About Shivam Patel

This author has not yet filled in any details.
So far Shivam Patel has created 85 blog entries.

Documents required for Individual Tax Return Filing

By | 2018-08-08T07:57:45+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|

There are mainly four documents required to carry out the Individual Tax Return filing process: Proof of Income Proof of Tax Paid Proof of Deductible Expenses Proof of Investments Proof of Income All the documents that reflect income, i.e., Salary slips, bank statements, property papers, statements of shares and dividend transactions, etc that are required to be [...]

What to include under ‘Income from Other Sources

By | 2018-08-08T08:13:24+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|

What to include under ‘Income from Other Sources What comes under the head ‘Income from Other Sources’? Any income which does not come under these heads: Salary, House Property, Capital Gains and Business and Profession, comes under the head ‘Income from Other Sources. Taxpayers might skip some of the incomes while filing Income Tax Return form. Following are some [...]

Section 80 TTA Deduction-Interest on Bank Savings Deposit

By | 2018-08-08T08:12:20+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|

Section 80 TTA Deduction-Interest on Bank Savings Deposit What is 80 TTA Deduction? Section 80 TTA deduction was introduced from 1 st April, 2013 and will be in effect from AY 2013-14 onward. It has been introduced to provide deduction on the interest received on deposits in a savings account held with banks, cooperative societies and post office [...]

ITR Filing Mistakes

By | 2018-08-08T08:11:27+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|

ITR Filing Mistakes List of Mistakes Done  Forget to send ITR V to the Income Tax Department. Taxpayers are required to send ITR V form to the Income Tax Department on the address -“Income Tax Department–CPC, Post Bag No.1, Electronic City Post Office, Bangalore – 560200, Karnataka” by regular Indian Post or Speed Post only. This [...]

How is Tax computed on Rental Income?

By | 2018-08-08T08:09:44+00:00 July 4th, 2016|Categories: Income Tax Guide, Tax Savings|

How is Tax computed on Rental Income? Tax on Rental Income Income from house property is taxable under the Income Tax Act as the head ‘Income from house property’. The income earned includes the rent from the property to the owner. Property includes any building (house, office, factory, etc.) which is being rented out to someone. [...]

Include Interest Income while filing ITR

By | 2018-08-08T08:08:45+00:00 July 4th, 2016|Categories: Income from Salary, Income Tax Guide|

Include Interest Income while filing ITR What is Interest Income? Net interest income is the difference between revenue and the expenses associated with paying out its liabilities. A typical bank's assets consist of all forms of personnel, mortgages, and security. Liabilities are the customer deposits. The excess revenue that is generated from the interest paid out [...]

How to revise your income tax return

By | 2018-08-08T08:07:27+00:00 June 29th, 2016|Categories: Income Tax Guide, Tax Savings|Tags: , |

File Revised Income Tax Return   Income tax return is a statement of earning from all different sources of income, liability of tax arising therefrom, details of payment of tax and any refunds that have to be made by the government. In order to provide sufficient time to people paying tax, the deadline to furnish these [...]

Way to recover your income tax department password

By | 2018-08-08T09:00:39+00:00 June 29th, 2016|Categories: Income from Business and Profession, Income from Salary, Income tax basics, Income Tax Guide|Tags: , |

Recover your Income Tax Department Password in very easy steps!!! Now, The Income Tax Department made easier to recover you password in very easy way. Forgetting password is very common mistake that every individual make, in case if there is any chance that you forget your password, here given a detailed process how can you recover [...]

Capital Gain Calculation

By | 2018-08-08T08:59:07+00:00 June 29th, 2016|Categories: Capital Gains|Tags: , |

Capital Gain Calculation   CAPITAL GAINS are the profits earned on sale of capital assets. The profit earned is taxable in the hands of seller. Under section 45(1), if a capital asset is transferred by an assesse, then any profit or gain on such transfer is taxable as capital gain after the exemptions under sections 54, [...]

CAPITAL GAINS TAX RULES

By | 2018-08-08T08:57:02+00:00 June 29th, 2016|Categories: Capital Gains|Tags: , |

Rules to be followed   Income from any source attracts tax. Capital gains are also taxable in the hands of the seller. Capital gains from short term capital assets are called Short term capital gain, whereas gains from long term capital assets is known as long term capital gain. Provisions for taxation of capital gains Under [...]