Tax Returns. It has to be accompanied by Challan NO. /ITNS 280. It can be [...]

Setting off and carrying forward of losses

By | 2017-10-23T08:22:18+00:00 July 13th, 2016|Categories: Income from house property, Income Tax Guide|

Setting off and carrying forward of losses According to the Income Tax Act, a person can opt for 'setting off and carrying forward of losses' for the losses that have been incurred. This provides some relief to the person who has incurred the losses. Setting off of losses Set off of losses means adjusting the losses [...]

Section 80G: Deduction for Donation

By | 2017-10-23T08:29:01+00:00 July 13th, 2016|Categories: Income Tax Guide, Tax Savings|

Section 80G: Deduction for Donation The government allows deduction on the donations made by the people and philanthropists. The deduction on donations can be claimed under Section 80G of the Income Tax Act, 1961. This deduction is allowed to all assessees making the donation and is not restricted to a particular group of people, community, society, [...]

Effective Ways to SaveTax

By | 2017-10-23T08:31:13+00:00 July 13th, 2016|Categories: Income Tax Guide, Tax Savings|

Effective Ways to SaveTax Taxes include an important part of our income. Everyone wants to save tax in order to lessen the burden of tax-paying. Here are some of the effective ways of tax saving which an individual can opt to pay less tax: Equity Linked Savings Schemes (ELSS) - For those who can take some [...]