How changes in Income Tax Rates affect you

By | 2018-08-08T07:20:46+00:00 September 22nd, 2016|Categories: Income tax basics, Income Tax Guide|

How changes in Income Tax Rates affect you Change in Income Tax rates may either encourage or discourage individuals to invest and work more/less. It is also related with economic growth of the country. If taxes are high, it will definitely hamper the national income. On the other hand, Income Tax Rates cuts can encourage people [...]

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 [...]

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 [...]

All you need to know about ITR 2 Form

By | 2018-08-08T12:32:18+00:00 June 16th, 2016|Categories: Income tax basics|Tags: , |

ITR Form 2   The Income Tax Department has introduced a form called ITR 2 Form. This is mainly for Individuals and Hindu Undivided Families who does not possess any income from business or any profession rather than income received from more than a single property. It is very much comprehensive form than ITR 2A. And [...]

ITR 2A Form

By | 2018-08-08T12:30:06+00:00 June 16th, 2016|Categories: Income tax basics|Tags: , , |

Know about ITR 2A Form   An Introduction ITR 2A Form has been introduced from Assessment Year 2015-16 by the Income Tax Department in order to avoid the problems faced by the taxpayers while filing their tax returns with ITR-1 and ITR-2.   When to File ITR 2A Form ITR-2A can be filed by an individual/HUF (Hindu [...]

ITR-3 Form

By | 2018-08-08T11:10:02+00:00 June 15th, 2016|Categories: Income tax basics|Tags: , , |

Structure of ITR-3 Form   ITR-3 Form The ITR-3 Form especially applies to those Individuals and Hindu Undivided Families who are enlisted as partners in a firm. According to Rule 12 of the Income Tax Rules, 1962, the ITR-3 does not apply to the individuals who are proprietors of a firm. Mainly, it is for the [...]

ITR-1 Sahaj Form

By | 2018-08-08T11:09:12+00:00 June 15th, 2016|Categories: Income tax basics|Tags: , , , |

 ITR-1 Form The ITR-1 Form, also known as ITR-1 Sahaj Form is an essential form for salaried individuals of India which is issued by Income Tax Department for income tax return filing. Every citizen is obligated to file returns at the end of financial year with the Income Tax Department. It should be filed before the due date. [...]

Income Tax for NRIs

By | 2018-08-08T12:41:24+00:00 June 15th, 2016|Categories: Income tax basics|Tags: , , |

Income Tax A person will only be considered a resident of India for a financial year if he is in India for 182 days (6 months) or if you are in India for 60 days in the previous year and have lived for 365 days in the past four years. For an Indian citizen working abroad [...]

Distinction between Assessment Year and Financial Year

By | 2018-08-08T12:31:10+00:00 June 11th, 2016|Categories: Income tax basics|Tags: , , |

The following table shows the distinction between  the Assessment Year and the Financial Year                Financial Year              Assessment Year   A Financial Year, also known as FY, is the year in which the businesses and organizations all over the world calculate their financial statements. [...]

Income Tax Slabs in India

By | 2018-08-08T12:23:23+00:00 June 11th, 2016|Categories: Income tax basics|Tags: , , |

This article will guide you through the Income Tax Slabs in India. What is Income Tax Slab? Income taxes are the major source of revenue for the Government in any country and the income taxes are the taxes which are collected on income earned during a financial year. There are three categories depending upon the age [...]