Category: Income Tax

The Income Tax Act provides for tax exemptions on long-term capital gains earned from the transfer of a capital asset if the sale proceeds are invested in a house property within the time prescribed under section 54F of within two years from...

What is Scrutiny Assessment ? Scrutiny assessment refers to the examination of an income tax return by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help...

Form 15G & Form 15H are self-declaration forms required to be furnished by the Assessee to his Banker for Nil Deduction/Lower Deduction of TDS on Interest on Fixed Deposit/ Recurring Deposit. As per Section 194A of the Income Tax Act,...

Life Insurance Premium is a premium which is paid by a person for insuring the life of the person insured. In case any mis-happening happens to the life of the person insured, the life insurance company gives an amount for...

A Mutual Fund is a fund which primarily collects money from the public and then invests the same in specified securities on behalf of its investors. Mutual Funds can broadly be categorised into 2 categories:- Equity Mutual Funds Debt Mutual...

The Income Tax Act provides for various income tax deductions which can be claimed at the time of filing of income tax returns. The total taxable income (after reducing the income tax deductions that have been claimed) would be taxed...

Traders dealing in Futures & Options (F&O) usually enter into big transactions on a regular basis but the profit earned by them in such transactions is fairly small. As the volume and value of transactions is very high, the manner...

From Assessment Year 2015-16 onwards, the Income Tax Department has extended facility of verifying and signing the Income Tax Return through the Aadhaar Card. The taxpayer would be required to link his aadhaar card with his PAN No. on the...

It’s that time of the year again when the common man is buzzed with the question of how to file an Income Tax Return (ITR). The Income Tax Returns can be filed either online on the Income Tax Website or...

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 or the ITR Excel Utility and furnishing details in the excel utility...