Section 80U of Income Tax Act

By | April 17th, 2019|Categories: Other Sources|Tags: , , , , , , , , , , , , , , , , , , , , , , , |

Overview Under section 80U, a person can claim a tax deduction if he/she is suffering from a disability or severe disability. This section provides tax benefits to an individual and their family members to a person certified as a person with a disability by an authorized medical authority. Read on tax exemptions from filing income tax [...]

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

By | April 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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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 [...]

NSC Interest Income Taxability

By | July 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 [...]

Form 16A

By | July 4th, 2017|Categories: Other Sources, TDS|

Form 16A refer as a  TDS Certificate which specifies TDS amount deducted and deposited on other payments except salary. Although TDS on salaries is deducted at the average rate of estimated income (according to the Slab rates ), TDS on all other payments like TDS on interest, TDS on Rent etc. is to be deducted at the rates [...]

Interest Income Taxability

By | June 30th, 2017|Categories: Other Sources|

Introduction While filing income tax return online computation of Interest income is required and to be added under the head of Income from Other Sources. This is the income that is over and above the primary source of the income–salary, business or profession, house property or the capital gains. The attraction of tax can be done when [...]

Interest and tax saving on Fixed deposit

By | June 29th, 2017|Categories: Other Sources, Save Income Tax|

Introduction Interest income from Fixed Deposits is fully taxable. It is added to your total income and taxed at slab rates according to your total income. It is shown under the head ‘Income from Other Sources’ in your Income Tax Return. The tax is payable after addition of your interest income to your total income and [...]

Form 16: Part A and Part B

By | June 23rd, 2017|Categories: Other Sources, Salary, TDS|

Introduction Form 16 is a certificate, in which employer is certifying details regarding the salary and the deduction of TDS of the employee during the year.Form 16 is issued once in a financial year, on or before 31st May of the next year immediately following the financial year in which tax is deducted.It has two parts, [...]