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

By |2020-03-16T10:31:25+00:00April 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 |2020-03-16T10:33:51+00:00April 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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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 |2020-03-16T10:22:26+00:00December 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

Income from Salary

By |2020-03-16T10:18:44+00:00July 15th, 2017|Categories: Advanced Concepts, Salary|

Income from salary is the income or remuneration received by an individual for services he is rendering or a contract undertaken by him. This clause essentially assimilates the remuneration received by a person for the services provided by him under the contract of employment. This amount of remuneration will be considered as income for the purposes of [...]

Notice u/s 156 – Notice for Demand

By |2020-03-16T10:19:15+00:00July 11th, 2017|Categories: IT Notices|

Section 156 tax notice is the notice of demand issued by the Income Tax Department when any tax, interest, penalty, fine or any other sum is payable in consequence of any order passed. The section 156 tax notice of demand will specify the sum which is payable. This demand notice is generally accompanied by an intimation [...]

Notice u/s 245 – Intimation to set off Demand and Refunds

By |2020-03-16T10:28:03+00:00July 11th, 2017|Categories: IT Notices|

Section 245 Tax notice is the notice by the income tax department to the assessee in whose return the IT Department feels that there's an outstanding demand from earlier years and a refund is claimed in another assessment year. In such a case as per section 245, the AO may adjust refund against the tax demand [...]

Notice u/s 142(1) – Inquiry Notice Before Assessment

By |2020-03-16T10:20:21+00:00July 10th, 2017|Categories: IT Notices|

If a person receives a notice from the Income Tax Department, it can make such a person worry. Notices to the assessees are issued by income tax department under the various provisions of the Income Tax Act. The purpose behind the issuance of notices is greater tax compliance. If a person understands these notices properly, then he [...]

5 Heads of Income Tax

By |2020-03-16T10:19:46+00:00July 8th, 2017|Categories: Advanced Concepts, Capital Gain, House Property, ITR Filing, Other Sources, Salary|

Introduction  As per the Section 14 Income Tax Act,1961, there are five main income tax heads for an individual. The computation of income tax is an important part and has to be calculated according to the income of a person. For a hassle-free calculation, the income has to be classified properly so that there is no confusion regarding [...]

Notice u/s 139(9) : Defective Return Notice

By |2020-03-16T10:25:31+00:00July 7th, 2017|Categories: IT Notices, ITR Filing|

It is the case where a person receives a notice for defective return u/s 139(9) because the IT Department has found any discrepancies or mistakes or any missing information in ITR. Once you file your income tax return, the details provided by you in the ITR are cross-verified and processed. The department compares the details provided by you [...]