Income Tax

exemption-service-tax

Income Tax on Partnership Firms & LLP’s in India

Although Partnership Firms don’t have a separate legal entity, for the purpose of Income Tax, they are treated as different from their partners. Partnership Firms whether registered or unregistered are… Read more

income-tax-rebate

Difference b/w Income Tax Rebate Vs Tax Deduction Vs Tax Exemption

A common man is most of the times confused between the terms – Income Tax Rebate, Income Tax Deduction and Income Tax Exemption and ends up using them interchangeably. Although… Read more

TDS Refund: Procedure for applying for Income Tax Refund

TDS is required to be deducted at the time of making any payment and the TDS so deducted is deposited with the Income Tax Department as tax deducted on behalf… Read more

Section-10-Allowances

House Rent Allowance (HRA) : Calculation & Taxability

House Rent Allowance (HRA) is given by the employer to the employee to meet the expenses in connection with rent of the accommodation which the employee might have to take… Read more

Tax Saving Mutual Funds: Should you be investing in them?

Section 80C allows for deductions for investments in specified instruments and investing in Tax Saving Mutual Funds is one such specified instrument which can be claimed as a deduction under… Read more

self-assessment-tax

Self Assessment Tax: Procedure for Payment and Computation

As the name suggests, Self Assessment Tax is the tax which is computed by the taxpayer on his own and then deposited with the govt. The Self Assessment Tax shall… Read more

save-tax

Tax Planning vs Tax Avoidance vs Tax Evasion

The tax liability of a person can be reduced through Tax Planning, Tax Avoidance & Tax Evasion. Although, in common parlance these terms are used interchangeably, these terms are technically… Read more

income-tax-return-due-date

Forgot Income Tax efiling password? Recover in 3 simple ways

Forgetting the login-id and the password required to login to the income tax website at the time of efiling of income tax returns is a common mistake which many taxpayers… Read more

CA-Firms-Empanelment

Form 60/ 61: Procedure for submitting this Form in place of PAN

At the time of entering into certain specified transactions, PAN Card No. is mandatorily required to be submitted. In case a person does not have a PAN Card No., he… Read more

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Computation of Tax on Fixed Deposit (FD)

The interest that is earned on the Fixed Deposit is not tax free but is taxable. The tax on fixed deposit is levied as per the Income Tax Slabs of… Read more