As per IT act, an individual is required to file his IT return if his/her income before deduction exceeds the basic exemption limit. In chapter VIA, deductions like investment in LIC, PPF and EPF are listed, anyone fulfiling the required criteria as mentioned in respective sections of chapter VIA can claim those deductions from his her total income. However for ITR filing … [Read more...] about Income tax return – is filing ITR compulsory in India
When you can withdraw your EPF balance
Contributions to Employee Provident Fund are deposited in to employee's EPF account every month. Both employee’s and employer’s contributions are deposited and interest on such deposit is credited to the Employee Provident Fund account. Unlike in PPF account, employees do not deposit anything to the Employee Provident Fund account directly. Employers deposit both portions on … [Read more...] about When you can withdraw your EPF balance
How a wrong email address can impact your tax return filing
Email address is the most important thing that an individual or a company need to look in while registering at income tax site or filing tax return. Most of the tax payers in India use their office email id for tax e-filing. We suggest them not to use their office email address while filing ITR form. What you get on your email address ITR V receipt Intimation or notice … [Read more...] about How a wrong email address can impact your tax return filing
IT return can always be filled for two preceding financial year
We all know, Income tax return (ITR) has to be filled before the due date of filling IT return i.e. 31st July of the assessment year following the financial year for which you are filling your tax return. But this is not the end. If you missed the deadline of filling your tax return then it can still be filled after such date. … [Read more...] about IT return can always be filled for two preceding financial year
Form 16 and Income tax return – Use and requirement
Form 16 is issued by your employer to you as a TDS certificate showing the entire tax that are deducted from your salary and other incomes as declared by you. As per IT act, employer needs to deduct tax from employee’s salary if such employee’s salary is taxable for the financial year. After such deduction, employer required to deposit the tax amount so deducted within 7th of … [Read more...] about Form 16 and Income tax return – Use and requirement
Credit card: Cash back or reward point – which one is better
Now a days it is very difficult to ignore the convenience of a credit card in Indian and abroad. Rewards on credit cards boil down to two basic categories: cash back and rewards points. You could choose a credit card based on its offerings. Cash back and reward points provide an opportunity to earn while spending on credit card. Now a day’s carrying credit card is much … [Read more...] about Credit card: Cash back or reward point – which one is better
How a Non resident Indian is taxable in India
NRI having income during the financial year from any Indian source will be liable to tax. Any income which is incurred outside and received in India will also be taxable in India. Incomes like salary for services rendered in India, sale of any capital asset are liable to tax even though the individual is a non resident Indian. … [Read more...] about How a Non resident Indian is taxable in India
Due date and income tax filling for an individual
Individuals like employee, self employed persons are required to file their tax return on or before the due date of filling tax return. Such returns are required to be filled either online or in paper format with the IT department as prescribed in the IT act. Sometime CBDT use to extend the due date based on number of factors. If such due dates are extended then IT return has … [Read more...] about Due date and income tax filling for an individual
Who is a Non Resident Indian or NRI as per income tax act?
A person of Indian origin or citizen living outside India will be treated as Non Resident Indian or NRI if they satisfy the conditions of becoming a non resident. The concept of non resident depends on number of days the person stays in India. A person will be treated as resident if he is in India for a period more than 182 days during the financial year starting from 1st of … [Read more...] about Who is a Non Resident Indian or NRI as per income tax act?
Bonus – How employee bonus are taxed in india
Over and above the normal compensation, an employee gets performance bonus based on his performance on a job during the financial year. It’s an excellent way to reward employees and motivate them to do more than the bare minimum. These bonuses can have many components like it can be based on employee’s performance or industry performance or team performance. It can be a … [Read more...] about Bonus – How employee bonus are taxed in india