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Are you a salaried person? If yes, then you need to know this!Every month when you receive salary, a list of expenses is already on your head. Be it children’s school fee, wife’s favorite saree or a smartphone you wanted to purchase since long.Managing these expenses is already a headache, on top of that every year budget gives you negative surprises. No extra relief in deductions, no change in tax slab rates etc.While presenting Budget 2018, our dear finance minister brought back standard deduction for salaried class individuals from F.YSEE DETAILS

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Being a salaried individual the first and most important document procured to file ITR is Form 16 undoubtedly!! But, what in case you have either not received or misplaced the same?? Can there be an alternate recourse to validly file your income tax return?? Well, Yes. In case, Form 16 is not available timely, you can follow these 7 steps to file ITR without Form 16.Collect your Pay SlipForm 16 has all the details pertaining to your taxable income. The same can be extracted through a pay slip received fromSEE DETAILS

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Black-money has been creating trouble for all the countries around the world. Every year, governments keeps introducing new laws with aim to target people dealing in it. Presence of black money in the economy not only widens the difference between rich & poor. But in turn push the inflation rates through the roof!Hence, it comes as no surprise that government & department is continuously working to grab its hold on circulation of black money by introducing new compliance every year.One such compliance is the “Schedule AL” in the ITR forms.Today,SEE DETAILS

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31st July, being the due date to file ITR for AY 2018-19 is approaching soon. It becomes even more crucial for us to know “How to avoid Income Tax Notice”. Form 26AS has some really important information which you need to disclose in your return of income. A glimpse of all such vital details has been briefed belowTDS DetailsForm 26AS has details of all your TDS deducted from different sources during the year. Analyzing 26AS will enable you to claim refund for any excess TDS so paid. The claim forSEE DETAILS

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31st July buzz has already begin for tax filers. To avoid the last minute rush and filing belated return which can attract you fee u/s 234F this time, it’s better to equip with the changes in ITR Forms now. ITR 4 is mainly used by person carrying business and profession and offering income for presumptive taxation. A series of changes have been incorporated in ITR 4 – Sugam this year, where some are in line with ITR 1 and others like quoting GST details ensuring greater harmony between direct andSEE DETAILS

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We all wait eagerly for budget each year. Sometimes it brings smile to our face or sometimes it takes our worries to next level. And the budget of year 2017 bought some new laws with it. One such debutante is Section 194-IB.  Before this, there was only one section which brought rent in under the umbrella of TDS and that was Section 194-I.Now you must be wondering, why sec 194-IB brought in when 194-I was already there. The answer is “to widen the tax base”. In Section 194-I, only thoseSEE DETAILS

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The income tax return filing season is back! As we all know that for “individuals”, due date for filing return is 31st July 2018 [for FY 2017-18]. Now when we say “individual”, it commonly means a living person but there is a twist to this as well. The income tax act requires a person, who is not alive anymore, to file income tax return. You must be thinking “how a dead person can file his return? The answer is “Legal Heir”. As per law, a legal heir is required toSEE DETAILS

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You must have heard people saying “saving income tax is very easy”. They transfer a part of their income to their wife, children, parents and relatives to bring their income below taxable limit. Then! surprise knocks on their door in the form of scrutiny notices served by Income Tax Department. Taking these shortcuts can put you in trap of section 64 (clubbing of income) of income tax department inviting the wrath of income tax department. 🙁 Today we’ll simplify and explain all the rules of Clubbing of Income in detail.SEE DETAILS

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31st July is just around the corner and everyone’s in a rush to file their Income tax Return well in advance. If you are a salaried individual then you must have asked your employer to provide Form 16. It is mandatory for employers to give Form 16 but there can be some exceptions to it. Some reasons can be that your employer is closing operations or you’ve left your job without completing exit formalities etc. What to be done in that case or can you file income tax return withoutSEE DETAILS

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We all know what Form 16 is, what it is for, who issues it to us etc. But have you ever heard about Form 16A? Many of the taxpayers are not aware about this particular form and therefore become afraid at the mention of it. We are here to help you. Today we’ll enlighten you with everything there is to know about Form 16A. Let us begin:What is Form 16A?It is basically a TDS certificate which is issued when you are in receipt of income other than salary. For e.g.SEE DETAILS

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