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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Digital Signature Certificate

By | July 8th, 2017|Categories: ITR Filing|

ITR is required to be filed online with the Digital Signature in some cases but filing of ITR without the digital signature can also be done. The e-file income tax return is although mandatory but the filing of ITR with the Digital Signature is not mandatory. The income tax return is normally filed by the following modes: (i) Furnishing of [...]

5 Heads of Income Tax

By | July 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 [...]

Taxability on Dividend Income

By | July 8th, 2017|Categories: ITR Filing, Other Sources|

Introduction A dividend is a payment that is declared by a company's board of directors & it is to be given out to its shareholders out of the company's current or retained earnings. The company that offers dividends to their shareholders are most often companies that have progressed beyond the growth rate & no longer benefit [...]

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

By | July 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 [...]

Types of Income Tax Return Filing

By | July 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 | July 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 [...]

Disclosure of Foreign Income and Assets

By | July 7th, 2017|Categories: ITR Filing|

Introduction The government of India is trying to build a transparent taxation system and curb corruption. Indian revenue authorities are creating a mechanism for tracking income from different sources that include offshore/foreign income also. The authorities have also modified the income tax return (ITR) forms to notify about the income from outside. Note: A new schedule [...]

Income Tax on Capital Gain

By | July 7th, 2017|Categories: Capital Gain, ITR Filing|

Introduction Capital gains refer to any profit or gain that arises from the sale of a capital asset. This gain or profit is charged to tax in the year in which the transfer of the capital asset takes place. When there is a transfer (sale, exchange, relinquishment, extinguishment, compulsory acquisition, conversion, maturity, redemption, etc) of a [...]