Income Tax Tips

5 Last-Minute Income Tax Saving Instruments

Income Tax - By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

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Section 80C Deduction for tuition / school / education fees

Income Tax - Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Why fear? File your Income Tax Return now

Income Tax - Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface...

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15 Important tasks of Income tax to be done before March end!

Income Tax - Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

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7 Common Reasons Why You Get Income Tax Notices

Income Tax - 7 Common Reasons Why You Get Income Tax Notices are Due to TDS, Mismatch of information in the return filed by you, Random Scrutiny, Ignoring income received from the previous employer, Not depositing the full amount of tax assessed before the due date, Income Tax Return not filed or filed after the due date and  […]...

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Investors – Don’t Miss to watch Plan F program on CNBC TV 18

Income Tax - CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fitness plan” and thought of sharing the same with you all. My very dear friend and blogger Manish Chauhan of www.jagoinvestor.com shared the program details with me and I would like to pass on details about t...

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Taxability of IIFCL Tax Free Bonds – Issue opening on 26 Dec 2012

Income Tax - India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, AAA (Stable) by ICRA and BRICKWORK Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied No lock in period and no upper limit on investment amount Issue Size: […]...

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Sell Investment in shares made less than a year ago to lower tax burden

Income Tax - If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealised losses can be used to lower tax liabilities for the current financial year. Tax experts are advising investors to book their losses on or before March 31 this year and buy back those […]...

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Recent Posts in "Income Tax Tips"

5 Last-Minute Income Tax Saving Instruments

By now, you might have already submitted investment proofs to your company’s finance department to claim a tax deduction. However, if you have been running behind date, here are some useful tips to save your hard-earned money and taxes before the D-day. ...

Read More
Posted Under: Income Tax |

Section 80C Deduction for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

Read More

Why fear? File your Income Tax Return now

Less than 1% of the Income Tax Returns are selected for scrutiny/investigation Selection for scrutiny is made by Computer Assisted Scrutiny System (CASS) without any human interface...

Read More
Posted Under: Income Tax | ,

15 Important tasks of Income tax to be done before March end!

Following are the 15 important tasks of income tax which should be done before march end: 1. Last chance to file returns for the financial year 2015-16 and 2016-17 – If the taxpayer has not yet filed the income tax return for the financial year 2015-16 and 2016-17, then it is last chance to file the returns upto 31st march. After that t...

Read More
Posted Under: Income Tax | ,

7 Common Reasons Why You Get Income Tax Notices

7 Common Reasons Why You Get Income Tax Notices are Due to TDS, Mismatch of information in the return filed by you, Random Scrutiny, Ignoring income received from the previous employer, Not depositing the full amount of tax assessed before the due date, Income Tax Return not filed or filed after the due date and  […]...

Read More
Posted Under: Income Tax | ,

How to File own Personal Income Tax Return Online

Filing of income tax returns is recommended to everyone because of its various benefits such as you can get future loans processed easily, easy VISA processing, benefits while choosing life/health insurance, easy refund of tax deducted by employers/payers, you get to verify your salary with what company shows to the government and most im...

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Posted Under: Income Tax |

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Profits and Gains from Business and Profession- Brief Study

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

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Posted Under: Income Tax |

Income Tax Provisions applicable to non-residents

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...

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Clubbing of Income under Income Tax Act, 1961 with FAQs

Clubbing of income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income....

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