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Understanding the Meaning and Taxability of : HRA
Income Tax Help, Income Tax Learning

Understanding the Meaning and Taxability of HRA : House Rent Allowance

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May 12, 2018

- Income Tax Help, Income Tax Learning

Almost every rent payer has to let go of a major chunk of his monthly income with a heavy heart. Baring house rent expenses instead of a vacation, shopping or investment is a stressful experience. Thankfully, the government is focused towards protecting basic needs and provides some relaxation in the form of House Rent Allowance (HRA) tax exemption!!! Let’s first understand what does HRA mean?HRA is the amount paid by the employer to the employees to help them meet the costs of living in rented accommodation. Most of the employers of bothSEE DETAILS

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Long Term Capital Gain
Income Tax Learning, Income Tax Updates

Taxation on the Long term Capital Gain from 1st April 2018

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May 8, 2018

- Income Tax Learning, Income Tax Updates

Introduction:You must be aware that from F.Y 18-19, Long Term Capital Gains on equities and equity fund shall be taxed under the newly inserted Section 112A under the I-T Act,1961. By the way of Budget 2018, LTCG on equities has also been brought into tax net. This move has been brought up keeping in mind the fact that a vibrant equity market is essential for the economic growth of a country. Let’s get a deep insight of it and know how it will impact you.Background:In 2004, the Capital Gains TaxSEE DETAILS

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Income Tax Learning

Penalty for Under-reporting or Misreporting of Income u/s 270A

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April 26, 2018

- Income Tax Learning

 Recently, Income Tax Department has issued a advisory for the salaried taxpayers to report correct income while filing the returns . Due to this cautionary, penalty for under reporting or misreporting of income u/s 270A came into light. Further, department has also made major changes in the ITR Form 1 (Sahaj) for F.Y 17-18 in regard to the income details. Now, complete breakup of your salary and house property income would be mentioned in the ITR instead of the total figure. Both these move clearly reflects the intention of  departmentSEE DETAILS

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

Due Date for ITR Fillings

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April 23, 2018

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

 Many of us wait till the last moment before springing into action to file our ITR’s, be it a habit, fear or expertise. Either we are unaware of the deadlines set by IT department or unable to make time before such deadline. Non adherence of Due Date for ITR Filing  in any case, can attract repercussions from the Income Tax department. Therefore for your reference, we will let you know the various provisions of due date.As per Income Tax Law, there are different categories of assessees viz. Individual, HUF, Firm,SEE DETAILS

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

Income Tax Rebate Under Section 87A

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April 14, 2018

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

 As a taxpayer we always feel burdened with tax payments:(Empathising with your situation, government came up with Rebate u/s 87A in Budget 2013, to reduce the burden of taxes. Let’s understand how you can take advantage of income tax rebate under section 87A in simple language!What is Rebate under section 87A of the income tax?Rebate u/s 87A provides exemption on tax payment to a RESIDENT INDIVIDUAL. As per this provision, if an individual’s taxable income is upto Rs. 3.5 lakhs then he will get the benefit of Rs. 2500 orSEE DETAILS

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

Fees for Delay in Filing Income Tax Return u/s 234F

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April 9, 2018

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

In the wake of increasing the tax payers base multifold and ensure a strong control over compliance in the country. The income tax department has been putting lot of efforts for last couple of years by constantly spreading the awareness on a mass scale via different mediums like TV, radio, newspaper ads, social media etc.,“Listening to radio ads for 5-6 times of income tax department while on the way to your office was not common at all 2-3 years back and on social media too the department is active likeSEE DETAILS

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

Missed filing income tax return for FY 2015-2016 & FY 2016-2017

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April 8, 2018

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

We come across a lot of people, some are always late for everything and some are bang on time. Laziness, unawareness or busy schedule whatever the reason maybe if you are one of those defaulters who missed the last date (March 31, 2018) to file income tax returns (ITR) for the financial year 2015-16 and 2016-17, you cannot file a belated return anymore. But, if you are reading this blog you have most probably missed the deadline and want to find whether there is still any Chance.Things that can be doneSEE DETAILS

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

ITR forms for AY 2018-19 (FY 2017-18)

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April 7, 2018

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

 What marks the beginning of filing income tax return is issuance of ITR forms by the tax department. ITR forms are issued yearly for respective assessment years. The fiscal year 2017-18 has recently been closed, the return for which will be filed till 31st July or 30th Sep 2018. These due dates are the last dates to file return of income. In case you love to be proactive, returns can be filed soon after 1st April following the FY. (provided tax department has released the ITR forms). It’s time toSEE DETAILS

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Blogs, Income Tax Learning

Four Easy Steps towards Filing Paper Income Tax Return

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April 6, 2018

- Blogs, Income Tax Learning

 While we see India taking big steps towards digitalization there are still people who struggle with the online procedure. Therefore, the government gives us both electronic and manual methods to fill Income Tax Returns (ITR). First is the paperless way through filing ITR online and the second is a paper form that has to be submitted to the local Income Tax Office.Filling Online Income Tax ReturnElectronically submitting your tax return is quick, convenient, and more secure than paper filing. But still, it is not as easy as it sounds itSEE DETAILS

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Blogs, Income Tax Learning, Income Tax Updates

Tax changes affecting your life from April 2018

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April 4, 2018

- Blogs, Income Tax Learning, Income Tax Updates

 There were a number of tax regimes pronounced by budget 2018.  Where corporates got a good news, share traders didn’t seem to be happier.The hassle of filing income tax returns till 31st March has finally rested. And, what you should focus on next are the Tax changes affecting your life from April 2018.Reintroduction of LTCG taxOne of the most talked about changes was bought by taxing a long time (since 2004) exempt earnings from specific share trading. People dealing in equity shares or equity oriented mutual funds, having gain exceeding Rs.SEE DETAILS

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