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 [...]

Taxability on Dividend Income

By |2017-07-24T13:08:28+00:00July 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 |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 [...]

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 [...]

Disclosure of Foreign Income and Assets

By |2017-07-12T11:32:58+00:00July 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 [...]