About Shivam Patel

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So far Shivam Patel has created 86 blog entries.

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 [...]

Advance Tax – Guide

By | 2018-08-08T08:53:37+00:00 June 29th, 2016|Categories: Income Tax Guide|Tags: , |

Advance Tax   Advance Tax is a way of collection of tax by the government. If total income of an asessee exceeds Rs 10,000 in a financial year, tax is payable in installments of your yearly tax payable. It should be paid in the year in which the income is earned. In other words, it is [...]

WHY SHOULD YOU ALWAYS FURNISH PAN WHEN TDS DEDUCTED?

By | 2018-08-08T08:52:18+00:00 June 29th, 2016|Categories: Income Tax Guide|Tags: , , |

FURNISH PAN WHEN TDS DEDUCTED The importance of PAN card has been increasing with time. Importance of PAN card is never understood by a common person. This article shall provide a depth into the importance of PAN card and its advantage in TDS. WHAT IS PAN CARD? PERMANENT ACCOUNT NUMBER:” It is a unique 10 digit [...]

Advance tax payment

By | 2018-08-08T08:51:12+00:00 June 25th, 2016|Categories: Tax payments and Refund, Tax Savings|Tags: , |

Advance Tax   As the name says, advance tax is the tax paid by individual before the end of financial year. Tax is paid in 3-4 installments depending upon the type of assesee. It is a “pay while you earn” approach. Every person whose total income exceeds 10,000 is liable for advance tax payment on or [...]

Due Dates for Advance tax payment and Interest Penalty

By | 2018-08-08T09:18:15+00:00 June 25th, 2016|Categories: Tax payments and Refund|Tags: , , |

Dates for Advance Tax   Advance tax is a way of collection of tax by the government. If total income of an asessee exceeds Rs 10,000 in a financial year, tax is payable in installments of your yearly tax payable. It should be paid in the year in which the income is earned. In other words, [...]

Explain TDS Basics

By | 2018-08-08T09:16:46+00:00 June 25th, 2016|Categories: Income tax basics|Tags: , , |

TDS   TDS, short for Tax deductible at source, is a way of indirect tax collection by the government according to Indian tax act, 1961. It is adjusted against the total tax liability of an assessee a percentage of the overall payment is withheld by the source that is making the payments. The source is then [...]

TDS on Bank Deposits

By | 2018-08-08T09:14:43+00:00 June 25th, 2016|Categories: Income Tax Guide|Tags: , , |

Tax Deducted at Source   What is TDS? TDS stand for Tax Deducted at source is a way the government collects tax from individuals, where the person making a payment is responsible to collect part of the payment as TDS (prescribed rate) and pay the money to government on behalf of the person earning the money. [...]

Pay your self assessment tax- Guide

By | 2018-08-08T09:13:06+00:00 June 24th, 2016|Categories: Income Tax Guide|Tags: , |

Self Assessment Tax   Before Income tax return filing, the assessee is required the total tax liability and need to compare it with the advance tax paid. The difference between the two is the amount the assessee owes to the government. The difference between total tax liability and tax paid by the assessee is Self Assessment [...]

Calculate Advance Tax

By | 2018-08-08T09:11:39+00:00 June 24th, 2016|Categories: Tax payments and Refund, Tax Savings|Tags: , |

Advance Tax   Advance tax is a mean of payment of tax where the assessee pays tax while he earns in installments instead of lump sum payment at end of the year. Advance tax is paid if the total income exceeds Rs. 10,000 in a financial year. Seniors citizens older than 60 years of age who [...]

How to e-file Form-16 using TaxRaahi

By | 2018-08-08T09:10:17+00:00 June 24th, 2016|Categories: Income Tax Guide|

e-filing Form-16   Step 1: Go to https://www.taxraahi.com and click for free e-file form-16 option.   Step 2: Click on Upload form 16.  Locate and Upload your PDF.   Step3:  You will get a screen like this, containing summary of income, deduction and taxes. Click on proceed.   Step 4: Fill all your required information accordingly.   [...]