Income Tax

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 […]

Read the full article →

Section 43B: Certain Tax Deductions allowed only on Actual Payment

Section 43B: Certain Tax Deductions allowed only on Actual Payment

Section 43B is an over-ruling section and anything contained in other provisions of the Income Tax Act should not be applicable to the payments mentioned under this section. Section 43B states that certain payments should be allowed to be claimed as an expense only in the year in which they have been paid and not in the year in which […]

Read the full article →

Budget 2013: Tax Impact of Budget on Common Man in India

Budget 2013: Tax Impact of Budget on Common Man in India

The Indian Finance Minister P. Chidambaram presented the India Budget 2013 on 28th February 2013 and the following are the major tax changes that would impact the Indian Common Man:- 1. TDS of 1% on Property With an aim to curb the Black Money that is being circulated in the Real Estate Market, the Finance Minister in his Budget 2013 […]

Read the full article →

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” […]

Read the full article →

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With the advent of computerisation, everything has now gone online – newspaper has been replaced by e-newspaper, greeting cards have been replaced by e-greeting cards and income tax returns have been replaced by e-income tax returns.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 […]

Read the full article →

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax usually comes out to be a very large amount liable to be paid as Long Term Capital Gain Tax. Recommended Read: Computation of Long Term Capital Gain Tax However, the […]

Read the full article →

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 […]

Read the full article →

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 […]

Read the full article →

What is TAN Number and How to apply for TAN No.

What is TAN Number and How to apply for TAN No.

TAN Number is a 10 Digit Alphanumeric Number and is used as an abbreviation for Tax Deduction and Collection Account Number.  Every Assessee liable to deduct TDS is required to apply for a TAN No. and shall quote this number in all TDS Returns, TDS Payments and any other communication regarding TDS with the Income Tax Department. As per Section […]

Read the full article →

TDS Payment Online: Procedure, Due Date & Interest on Late Payment

TDS Payment Online: Procedure, Due Date & Interest on Late Payment

TDS Payment is liable to be made by any assesse who has deducted TDS at the time of incurring any expenditure. The Due Date for TDS Payment is separate for Govt. and Non-Govt. assessee’s as mentioned below Due Date for TDS Payment in case of Govt. Assessee S. No. Particulars Due Date 1. Tax Deposited without Challan Same Day 2. […]

Read the full article →