Income Tax Tips

Income Tax Benefits for Individuals & HUFs for A.Y. 2020-21

Income Tax - Article disusses- Tax Rate and Relief available to Individual and HUF, Income Exempt from Tax of Individual and HUF, Deductions allowable from Taxable Income to Individual/ HUF, benefits available for Individual and HUF having Income from Business and Profession, ...

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Income Tax benefits available to Small Businessmen for AY 2020-21

Income Tax - Article contain all benefit available to Small Businessmen for AY 2020-21 including provisions for Presumptive Taxation Scheme, Various deductions available from business profits, Maintenance of books of accounts and audit thereof, Exemptions and Deductions, Tax Deducted at Source and Advance Tax, Basic exemption limits, Concessional tax ...

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7 Useful Income Tax Exemptions for the Salaried

Income Tax - Salaried employees play a major role in total tax collection.  A point of relief for those salaried employees, Income tax deductions has offered various opportunities for you to save tax on your hard-earned money. Interested to know about those exemptions? Follow us through the article where we have mentioned major deductions and allowan...

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Income Tax Tips for Pensioners

Income Tax - Income Tax Tips for Pensioners (Assessment Year 2019-2020) 1. The pensioner should use ITR -1 2. PANCRAD NO should be User ID 3. Create and use Password 4. He/She should select the following a. Original/Revised Return b. Select Bank A/C c. Select prefill consent etc 5. Read instructions carefully 6. Select PART A General information [&hel...

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Presumptive taxation U/s. 44AD, 44ADA, 44AE

Income Tax - To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

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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 Benefits for Individuals & HUFs for A.Y. 2020-21

Article disusses- Tax Rate and Relief available to Individual and HUF, Income Exempt from Tax of Individual and HUF, Deductions allowable from Taxable Income to Individual/ HUF, benefits available for Individual and HUF having Income from Business and Profession, ...

Read More
Posted Under: Income Tax | ,

Income Tax benefits available to Small Businessmen for AY 2020-21

Article contain all benefit available to Small Businessmen for AY 2020-21 including provisions for Presumptive Taxation Scheme, Various deductions available from business profits, Maintenance of books of accounts and audit thereof, Exemptions and Deductions, Tax Deducted at Source and Advance Tax, Basic exemption limits, Concessional tax ...

Read More
Posted Under: Income Tax |

7 Useful Income Tax Exemptions for the Salaried

Salaried employees play a major role in total tax collection.  A point of relief for those salaried employees, Income tax deductions has offered various opportunities for you to save tax on your hard-earned money. Interested to know about those exemptions? Follow us through the article where we have mentioned major deductions and allowan...

Read More
Posted Under: Income Tax |

Income Tax Tips for Pensioners

Income Tax Tips for Pensioners (Assessment Year 2019-2020) 1. The pensioner should use ITR -1 2. PANCRAD NO should be User ID 3. Create and use Password 4. He/She should select the following a. Original/Revised Return b. Select Bank A/C c. Select prefill consent etc 5. Read instructions carefully 6. Select PART A General information [&hel...

Read More
Posted Under: Income Tax |

Presumptive taxation U/s. 44AD, 44ADA, 44AE

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

Read More

10 Tasks to Complete For Income Tax before 31-03-2019

BRIEF –  Here is  list of  tasks as far as INCOME TAX is concerned that you should complete before 31-03-2019 1. PAY YOUR ADVANCE TAX before 15th March, 2019, if you are having high tax liability. Payment of Advance tax – If Taxpayers have not paid Advance Tax before 15th March then it should be paid before the 31st March ...

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6 Basic things to know of Income Tax

Are you just out of college and looking for job or starting of new business? or have you already got a job or started business and going to filing your first time income tax return. If you are getting confused about income tax this article “Let’s Talk About Tax” will help to you. our motivation […]...

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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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Computation of Income Tax – FAQs & Examples

Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

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