Category: Income Tax for Starters (Basics)
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Who Is An Assessee?
In Simple words, we can say that Assessee is a person who is liable to pay any tax or any sum of amount payable or have any obligation to pay tax as per the Section 2(7) of the Income Tax Act,1961. Also assessee can be termed as each and every person for whom Any proceedings…
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What Are Revenue Receipts And Capital Receipts?
Receipts are the earning of the company and through it revenue is generated. Not all the receipts contribute towards the profit and loss in business. Receipts can be categorized as Revenue receipts and Capital receipts. To some extent, we can say that revenue receipts affect the profit and loss of the business and capital receipts…
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What are Direct Taxes & Indirect Taxes in India?
Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax. What is a Tax? A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is…
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Want to Avoid Invalid ITR ? Read this
Filed your return before the due date but forgot to verify before the expiry of time limit? Then in such case, your ITR has become an invalid ITR and now you would have to file the ITR again. Surprised? Yes, you heard it right. Now, you need to file your ITR as a belated return. Don’t know…
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9 Common FAQs on ITR-V
As the last date of filing ITR (31st August, 2018) is just around the corner, we are sure you must have filed your return by now. But mere filing of ITR is not sufficient. After filing tax return, one has to e-verify it as well to complete the process. This is where ITR-V comes into…
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Easy Steps To Reset ITR eFiling Password
How to Reset eFiling Password Remembering passwords is not an easy task. With so many online services like Facebook, Quora, Linkedin, Net Banking etc & each one with a secured portal, hence it is very common for an individual to forget password easily. Heck! Even you must have gotten confused in passwords/logins of different social…
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Things You Need to Prepare Before Filing ITR 1 for FY 2017-18
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…
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ITR Filing: 11 Frequently Asked Questions on Income Tax Return Filing
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.…
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How do I Fill Salary Details in ITR 1 Sahaj Form for FY 2017-18
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.…
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Section 80 Deduction | Deduction u/s 80DD, 80DDB, 80U
Contents :- Section 80DD Deductions Section 80DDB Deductions Section 80U Deductions 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. …