Income Tax Return

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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Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs Rates for Financial Year 2013-14 i.e. A/Y 2014-15 and Financial Year 2014-15 i.e. Assessment Year 2015-16 are the same. The Income Tax Slab can be divided in the 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 […]

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Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April […]

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Income Tax on Contract based Employee/Consultant

Income Tax on Contract based Employee/Consultant

Many companies have now started hiring employees on contract basis. Such employees although work in the company premises and work as a normal employee but their legal status is not the same as an employee and they are not entitled to get the same benefits as an employee. Such employees working on contract basis/consultant basis only get a fixed amount […]

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Forgot Income Tax efiling password? Recover in 3 simple ways

Forgot Income Tax efiling password? Recover in 3 simple ways

Forgetting the login-id and the password required to login to the income tax website at the time of efiling of income tax returns is a common mistake which many taxpayers make. Although, your login id is your PAN No. itself, your password is something unique that has been created by you.  In case you’ve forgotten your income tax efiling password, […]

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What is Portuguese Civil Code in Income Tax Return?

What is Portuguese Civil Code in Income Tax Return?

The Income Tax Return Forms from A/Y 2013-14 onwards have inserted a new column which asks – Are you governed by the Portuguese Civil Code? A screenshot of the same is shared hereunder What is Portuguese Civil Code? The Portuguese Civil Code in India is applicable only to the state of Goa and the Union territories of Dadra & Nagar […]

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Rounding off in Income Tax – Section 288A & 288B

Rounding off in Income Tax – Section 288A & 288B

For the purpose of simplicity and to facilitate easy payment of taxes, the income tax act suggests rounding off of income and the income tax payable thereon. The Rounding off of income is governed by Section 288A and rounding off of tax payable is governed by Section 288B. Recommended Read:- Computation of Income Tax as per Slab Rates Procedure for […]

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ITR 2 Form: How to submit online in 2013

ITR 2 Form: How to submit online in 2013

The Due Date for filing ITR 2 Form is 31st July of the next year. So if you are filing your income tax return for the financial year 2012-13, the due date of filing ITR 2 Form would be 31st July 2013. Every person whose income is more than the minimum amount exempted from the levy of income tax as […]

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How to submit ITR 1 Form (SAHAJ) online in 2013

How to submit ITR 1 Form (SAHAJ) online in 2013

ITR 1 Form which is also known as SAHAJ is one of the most commonly used forms for filing of income tax return. There are different Forms for different class of taxpayers and in this article we, we would be focusing on all attributes of Income Tax Return Form 1. Recommended Read: Which Income Tax Return Form should you use? […]

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Official Income Tax Software – Free Download

Official Income Tax Software – Free Download

With the govt having mandated compulsory e-filing of income tax returns of all assesses with Income over Rs. 5 Lakhs pa, manual filing of income tax returns has reduced drastically as a huge portion of the taxpayers would now be filing their income tax returns online. For filing the returns online, an income tax software is required which calculates the […]

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