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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

How to fill exempt income details in ITR 1 Form 2017-18

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July 17, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

I recently caught up with a school friend of mine.What a great time we had! Recalling all those funny moments, making fun of teachers, sports day fun & sometimes getting into trouble.And then our topic shifted to politics, economics and other random stuff. All of a sudden my friend asked me, “I am facing troubles in filing my tax return, can you help?”.As he knew I am a tax consultant, so that question was pretty obvious on his part.I said, “Sure why not, tell me what’s the problem”. To whichSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Things You Need to Prepare Before Filing ITR 1 for FY 2017-18

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July 16, 2018

- Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

31st July is already being in talks. Specially for the newly levied penalties under section 234F, which can cut down your pocket up to additional ₹10,000/-.Before you start filing ITR for FY 2017-18, let’s get handy with the documents and details needed in the process. For a hassle free ITR filing, first requirement is the correct selection of ITR form.Selection of ITR Form mainly depends upon        Your Residential Status        Income Sources        And Quantum of EarningsITR 1 or Sahaj Form being the simplest is apt to be furnished by a salariedSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

How to file ITR with Multiple Form 16

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July 14, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning

If you are reading this, then you must have googled term “Multiple Form 16”. Whenever we are in need of help, be it personal or professional, we believe in our very own “Google Baba”. But when it comes to filing income tax return (ITR), one needs proper guidance, not shortcuts.Today, we will tell, how you can file your tax return with Multiple Form 16 very easily.Commonly, the situation of Multiple Form 16 arises in these 2 casesWhen a person has switched job in the same financial year.When a person isSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

11 FAQs on ITR Filing for FY 2017-18 (AY 2018-19)

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July 13, 2018

- Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

When it comes to filing Income Tax Return (ITR), most of us get scared.We have created an air of fear around the whole concept of income tax.This fear is nothing but lack of knowledge & guidance related to income tax return filing.With the aim to relieve everyone of this fear & reluctance. We bring 11 most common Frequently Asked Questions (FAQs), asked by common people like you & me.So buckle-up your seat-belts & let’s tackle your tax queries one-by-one.Why I should file ITR?This is the most basic question on everyone’sSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

How do I Fill Salary Details in ITR 1 Sahaj Form for FY 2017-18

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July 12, 2018

- Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Do you earn income from salary?Then you must be worrying about filing your ITR 1 form FY 2017-18.Well, it’s a topic worth worrying coz of new salary details asked by the Income Tax Department.Till FY 2016-17, while filing income tax return (ITR), the only details required were of gross salary/ pension income.But from FY 2017-18, new ITR 1 Sahaj Form asks for detailed salary break-up. You do not have to worry anymore. After reading our blog, you’ll be able to calculate every component on your own very easily.Before we begin,SEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

INCOME TAX DEDUCTION u/s 80G FOR DONATIONS TO CHARITABLE INSTITUTIONS

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July 11, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

Giving feels good! What’s more is that all your generosity gets you extra tax saving!How?The Government of India allows you to claim tax deductions u/s 80G on contributions made to relief funds & charitable institutions.Who can claim deduction under Section 80G?Any person can claim deduction u/s 80G. It doesn’t matter if the assessee claiming deduction is an individual, HUF, Company etc. The only condition is that, donation must be made in specified funds & institutions only.What type of donations are eligible for the deduction under section 80G?Only specified donations mentionedSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Saving

Section 80 Deduction | Deduction u/s 80DD, 80DDB, 80U

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July 10, 2018

- Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Saving

In today’s modern era, we spend a lot of money on health-care, be it for ourselves or our family. So does our Government by taking steps towards public welfare. And these steps are taken in the form of income tax deductions, new laws etc. Whenever it comes to any social issue, lawmakers always try to provide more & more benefit to public.As a result, income tax laws provide various sections under which one can claim deduction of expenditure incurred on health and save taxes.Let’s discuss these sections one by one.Section 80DDSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

How To Fill Deductions In ITR 1 Sahaj Form

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July 9, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

Do you want to save money?The answer to this question is an obvious YES! Who doesn’t want to?We’ve got some good news for you. If you are filing your ITR using form ITR-1 or Sahaj Form then you can save lot of money. You must be aware that income tax return is required to be filed latest by 31st July, 2018 for the F.Y. 2017-18.In ITR-1, there is a portion dedicated to “Deductions”. Today we’ll show, how you can save income tax using these deductions under Chapter VI-A.Let us discussSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates

Income Tax Deduction | Section 80TTA & Section 80TTB

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July 7, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates

Since our childhood we’ve been taught to be frugal & save money.This teaching of our parents resulted into opening up of savings bank account by most of us.But when we earn interest on those savings, it becomes chargeable to tax as our interest income.That’s not fair! First we save money & then we pay taxes on it.Hence to bring a cheerful smile on your face. We present to you magical Sec 80TTA & Sec 80TTB.What is Section 80TTA?Sec 80TTA income tax exemption is allowed to an individual as well asSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

7 Must Have Documents While Filing ITR 1 Sahaj Form 2017-18 | E Filing Tips

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July 5, 2018

- Blogs, Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

Imagine you are in middle of something important like filing ITR & all of a sudden you realize that a document is missing. It feels frustrating right?That’s why we bring to you some last minute must have documents while filing your income tax return.Although, there are many different ITR forms and the requirement of documents changes as per the ITR form selected. In this blog, we will talk about the most commonly used form to file return i.e. ITR 1 form 2017-18. This ITR 1 form 2017-18 is used bySEE DETAILS

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