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 for his residential purpose. This House Rent Allowance so paid...
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 for his residential purpose. This House Rent Allowance so paid...
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 Section 80C at the time of filing of income tax...
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 be paid before the filing of income tax returns. Recommended...
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 different from each other and should not be used interchangeably....
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 make. Although, your login id is your PAN No. itself,...
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 can submit a declaration in Form 60/Form 61. Transactions where...
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 the person earning the interest. (Recommended Read:- Income Tax Slab Rates)...
The Income Tax Return Forms from A/Y 2013-14 onwards have inserted a new column which asks – Are you governed by the Portuguese Civil Code? A screenshot of the same is shared hereunder What is Portuguese Civil Code? The Portuguese...
For the purpose of simplicity and to facilitate easy payment of taxes, the income tax act suggests rounding off of income and the income tax payable thereon. The Rounding off of income is governed by Section 288A and rounding off...
The Balance Sheet and Income statement of companies across the Globe are usually prepared for a period of 1 year. However, the date from which this period starts varies from country to country. In India, this 1 year period starts...