What to include under ‘Income from Other Sources

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 [...]

By | 2018-08-08T08:13:24+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|0 Comments

Section 80 TTA Deduction-Interest on Bank Savings Deposit

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 [...]

By | 2018-08-08T08:12:20+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|0 Comments

ITR Filing Mistakes

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 [...]

By | 2018-08-08T08:11:27+00:00 July 6th, 2016|Categories: Income Tax Guide, Tax Savings|0 Comments

How is Tax computed on Rental Income?

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. [...]

By | 2018-08-08T08:09:44+00:00 July 4th, 2016|Categories: Income Tax Guide, Tax Savings|0 Comments

Include Interest Income while filing ITR

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 [...]

By | 2018-08-08T08:08:45+00:00 July 4th, 2016|Categories: Income from Salary, Income Tax Guide|0 Comments

How to revise your income tax return

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 [...]

By | 2018-08-08T08:07:27+00:00 June 29th, 2016|Categories: Income Tax Guide, Tax Savings|Tags: , |0 Comments

Way to recover your income tax department password

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

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, [...]

By | 2018-08-08T08:59:07+00:00 June 29th, 2016|Categories: Capital Gains|Tags: , |0 Comments

CAPITAL GAINS TAX RULES

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 [...]

By | 2018-08-08T08:57:02+00:00 June 29th, 2016|Categories: Capital Gains|Tags: , |1 Comment

Advance Tax – Guide

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 [...]

By | 2018-08-08T08:53:37+00:00 June 29th, 2016|Categories: Income Tax Guide|Tags: , |0 Comments