Every taxation system requires assessment. The assessment generally means a determination of tax or in other words, it is the process of examination of the returns by the Income Tax Department. As every person whose income is chargeable to tax has to furnish income tax return. Once a return is furnished by the assessee,...
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E-Tax Payment facilitates the payment of direct taxes online. If TAN/ PAN is valid, you will be allowed to fill other details of the challan like the accounting head under which payment is made, name and address of TAN, and also select the bank through which payment is to be made, etc. To pay your Income Tax dues online, first, you have...
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Income transferred without transfer of Assets If a person transfers income to another person, without transfer of the asset from which the income arises, then such income shall be taxable in the hands of the transferor. For example: Mr. X transferred his interest income on FD to Mr. Sharing without transferring the FD. Interest...
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Income Tax Return of the Deceased by his Legal Heir The Income Tax Return for a Deceased person has to be filed, If he/she has taxable income. His legal heir/representative needs to file the return on his behalf for the income earned till the date of his death. The legal heir is the person...
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What is ITR? Income Tax Return is a form in which the taxpayers file their details about his income earned and tax applicable to the income tax department. The Income Tax department has notified various types of forms i.e. The taxpayer should file his ITR on or before the specified due date. ITR forms...
Continue readingWhat is the ITR-3 Form?
About: The ITR 3 is applicable for individuals and HUF who have income from PGBP. Persons generating income from the following sources are eligible to file ITR 3. a. Carrying on a profession or business ( both tax audit and non-audit cases). b. The return may include income from Salary/Pension, House property, and Income from other sources. Structure...
Continue readingWhat is section 10 exemption in income tax?
About: According to Section 10 of the Income Tax Act, the salaried employees are allowed to enjoy the tax exemption. The objective of section 10 of the Income Tax Act is to minimize the burden of the different structure of the tax such as rent allowance, allowance for children education, travel allowance, gratuity and...
Continue readingDeduction under section 80DDB,80U,80RRB,80TTB
Section 80DDB Deduction for Medical Expenditure on Self or Dependent Relative a. For individuals and HUFs below age 60 A deduction of Rs.40, 000 is available to a resident individual or a Hindu Undivided Family (HUF). A deduction is available for any expense incurred by the assessee towards the treatment of specified medical diseases...
Continue readingDeduction under section 80C,80CCC,80CCD,80TTA,80GG,80E
1. Section 80C Deductions on Investments An assessee can claim a deduction of Rs 1.5 lakhs under section 80C. In simple terms, an assessee can reduce up to Rs. 1.5 lakh from total taxable income and this deduction is available only for individuals and Hindu Undivided Family(HUF). 2. Section 80CCC – Deduction for Premium Paid...
Continue readingWhat is form 15CA and 15CB?
About: According to Section 195 of Income Tax Act 1961, every person liable for making a payment to a non-resident shall deduct withholding tax from the payment made to a non-resident if such sum is chargeable to Income Tax and form 15CA and 15CB are the declarations for the same. A person making any...
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