8 things salaried persons should know before filing tax return – ITR
Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to
Recent posts on Income tax
Income tax deduction, exemption, house rent allowance claim, PAN related queries and much more are listed under this section. Visit this section regularly to update your tax knowledge.
Interest Penalty for late filing of income tax return – Section 234A
Not filing income tax return on or before the due date can lead to various penalty. Interest under section 234A will be applied when return of income has
Late filing fee for Income tax return in India
If you are taxable in India, then your income tax return must be filed on or before the due date of filing i.e. 31st July of the following
How to get tax benefits on loss from house property
Asssessee can have income from different sources under the same head of income. Similarly, he may have income from different heads. Loss from any source under the same
10 documents required by a salaried person to file income tax return
Deadline to file income tax return for an individual is 31st July of the assessment year relevant to the previous year for which income tax return (ITR) is
5 Common tax saving mistakes to avoid
Very few taxpayers know how to invest in order to get maximum tax benefits; others come to know when their employer asks for investment details towards the end
How to claim tax deduction on tuition fees
Tuition fees paid to a university, college, school or educational institution located in India for full time education are eligible for tax deduction under section 80C of income
Tax deduction for medical treatment of specified diseases
A resident individual is eligible for tax deduction under section 80DDB for the expenditure he has incurred for medical treatment of specified diseases. If you are a resident
Form 12BB – Investment Declaration Form for Income Tax
Employees are required to provide a declaration at the beginning of the financial year or at the time of joining the organization showing proposed investments and expenses eligible
Tax deduction on interest on residential house loan – Section 80EE
Home buyer can get additional tax deduction up to Rs 50000 on interest on loan taken for residential house property if all the conditions of section 80EE are