How to save taxes legally

By | 2018-08-08T07:37:38+00:00 September 15th, 2016|Categories: Tax Savings|

How to save taxes legally? At the end of each financial year, an assess finds himself with huge taxes on taxable income and make tax investments in a hurry. However, if an individual from the very beginning goes ahead with proper planning and knowledge he can feel relaxed at the end. The Income Tax Act, 1961 provides [...]

Investments that can be made under Section 80C

By | 2018-08-08T07:51:14+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 [...]

Income Tax Scrutiny Assessment

By | 2018-08-08T07:47:54+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 | 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 [...]

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 [...]