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 [...]

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 [...]

Types of Income Tax Return Filing

By |2020-09-09T09:55:15+00:00July 7th, 2017|Categories: Advanced Concepts, ITR Filing|

Before discussing the types of Income Tax Return filing, Let's first understand that what is ITR. The income tax return is a statement of the incomes of an individual from different sources and the tax that is to be paid on that income. It also acts as a proof of the tax that is being paid [...]

Set Off and Carry Forward of Income Losses

By |2020-03-16T10:23:54+00:00July 7th, 2017|Categories: Advanced Concepts, ITR Filing|

Introduction A person can set off and carry forward the income losses incurred as per the Income Tax Act 1961; it is a big boon to a Person because it plays an important role on the financial condition of a Person who has incurred such Losses. So the legislature affected the provisions of set-off and carry [...]

NRI Income Tax and Return Filing

By |2017-07-12T13:09:42+00:00July 5th, 2017|Categories: Advanced Concepts, ITR Filing|

Residential status in India A resident is defined under Income Tax Act, 1961 and Foreign Exchange Act (FEMA, 1999). The residential status of an individual in India is based on the period of stay in India in a particular year. Residential  status in India decides the tax filing for an NRI and Indian resident. NRI tax [...]

Tax payment Challan

By |2017-07-12T13:38:58+00:00July 1st, 2017|Categories: Advanced Concepts, ITR Filing|

Introduction Challan No/ ITNS 280 is required to be used for tax payment.This payment of Income Tax may be in the form of Advance Tax, Self Assessment Tax, Surcharge etc. We know that Income Tax can be paid online as well as through cash/cheque/demand draft at various bank branches. Whether you pay tax online or offline, [...]