Equity Share Trading Taxability

By |2017-07-12T12:24:41+00:00July 7th, 2017|Categories: Capital Gain, ITR Filing|

Introduction There is a difference between a trader and an investor. People do get confused between these two terms and the tax on share trading. The first thing to decide is whether you are a trader or an investor? To give a clear idea, refer the difference below: A trader’s income (profit or loss) from equity [...]

Section 234C: Interest on delayed payment of Advance Tax

By |2017-07-19T06:06:17+00:00July 6th, 2017|Categories: Interest, ITR Filing, Penalty|

Section 234C Income Tax Department wants you to pay your Advance Tax in 4 installments to ease the burden of the tax. These installments must be paid on or before the due date. If you fail to do so, then tax department can impose interest penalty u/s 234C. There are other similar interest penalties applicable under [...]

NSC Interest Income Taxability

By |2020-03-16T10:24:57+00:00July 6th, 2017|Categories: ITR Filing, Other Sources, Save Income Tax|

Introduction National Savings Certificates are one of secure investment available at all Indian post-offices. These certificates are designed for salaried employees and businessmen, and they produce fixed income like fixed deposits. Any individual can invest for up to 10 years under this scheme. There are two different issues of NSCs include NSC- VIII and NSC IX [...]

Section 80G: Deduction for Donations

By |2017-07-12T07:31:24+00:00July 6th, 2017|Categories: Deductions, ITR Filing, Save Income Tax|

Introduction Income Tax Act, Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. This section offers tax deductions on donations made to certain funds or charities. An amount donated by an individual to an eligible charity can be claimed as a tax deduction while filing an income [...]

Tax on House Property Income

By |2020-03-16T10:31:51+00:00July 6th, 2017|Categories: House Property, ITR Filing, Save Income Tax|

Introduction House Property Income of the assessee is addressed as Income from house property. Also, amount of money that is received by the landlord from tenant(s) for using the property is called rental income. Here, property refers to any building including house, office building, warehouse etc. And any land attached to the building like compound, garage, [...]

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 [...]

80C Deductions

By |2017-07-27T10:57:57+00:00July 4th, 2017|Categories: Deductions, ITR Filing|

Introduction Section 80C Deductions of the Income Tax Act 1961 lowers the tax liability of a person against his taxable income as certain deductions are allowed. Tax deductions are offered to the taxpayer to save tax by investing in welfare schemes. The amount varies with the type of deduction a person is claiming. Tax deduction limit [...]

Steps after e-filing of ITR

By |2020-03-16T10:34:16+00:00July 3rd, 2017|Categories: Income Tax Refund, ITR Filing|

The submission of the ITR online is not the last step in the filling of the ITR. The main problem that the taxpayer face after e-filing of ITR is the next step after e filing of ITR. For instance, the taxpayers are required to verify their ITR after e filing of ITR and failing to do so may, however, [...]

Presumptive Taxation Scheme

By |2017-07-12T13:13:22+00:00July 3rd, 2017|Categories: ITR Filing, Tax Audit|

Presumptive Taxation Scheme is a scheme for small taxpayers where they can opt for the scheme and declare income at a prescribed rate and he is also relieved from maintaining the books of accounts. There are three sections under Presumptive Taxation Scheme: Section 44AD- For Small Business If an individual is running a small business and [...]