Income Tax Return

Mandatory Disclosure of Asset in Income Tax Return for A/Y 2013-14

Mandatory Disclosure of Asset in Income Tax Return for A/Y 2013-14

The new income tax forms released by the income tax department require that all assets should be disclosed by the taxpayer in his income tax return. The condition for disclosure of assets in the income tax return is only applicable those taxpayers who satisfy both the conditions as mentioned below:- The taxpayer is earning Income from Proprietorship/ Partnership business, and ...

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Belated Return: Filing of Income Tax Return after Due Date

Belated Return: Filing of Income Tax Return after Due Date

In case you’ve not been able to file your income tax return before the prescribed due date, you can still file a belated return of income tax after the due date as well. Under Section 139(1), the normal due date of filing of income tax return is Particulars Due Date Where the taxpayer is Company Any person mandatorily required to ...

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Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different ...

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Advance Tax Payment: Due Dates and Interest on Late Payment

Advance Tax Payment: Due Dates and Interest on Late Payment

If the Income Tax Liability of any assessee is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in instalments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called “Advance Tax” or “pay as you earn tax” ...

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ITR Form AY 2012-13: Which Income Tax Form should you submit?

ITR Form AY 2012-13: Which Income Tax Form should you submit?

ITR Form have been released by the Income Tax Department for Financial Year 2011-12 i.e. Assessment Year 2012-13. There are Different ITR Forms (Income Tax Forms) for Different Classes of Assesses and the same has been explained below. Each type of ITR Form is in 2 Formats – Excel File and PDF File. Assessee’s opting for efiling of Income Tax ...

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How to use Digital Signature for e-filing Income Tax Return

How to use Digital Signature for e-filing Income Tax Return

With the advent of computerisation, everything has now gone online – newspaper has been replaced by e-newspaper, greeting cards have been replaced by e-greeting cards and income tax returns have been replaced by e-income tax returns. The computerisation of the first 2 examples was easy as authentication is not as much a matter of concern as it is in case ...

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Computation of Short Term & Long Term Capital Gain Tax in India

Computation of Short Term & Long Term Capital Gain Tax in India

At the time of Sale of any Asset, Tax is liable to be paid on the Gains earned on the sale of Asset. Such Gains could either be Short Term Capital Gains or Long Term Capital Gains. The basis of such Classification in the Income Tax Return has been given below:- Short Term Capital Gain (STCG): If the Asset is ...

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Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs: Rates for Financial Year 2012-13 (A/Y 2013-14)

Income Tax Slabs Rates for Financial Year 2012-13 i.e. A/Y 2013-14 as announced in the Union Budget 2012 by the Finance Minister Pranab Mukherjee can be divided into following Categories A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 years of Age ...

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Filing Revised Return of Income Tax u/s 139(5)

Filing Revised Return of Income Tax u/s 139(5)

In case you have filed your Income Tax Returns before the due date of filing of Returns u/s 139(1) but later realised that there was any omission or mistake in filing your Income Tax Return, you need not worry as you can always file a Revised Return of Income Tax under section 139(5) stating the correct particulars. Revised Return of ...

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Form 16 TDS Certificate & How to verify Form 16 online?

Form 16 TDS Certificate & How to verify Form 16 online?

Form 16 is a TDS Certificate issued by the employer deducting the TDS while making payment to an employee. As per the Income Tax Act, every employer at the time of payment of Salaries shall deduct TDS at the average rate of income tax computed on the basis of the Income Tax Slab Rates in force for that financial year ...

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