Know About Form 16

Read the article to understand Form 16 Form 16- An Overview Form 16/ Certificate of TDS (Tax Deducted At Source) is a legal document provided by the employer to the employee at the end of every financial year which includes the information about the TDS from the income of the employee i.e., employee’s salary and that [...]

By | 2018-08-08T11:19:10+00:00 June 10th, 2016|Categories: Income tax basics|Tags: , , , |0 Comments

Tax Benefit on Stamp Duty and Registration Charges

Read the article to know the Tax Benefit on Stamp Duty and Registration Charges Stamp duty and registration charges are the largest expenses which have to be paid while buying a house or a property. Stamp duties and registration charges sum up to about 8-10% f the total coat of the property. The government included these [...]

By | 2018-08-08T09:18:47+00:00 June 10th, 2016|Categories: Tax Savings|Tags: , , |0 Comments

Investments and Payments eligible for deduction under section 80C

 This article will help you understand about the Investments and Payments that are eligible for deductions under section 80C  Investments those are eligible for tax deductions u/s 80C of the Income Tax Act, 1961.  Under Section 80C of the Income Tax Act 1961, there are provisions of tax exemption for certain investments. The maximum limit for [...]

By | 2018-08-08T09:16:40+00:00 June 10th, 2016|Categories: Tax Savings|Tags: , , |0 Comments

Interest on Late Filing Fees

Read the article below to understand the interest calculation on Late Filing Fees The instructions drawn by the Income Tax Department must be adhered to by the taxpayers. In Section 234 of the Income Tax Act 1961, the following are the three options for filing late fees: Interest on Delayed tax return filing – Section 234A [...]

By | 2018-08-08T09:14:20+00:00 June 10th, 2016|Categories: Tax payments and Refund|Tags: , |0 Comments

Guide to understand Salary Income

Salary Income Guide The accounts department of the company sends the salary slips every month. For most people, the salary slip is important only when they apply for a loan or a credit card. It is important to understand the different components of your salary slip. It will help you to save tax on your salary [...]

By | 2018-08-08T09:12:07+00:00 June 10th, 2016|Categories: Income from Salary|0 Comments

Interest on Late Deposit of Advance Tax (During FY)

Understanding the procedure of Payment in case of Deferment of Advance Tax In case of default in payment of installment(s) of advance tax, Section 234C provides for levying interest on the unpaid/short paid amount at the time of filing of the returns. According to Section 208, every individual whose tax liability for any financial year exceeds [...]

By | 2018-08-08T09:09:57+00:00 June 10th, 2016|Categories: Tax payments and Refund|0 Comments

What are tax benefits of HUF?

Tax benefits of HUF A HUF stands for  Hindu Undivided Family.  Many of the families in India are undivided and they earn their income jointly rather than as an individual. Since the income is joint income it cannot be taxed as an individual income and is therefore treated as the joint income. At least two family members [...]

By | 2018-08-08T08:59:22+00:00 June 10th, 2016|Categories: Tax Savings|0 Comments

ITR-7 Form

Read the article below to know all about ITR-7 and when to fill it What is ITR-7 FORM? ITR-7 Form is used to file income returns by all individuals and companies that come under Sections: 139(4A), 139(4B), 139(4C) OR 139(4D). It can also be filed by those whose income is for the charity/religious offerings, news organizations, [...]

Saving tax by paying interest on Home loan

Tax Saving Under Section 24 of the income tax, you can claim tax deduction/benefit on Home Loan for payment of Interest. The amount of interest paid on a home loan shall be deducted from the income from house property by the same amount. It does not matter if the loan is taken for the purpose of [...]

By | 2018-08-08T08:54:38+00:00 June 10th, 2016|Categories: Tax Savings|0 Comments

How to view Form 26AS

How to view your Form 26AS Form 26AS is the annual statement in which the details of the tax credit are maintained for each taxpayer by Income-tax Department of India. Form 26AS can be viewed and downloaded through TRACES website. Here are the steps to do the same: Detailed steps with pictures are as follows: First, go [...]

By | 2018-08-08T08:51:53+00:00 June 10th, 2016|Categories: Income tax basics|0 Comments