Tag: Income Tax

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

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 could either be Short Term Capital Gains or Long Term...

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Advance Tax Payment: Due Dates and Interest on Late Payment

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 itself rather than paying this tax at the end of...

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Income Tax Slab Rates for 2018-19 & 2019-20 in India – Updated

Budget 2019 Update: There is no change in the Income Tax Slabs for the Financial Year 2019-20 and the Income Tax Slabs which were applicable for Financial Year 2018-19 would continue to be applicable. The only difference is that the...

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How to file an Income Tax Return (ITR)?

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 be filed either online on the Income Tax Website or...

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Income Tax efiling Online in 6 Simple Steps for Free

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 ITR Excel Utility and furnishing details in the excel utility...

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

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 states that certain payments should be allowed to be claimed...

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

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:- 1. TDS of 1% on Property With an aim to...

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

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 been replaced by e-income tax returns. The computerisation of the...

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

Revised Return of Income Tax can be filed by an assessee any time before the expiry of the Relevant Assessment Year or before the completion of assessment (whichever is earlier). In simple words, in case you have filed your Income...

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

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 apply for a TAN No. and shall quote this number...

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