Self Assessment Tax: Computation and Payment

By | 2018-08-08T08:03:55+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 | 2018-08-08T08:02:42+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 | 2018-08-08T08:00:55+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 | 2018-08-08T07:59:38+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 [...]

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 [...]