Category: Income Tax

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...

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...

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...

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...

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...

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...

There are various allowances exempt under Section 10 for Salaried Employees like House Rent Allowance, Leave Travel Allowance, Travelling Allowance, Uniform Allowance etc. We have already discussed the following allowances...

The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that...

As per Section 139(9), an Income Tax Return is treated as a Defective Return if any of the following 8 documents is not attached with the Income Tax Return. If...