Income Tax Tips

Income tax return filing in case of Futures & Options (F&O) trading

Income Tax - Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns. ...

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ITR e-Filing Process, Password, Registration, Due Date, Applicability

Income Tax - What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be...

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New Email id to request Income Tax Account Password reset

Income Tax - How to Reset Income tax Account Password - For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id. ...

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Create HUF to save tax & Format of HUF Creation Deed

Income Tax - 1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset...

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Supporting for claim of Leave Travel Concession (LTA) – Mandatory?

Income Tax - LEAVE TRAVEL CONCESSION UNDER SECTION 10(5) OF INCOME TAX ACT,  1961: The amount exempt under section 10(5) for LTA/LTC is the value of any travel concession or assistance received or due to the assessee from his employer for himself and his family in connection with his proceedings on leave to any place in India. Exemption […]...

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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"

Income tax return filing in case of Futures & Options (F&O) trading

Question: How to file income tax return in case of profit/loss from F&O trading? Do we get our accounts audited in case of loss from F&O Trading? I will try to answer all questions relating to F&O Trading through this article so that it can be of help to people in filing income tax returns. ...

Read More

ITR e-Filing Process, Password, Registration, Due Date, Applicability

What are the steps in brief to upload the tax returns on this website? I have forgotten my password. What is to be done to retrieve it ? What to do if there is an INTERNAL ERROR at the time of registration? In case, taxpayer has entered the wrong email-id during registration and taxpayer is not able to activate its user id, what is to be...

Read More
Posted Under: Income Tax | ,

New Email id to request Income Tax Account Password reset

How to Reset Income tax Account Password - For password reset, please send login credentials to validate@incometaxindia.gov.in. Password reset mails will not be entertained at any other mail id. ...

Read More
Posted Under: Income Tax | ,

Create HUF to save tax & Format of HUF Creation Deed

1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset...

Read More

Supporting for claim of Leave Travel Concession (LTA) – Mandatory?

LEAVE TRAVEL CONCESSION UNDER SECTION 10(5) OF INCOME TAX ACT,  1961: The amount exempt under section 10(5) for LTA/LTC is the value of any travel concession or assistance received or due to the assessee from his employer for himself and his family in connection with his proceedings on leave to any place in India. Exemption […]...

Read More
Posted Under: Income Tax |

Benefits of Filing Income Tax Return by Different Classes of Assessees

Though as a Company or a Firm you are required to file a return irrespective of whether you have income or losses. In cases where a person (an individual) has Loss under the head ‘Income from House Property’ or loss under the head ‘ Profits & Gains of Business or Profession’ ‘Capital Gains’ or losses from ‘Income from Other ...

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Posted Under: Income Tax |

Taxability of Leave Travel Allowance (LTA) | Section 10(5)

Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want t...

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It’s Not Too Late To Save tax!

The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. This article discusses some tax investment avenues which can be utilized before 31 March to lower one’s overall tax liability....

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Posted Under: Income Tax |

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. ...

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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. ...

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