Category: Income Tax

Tax Benefits of Personal Loan allowed in 3 Cases

Personal Loan is one of the easiest loan to avail and can be used for any purpose. For availing a personal loan, banks ask only for very few limited details and very easily give this type of loan. Although this...

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ITR Form: Which Income Tax Form should you submit in 2016?

ITR Form have been released by the Income Tax Department for Financial Year 2015-16 i.e. Assessment Year 2016-17. There are different ITR Forms (Income Tax Forms) for Different categories of taxpayers and the same has been explained below. Each type...

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How to e-file ITR 6 in 2016? Download Excel & Java Utility

Different Income Tax Forms are applicable for different types of taxpayers and the companies registered in India are required to file their Income Tax Return in ITR Form 6. All companies are required to file their Income Tax Returns in...

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11 Most Popular Investments options under Section 80C

Section 80C is the most widely used section for claiming Income Tax Deductions. This Section which allows a deduction of Rs. 1,50,000 can not only be used by Salaried Individuals but can be used by all categories of Taxpayers irrespective...

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Download Form 12BB to claim 80C, HRA, LTA & other Deductions

Several Income Tax Deductions are allowed to Salaried Employees for certain types of Investments and Expenses. The employee is required to furnish details and evidence of such investments and expenses to his employer to claim such income tax deductions. Till...

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1% Tax on Cars to be Collected at Source from 1st June

From 1st June 2016, you would be required to pay 1% extra tax to the person from whom the car is being purchased. This tax would be applicable on all cars which are sold for more than 10 Lakhs. This...

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Tax Advice – 7 Things to do before 31st March 2020

The Financial year 2019-20 is about to end and the new Financial Year is about the start. In India, we follow the Financial Year for all tax purposes and Income Tax is levied on the total income earned during a...

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What prompts the Dept to conduct Income Tax Raids, Search & Seizures

Income tax search and seizure is a drastic measure, which is held to be constitutionally valid on the ground that it aimed at fighting the social evil of tax evasion. The Hon’ble Supreme court in the case of M.P.Satishchandra AIR...

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Cap Gain Exemption if Construction not completed in 3 years

The Income Tax Act provides for tax exemptions on long-term capital gains earned from the transfer of a capital asset if the sale proceeds are invested in a house property within the time prescribed under section 54F of within two years from...

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Reasons for Issue of Income Tax Scrutiny Notice

What is Scrutiny Assessment ? Scrutiny assessment refers to the examination of an income tax return by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions, losses, exemptions, etc. claimed in the return with the help...

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