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What Is Surcharge Under Income Tax In India?
Income Tax for Starters (Basics), Latest News

What is Surcharge under Income tax in India?

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January 9, 2019

- Income Tax for Starters (Basics), Latest News

The surcharge is an additional tax levied upon a person or entity if the income or turnover exceeds the prescribed limits. It is a progressive levy which means it helps in taking higher taxes from the rich who are earning above certain financial limits. It is a direct source of revenue for the central government and is not distributed amongst the state treasuries. One of the important point to be noted here is that the surcharge is levied as a percentage of taxes and not of income whereas taxes areSEE DETAILS

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Income Tax Law
Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning

What are the Components of Income Tax Law in India?

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December 29, 2018

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

Income tax is part of the direct tax which is paid on the Total Income of the Previous Year of every person. In India Income Tax plays an important role in the revenue system of the economy. It is because of two reasons, firstly it is a flexible source of revenue to the Government of India and secondly, it can be helpful in bringing the equal status of the society(since there is a progressive system of tax in India).In this post, we will explain you the Components of Income TaxSEE DETAILS

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

What are Direct Taxes & Indirect Taxes in India?

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December 27, 2018

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

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 nothing but money that people have to pay to the government, which is used to provide public services.Taxes are broadly classified into 2  Types-1. Direct Taxes 2. Indirect taxesWhat is Direct Taxes?A direct tax is a kind of charge,SEE DETAILS

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Invalid ITR V
Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Refund, Income Tax Updates, Latest News

Want to Avoid Invalid ITR ? Read this

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November 28, 2018

- Income Tax e-Filing, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Refund, Income Tax Updates, Latest News

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 why? Let’s get the insight into the matter :What is Verification of ITR?Verification of ITR means to authenticate the ITR. In simple words, the Income-tax department asks you to verify the ITR so that itSEE DETAILS

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

Updated | Latest | How To Pay 234F Penalty (Fees)?

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September 24, 2018

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

How to pay 234F penalty?If you have asked Google Baba for this, then you are also one of those who didn’t filed their ITR for F.Y 17-18 and have crossed the due date i.e. 31st Aug but want to file it now. Which have made you liable to pay 234F penalty (or late filing fee).For the ones who got up late this morning, Section 234F is a new late filing fee imposed from FY 2017-18 (AY 2018-19) for the first time on belated return. If the ITR is not filedSEE DETAILS

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

9 Common FAQs on ITR-V

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August 31, 2018

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

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 use.When you file & submit ITR online, a document ITR-V is generated. This form is an acknowledgement by tax department that your ITR is submitted. Now to complete the process, one needs to e-verify ITRSEE DETAILS

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

Easy Steps To Reset eFiling Password | ITR | FY 2017-18 (AY 2018-19)

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August 25, 2018

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

How to Reset eFiling PasswordRemembering 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 media platforms which we use almost daily. So there is nothing new in forgetting income tax e filing login credentials, which is used max 1-2 times in a year.So what to do in such case? IncomeSEE DETAILS

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

What is Assessment Year(AY) & Financial Year(FY)| Difference Between AY & FY

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August 4, 2018

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

When it comes to income tax efiling many taxpayers face confusion in Assessment Year and Financial Year. They tend to presume both as the same thing & this leads to problem while e filing incometax returns. To help filing income tax return in a smooth & hassle-free manner, we bring this blog to solve all your queries related to assessment year and financial year.   Financial Year Financial year is the year in which you have earned the income (starting from 1st April & ending on 31st March). The termSEE DETAILS

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

Easy Steps to File ITR for FREE with Tax2Win

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July 26, 2018

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

Do you want to know, how to file ITR for FREE?It’s unfair that, first we earn money by so much hard work then pay income tax on it. On top of that, give money to CAs for filing our Income Tax Return. No injustice anymore! Today we will show, how using Tax2Win, you too can become an expert & file ITR for FREE without any help!So just follow these simple steps to file ITR for FREE within minutes.Step 1: Visit our website. Here, click on option “File ITR Now”. StepSEE DETAILS

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

Income from Other Sources detail in ITR 1

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July 23, 2018

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

It is a very common knowledge that Income Tax Department bifurcates income in 5 parts. These are salary, house property, business/ profession, capital gain & income from other sources.While filing ITR 1 form 2017-18, many of us face confusion about what comes under income from other sources & this confusion lead to trouble. Trouble come in the form of penalty & interest notice from income tax department on non-disclosure of income.Therefore, we present this blog to solve all your problems while filing ITR 1 form 2017-18.What are Income from OtherSEE DETAILS

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