Income Tax

ITR

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… Read More

income-tax-slabs

Income Tax Slab Rate in India for FY 13-14 & 14-15

Income Tax Slab Rates for Financial Year 2014-15 have been amended by the Budget 2014. The basic exemption limit has been increased from Rs 2 Lakh to Rs. 2.5 Lakh and… Read More

Income-Tax-Return

Income Tax efiling Online in 6 Simple Steps for Free

Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:- Income Tax efiling by downloading the ITR Java utility and furnishing… Read More

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… Read More

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:-… Read More

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… Read More

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With the advent of computerisation, everything has now gone online – newspaper has been replaced by e-newspaper, greeting cards have been replaced by e-greeting cards and income tax returns have… Read More

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… Read More

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… Read More

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… Read More

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