Income Tax

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

in Income Tax, Real Estate

At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax… Read More

Computation of Short Term & Long Term Capital Gain Tax on Property

in Income Tax

At the time of Sale of any Real Estate Property, Tax is liable to be paid on the Gains earned on the sale of the Real Estate Property. Such Gains… Read More

Advance Tax Payment: Due Dates and Interest on Late Payment

in Income Tax

If the Income Tax Liability of any taxpayer is more than Rs. 10,000 in a financial year, then he is liable to pay such tax in installments during the year… Read More

Income Tax Slab Rates for 2017-18 & 2018-19 in India – Updated

in Income Tax

Budget 2018 Update: There is no change in the Income Tax Slabs for the Financial Year 2018-19 and the Income Tax Slabs which were applicable for Financial Year 2017-18 would… Read More

How to file an Income Tax Return (ITR)?

in Income Tax

It’s that time of the year again when the common man is buzzed with the question of how to file an Income Tax Return (ITR). The Income Tax Returns can… Read More

Income Tax efiling Online in 6 Simple Steps for Free

in Income Tax

Income Tax efiling can be done online through the Income Tax Website without any cost in 2 different ways:- Income Tax efiling by downloading the ITR Java utility or the… Read More

Section 43B: Certain Tax Deductions allowed only on Actual Payment

in Income Tax

Section 43B is an over-ruling section and anything contained in other provisions of the Income Tax Act should not be applicable to the payments mentioned under this section. Section 43B… Read More

Budget 2013: Tax Impact of Budget on Common Man in India

in Income Tax

The Indian Finance Minister P. Chidambaram presented the India Budget 2013 on 28th February 2013 and the following are the major tax changes that would impact the Indian Common Man:-… Read More

How to use Digital Signature for e-filing Income Tax Return

in Income Tax

With the advent of computerisation, everything has now gone online – newspaper has been replaced by e-newspaper, greeting cards have been replaced by e-greeting cards and income tax returns have… Read More

Filing Revised Return of Income Tax u/s 139(5)

in Income Tax

In case you have filed your Income Tax Returns before the due date of filing of Returns u/s 139(1) but later realised that there was any omission or mistake in… Read More

What is TAN Number and How to apply for TAN No.

in Income Tax

TAN Number is a 10 Digit Alphanumeric Number and is used as an abbreviation for Tax Deduction and Collection Account Number. Every Assessee liable to deduct TDS is required to… Read More

TDS Payment Online: Procedure, Due Date & Interest on Late Payment

in Income Tax

TDS Payment is liable to be made by any assesse who has deducted TDS at the time of incurring any expenditure. The Due Date for TDS Payment is separate for… Read More

Download Income Tax Form 26AS online

in Income Tax

Form 26AS is a Consolidated Tax Credit statement issued to a Taxpayer and shows the Income Tax that has been deposited with the Govt with respect to that Taxpayer and… Read More

Income Tax Raid to be conducted only after furnishing the Contact Details of the Boss

in Income Tax

This may sound strange but the fact of the matter is that CBDT has released a Circular which mandates the Officer conducting an Income Tax Raid to furnish the contact… Read More