About Pulkit Jain

Pulkit Jain is the founder of LegalRaasta – India's top portal for registration, trademark, return filing and loans. Pulkit is a veteran CA with over 10+ of experience.

Understanding Form 26AS on the Traces website

By | April 22nd, 2019|Categories: IT Assessment, TDS|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

During the whirlwind season of Income Tax Return Filings, you come across two income tax forms most frequently. These are Income Tax Form 16 and TRACES 26AS or Form 26AS. Where Income Tax Form 16 specifies details of your salary income and tax deducted and deposited by your employer.  TRACES 26AS is an annual consolidated tax summary that you need [...]

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Section 80U of Income Tax Act

By | April 17th, 2019|Categories: Other Sources|Tags: , , , , , , , , , , , , , , , , , , , , , , , |

Overview Under section 80U, a person can claim a tax deduction if he/she is suffering from a disability or severe disability. This section provides tax benefits to an individual and their family members to a person certified as a person with a disability by an authorized medical authority. Read on tax exemptions from filing income tax [...]

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Some do’s and dont’s while giving/taking cash

By | April 8th, 2019|Categories: Other Sources|Tags: , , , , , , , , , , , , , , , |

Overview Cash transactions, which were free for everyone (sometimes free to be exploited) are now in check. There's a threshold limit to the transactions and the law would penalize who breaks it. The penalty is very heavy and could be up to 100% of the transaction. This initiative was carried out to curb black money transactions [...]

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Section 80TTA

By | April 3rd, 2019|Categories: Deductions|Tags: , , , , , , , , |

What is Section 80TTA? This Section was launched under the Finance Bill of 2013 and shifts appropriately from the Financial Year of 2012-13 onward. The Income Tax Act under Section 80TTA enables you to declare deductions on savings accounts deposits. The section offers a decrease of the amount on savings account interest up to Rs 10,000 every [...]

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How to save Income-Tax under 80GG?

By | March 27th, 2019|Categories: Deductions, ITR Filing, Save Income Tax|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Section 80GG of the Income Tax Act allows claiming of the tax deduction for the house rent paid for accommodation. Not all salaried people are able to stay in their own place. Either due to work being located in distant locations, affordability, or many other problems, personal or otherwise. To ease up their problems, the Government [...]

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Tax Slab for FY 2018-19 (AY 2019-20) : Income Tax Rates The Interim Budget released redefined the income tax slab rates for individuals . Here's a brief overview of the same

By | February 9th, 2019|Categories: IT Notices|Tags: , , , , , , , , , |

 Income Tax Slab Rates: Highlights of 2019 Budget Tax Rebate  to individuals who are in ₹ 5lakh income tax slab rate Increase in the standard deduction, tax saving of ₹13,520 for 5 lakh bracket Please Note: This is applicable for the new Finacial Year 2019-20 The following article discusses the tax slab rates for the financial [...]

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Salary Slip Format: Understanding the payslip The salary slip serves as a proof of employment as well as a proof of the last drawn income. In addition to this, it can also serve as a deciding factor for loan disbursal and for the issuance of Credit Card .Let's try to understand the salary slip format

By | December 31st, 2018|Categories: Salary|Tags: , , , , , , , , , , , , |

Salary Slip Ah, Salary Day! It's fair to say that it is one of the happiest days of adult life when your phone lights up with the message: "Your account has been credited ....." or when you receive your paycheck. What many of us tend to ignore is the salary slip that comes along with the salary [...]

Comments Off on Salary Slip Format: Understanding the payslip The salary slip serves as a proof of employment as well as a proof of the last drawn income. In addition to this, it can also serve as a deciding factor for loan disbursal and for the issuance of Credit Card .Let's try to understand the salary slip format

Breaking News: Income Tax Return and Audit Report Due Dates Extended Central Board of Direct Taxes (CBDT) has extended the due date for Income tax Returns and Audit Reports to...

By | September 24th, 2018|Categories: IT Notices|Tags: , , , , |

Today, on the 24th of September The Central Board of Direct Taxation (CBDT) released in which Income Tax Return and Audit Report due dates extended to 15th October from 30th of September. This due date was pushed forward in lieu of a request made by various stakeholders across many organizations. However, the due date for purpose [...]