Category: Income Tax

ITR 2 Form: How to submit online in 2016

The Due Date for filing ITR 2 Form is 31st July of the assessment year. So if you are filing your income tax return for the financial year 2015-16, the due date of filing ITR 2 Form would be 31st July 2016....

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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...

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Benefit of Minor PAN Card, Procedure to Apply & Income Tax

Most of the Indians are under the impression that a PAN Card can only be allotted once a person turns 18 years of age. However, this is a myth as Minors can also apply for PAN Card and the Income...

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No Income Tax on Medical Reimbursement up to Rs. 15,000

Some employers provide medical reimbursement facility to their employees for the medical expenses incurred by the employees. This article explained the levy of Income Tax on Medical Reimbursement provided by the employer to the employee. Income Tax on Medical Reimbursement...

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ITR Java Utility for Income Tax efiling in 2016: Download Now

The Income Tax Department releases the updated ITR Utility every year for online income tax efiling which can be downloaded free of cost. Till now, the ITR Utility Sofware was an excel file through which details in the income tax...

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Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS)

To promote the Retail Investor to invest in Shares and Mutual Funds, the Govt has introduced the Rajiv Gandhi Equity Saving Scheme (RGESS) which allows a deduction under Section 80CCG for Investment in specified equity shares and Mutual Funds. The...

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Loss from House Property: Income Tax Treatment

Loss from House Property is a fairly popular scenario and commonly arises while filing the Income Tax Return. In this article, we would mainly be focussing on the Reason for Loss from House Property and the Income Tax treatment of the...

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Section 80GGA: Deduction for Donation for Research/ Development

Deduction under Section 80GGA is an Income Tax Deduction for Donations made for Scientific Research or Rural Development. The whole amount given as donation to the institutions specified under Section 80GGA is allowed as a deduction under Section 80GGA. In...

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5 Heads of Income for Computation of Income Tax

As per Section 14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income:- Salaries House Property Profits and Gains of Business...

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Income from House Property: Deductions allowed

The rent received from any property (whether commercial or residential) is taxable as Income from House Property and deductions are also allowed from such income. The manner of computation of taxable income from house property and deductions allowed from income...

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