Following are the Income Tax Deductions Under Chapter VI A of The Income Tax Act :- U/s 80C – Contribution towards PPF,Voluntary PF, Life Insurance premiums, Tuition fee, Sukanya Samriddhi Scheme, Home loan Principal Repayment, ELSS, NSC,Tax saving FDs,Infrastructure Bonds etc. For further details on Sec 80 C refer Tax Deduction U/s 80 C – What are Eligible Investments … Read more
Through this blog we shall be discussing some of the important documents required for E-filing Income tax return or ITR. Another Financial year is over and yet another due date is nearing by i.e. 31st July, the due date for filing your Income Tax returns or ITR. Following persons are supposed to file their Income tax … Read more
In the basket of Indian taxes, here comes a new addition which is commonly known as the “Google Tax” or “Equalisation Levy”. This is an initiative taken by the Government of India to tax the digital economy i.e. to collect taxes from the internet/technology giants who earn money from Indian businesses for specific digital services. … Read more
Advance tax is payable by all the assesses where the Tax payable during the financial year is Rs.10000 or more. For all the assesses, the Advance tax Instalments and Due dates to deposit the same are as follows :- [table id=14 /] So,check for the advance tax date as applicable and don’t forget to deposit … Read more
Due Dates for Income Tax return or ITR filing for various assesses are as follows :- [table id=12 /] *Relevant assessment year refers to the immediately succeeding financial year. Example : If we are filing the Income tax return for F.Y.2015-16 (on the income earned during FY 2015-16),the relevant assessment year shall be 2016-17. These … Read more
TDS Returns or quarterly return statements are required to be furnished by the assesses who have deducted tax at source or TDS. As a Tax deductor, you need to file your TDS returns before the respective due dates in order to avoid any penalty later on. Following are the different TDS forms : [table id=25 … Read more
TDS or Tax deducted at source has to be deposited on timely basis by the assesses.It is the duty of the deductor to deposit the TDS before the due dates.The deductor should have a valid TAN. It is mandatory to deposit TDS online for : All Corporate assesses and Other assesses liable to tax audit … Read more
Checkout Income tax calculator (in Excel) and easily calculate your taxes and pay them on time. Being a common man,calculating your own taxes seems to be a tedious task.Nothing to worry,we are here to help you and simplify things for you . So,next time you think about How to calculate Income tax check our Tax calculator to … Read more
Looking for the best tax saving options in India, you have landed at the correct place. You shall know about various popular tax saving options to help you in your financial journey. In a country like India,one has to shed extra money in the form of taxes may it be in the form of direct … Read more
In a recent amendment,the Income tax department has tightened the procedure for claiming tax exemptions and deductions by the salaried class. It was a common practice of employees to provide fake receipts to the employers for claiming various exemptions like LTA,LTC and HRA etc. But,now CBDT has announced a new standard form 12 BB for the … Read more