ITR-1 Sahaj Form

 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. [...]

With the help of evc, E-verify your Individual Return

E-verify your ITR   EVC refers to electronic verification code. It is a 10 digit alphanumeric code that is unique to a PAN card and generated to verify the individual return electronically. It can be generated through e-Filing portal and is valid for 72 hours. If it is generated through Aadhar Card, it is only valid [...]

Income Tax for NRIs

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 [...]

By | 2018-08-08T12:41:24+00:00 June 15th, 2016|Categories: Income tax basics|Tags: , , |0 Comments

What are Tax savings?

Tax Savings Taxes are an integral part of our country. Taxes are the main source of income of the government and are used to provide the basic provisions to the citizens of the country. Individuals earning more than a particular amount are required to pay taxes to the government according to the various tax slabs. These [...]

By | 2018-08-08T12:39:33+00:00 June 15th, 2016|Categories: Tax Savings|Tags: , , |0 Comments

Save TDS on Interest Income

Using Form 15G & 15H The most popular investment plans, fixed deposit is also payable to TDS by the banks and financial institutions. All the banks and financial institutions must and should deduct TDS on all interest income more than 10000.  The banks will issue the form 16 to furnish your TDS and providing all the [...]

By | 2018-08-08T12:37:53+00:00 June 13th, 2016|Categories: Tax Savings|Tags: , , |0 Comments

Home Loan and Deductions applicable to it

Home Loan and Deductions House Property Income is one of the tax heads of income, stated in Income Tax act. This is the only type of income which taxes existing income (except income from capital gains, other sourced incomes). Union government provides incentives as interest subventions, Income tax exemptions, and rebates. According to Section 23(2) (A) [...]

By | 2018-08-08T12:36:34+00:00 June 13th, 2016|Categories: Income from house property, Tax Savings|Tags: , |1 Comment

Different ITR Filing in India

Here are the details of different ITR Filings in India, know each of them before filing  What is Income Tax Return/ITR filing? Every individual in India has to pay taxes depending upon his Income Tax Slab and is required to present the statement of his income to the Income Tax Department for the whole year at [...]

By | 2018-08-08T12:34:49+00:00 June 11th, 2016|Categories: Income Tax Guide|Tags: , , , , , , , , |0 Comments

Distinction between Assessment Year and Financial Year

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

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 [...]

Tax Filing for Foreigners in India

Read the article to understand the tax liability of Foreigners in India Who is a Foreigner? A Foreigner is a person residing in a country which is not his native/host country and is a temporary resident. Is the Income of Foreigners taxable in India? The tax on Income in India  depends upon the person’s whether he [...]