The Income Tax Department has released the new ITR Forms applicable for AY 2016-17. Apart from the normal ITR Forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S, ITR 5, ITR 6 which are used for filing ITR’s,...
The Income Tax Department has released the new ITR Forms applicable for AY 2016-17. Apart from the normal ITR Forms i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 4S, ITR 5, ITR 6 which are used for filing ITR’s,...
Section 80CCC was introduced so as to encourage taxpayers to invest in Pension Funds and secure their future. Section 80CCC provides for Income Tax Deduction for contribution to Pension Funds under Chapter VI-A from the Gross Total Income of a...
Budget 2015 which was presented by Arun Jaitley on 28th Feb 2015 has introduced an Amendment in Section 288 of the Income Tax Act to provide that an Auditor who is not eligible to be appointed as Auditor of a...
When you have a lump-sum amount to invest, it is always advisable to invest in Fixed Deposits. But when you don’t have a lump-sum amount to invest, and can save a defined amount from your income every month, Recurring Deposits...
Section 80DDB provides for Income Tax Deduction under Chapter VI-A for payment of medical treatment of a person suffering from a specified disease. The deduction under Section 80DDB is allowed only to Individual and HUF’s. Moreover, this deduction is only...
Wealth Tax in India was introduced in India in the year 1957 and is levied on Individuals, HUF’s and Companies if the Net Wealth of such person exceeds Rs. 30 Lakhs on the Valuation Date i.e. last date of the...
Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a HUF. This tax deduction is available over and above the...
Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be claimed at the time of filing of the income tax...
Income Tax Return is required to be furnished before 31st July/ 30th Sept of the Assessment Year. However, if the return is not filed before the due date, both interest and penalty would be levied for the late filing of income...
Before making the assessment/reassessment or re-computation under Section 147, the assessing officer shall serve on the assessee a notice requiring him to furnish a return of his income or income of any person in respect of which he is assessable...