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Understand Income Tax for Self Employed

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May 22, 2019

- Income Tax Learning

Income Tax for Self EmployedEvery Indian citizen is required to pay an income tax if he earns an income. An income generating entity is called an assessee which, under Section 2 (7) of the Income Tax Act, 1961, is defined as a person or entity by whom any tax or any other sum of money is payable under this Act. Assessee includes the following –Salaried individualSelf-employed individual or a proprietor of a sole-proprietorship businessHindu Undivided FamilyPartnership firmLimited Liability Partnership (LLP)A company which has been registered with the Registrar of CompaniesSEE DETAILS

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Dearness Allowance (DA) – Meaning, Types, Calculation etc

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May 21, 2019

- Income Tax Learning

 Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy and lifestyle of the common man. Since inflation occurs due to market forces, the government tries to stabilise the prices by introducing several tools. Amongst the tools introduced by the government, Dearness allowance is one ofSEE DETAILS

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Public Provident Fund (PPF) India, Interest, Benefit, Withdrawals, Deposit etc

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May 17, 2019

- Income Tax Saving

 Though there is a hype of certain types of investments nowadays, some schemes launched by the government are still considered the best safety net for long-term investments. One of which is PPF (Public Provident Fund). Not only this investment plan makes you financially secure but also brings you lots of benefits with a decent interest rate. Want to know more about PPF? Read through!Public Provident Fund (PPF)Public Provident Fund is simply defined as Exempt, Exempt and Exempt (EEE) as it offers exceptional tax benefits to its subscribers under Section 80C.SEE DETAILS

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Tax-Benefits-On-Insurance-Policies
Income Tax Saving

Tax Benefits on Insurance Policies – Section 80C etc

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May 9, 2019

- Income Tax Saving

 Life insurance is a very important component of your financial portfolio. It gives unparalleled protection in case of premature death. The sum assured promised under the plan takes care of financial responsibility in case of premature demise of the insured. Moreover, different types of life insurance plans fulfil different financial needs. If fulfilment of financial needs and insurance protection is not enough, life insurance also provides you tax benefits. In fact, when it comes to tax benefits, life insurance plans provide benefit both on the investment and also on theSEE DETAILS

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ESI--Employee-State-Insurance-Scheme
Income Tax Learning

Employees’ State Insurance Scheme (ESIC)

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April 20, 2019

- Income Tax Learning

What is ESI? What is the meaning of ESIC? The Employees State Insurance Scheme is social insurance embodied to protect employees from the incidences like maternity, sickness, disablement, and death due to employment injury which results in loss of wages and to provide medical care to insured and their family. The Act also ensures reasonably good medical care to workers and their dependents. Employees’ State Insurance Corporation (ESIC), incorporated under the ESI Act. It is an autonomous corporation regulated under the supervision of the Ministry of Labour and Employment, GovernmentSEE DETAILS

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NRE-NRO-Accounts
Income Tax Saving

NRE-NRO Accounts: Basic Meaning, Eligibility, Taxation

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April 19, 2019

- Income Tax Saving

Non-resident Indians (NRI) comprises of non-residents under FEMA and non-Indian citizens of Indian Origin (PIO). Thus NRIs can have three types of bank accounts: Non-resident Ordinary (NRO)Non-resident External (NRE)Foreign Currency Non-Resident (FCNR) Opening an NRO account An NRI can open an NRO (Non-Resident Ordinary) bank account at any point of time or can also change his existing bank account into an NRO account. A citizen of any other country can open an NRO account during his stay in India. But citizens of Pakistan and Bangladesh require prior permission of RBISEE DETAILS

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difference-between-Form-16-and-Form-16A
Income Tax Learning

The Difference Between Form 16 And 16A

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April 11, 2019

- Income Tax Learning

Every assessee having taxable income, is under obligation of disclosing his income sources to the Income Tax Authority of India. This is done by filing an income tax return. One of the biggest factors which has to be considered in this regard is TDS or tax deducted at source. According to the Income Tax Act, any person or company making payment should asper the provisions deduct TDS and deposit the same with the central government. While the person or organisation making the payment is known as deductor, the person orSEE DETAILS

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ITR-4
Income Tax e-Filing, Latest News

Income Tax Return Form ITR 4- Sugam|For FY 2018-19 (AY 2019-20)

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April 10, 2019

- Income Tax e-Filing, Latest News

Form ITR- 4 also popularly known as Sugam applies to i.e. can be filed by these people under the income tax provisions, namely, Individuals, HUFs and Firms (other than LLP), who are residents of the country and having total income up to Rs.50 Lakh in the previous year and They are deriving such income from business and profession, computed by sections 44AD, 44ADA or 44AE on the presumptive basis. Non Applicability of Form ITR 4 We have already understood the cases in which Form ITR 4 can be filed. But,SEE DETAILS

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Form-ITR-1-sahaj
Income Tax e-Filing, Latest News

Income Tax Form ITR 1- Sahaj|For FY 2018-19 (AY 2019-20)

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April 10, 2019

- Income Tax e-Filing, Latest News

The time of the year is back when the people under the purview of income tax have to calculate their earnings of the previous year and ascertain the amount of tax that they are required to pay. Every year, for this purpose Income Tax department, launches its utilities form for the ease of the user to calculate their tax liability and submitting the return thereof. ITR-1 SAHAJ ITR-1 Form a.k.a Sahaj, as the name suggests, is one of the easiest income tax return form. The excel utility of this formSEE DETAILS

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PRAN
Income Tax Help, Income Tax Learning, Income Tax Saving

PRAN |NPS Investment|How to Apply|Track Status|

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April 8, 2019

- Income Tax Help, Income Tax Learning, Income Tax Saving

Retirements don’t come easy and zillion minutes goes by planning for the retirement. It becomes very difficult for people to save for their retirement because of the current needs and demand. Sometimes we worry so much about the future that we forget about our present and compromise on our current needs with the aim of saving some money for retirement. To ease our common worries about the future, the government launched the National Pension Scheme. What is the National Pension Scheme (NPS)? The National Pension Scheme was launched in 2004SEE DETAILS

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