House rent allowance is a grant provided by the employer to the employee to meet the cost of living in a rented house. Its also referred to as HRA allowance. HRA allowance forms part of the salary that the employee receives from the employer every month. Indian Income tax act provides tax exemption under section 10(13A) read with rule 2A due to which the entire amount of … [Read more...] about House Rent Allowance (HRA) – Tips to lower your taxes
Income tax
Can you file your income tax return after the due date
Most people miss the due date of filing income tax returns every year due to their busy schedules, lack of time, or for some other personal reasons. The due date for filing a income tax return is the date by which the return can be filed by the assess without any late fee or penalty. In this article we will answer the most frequently asked question by an individual … [Read more...] about Can you file your income tax return after the due date
Lunch and refreshment paid at office places are taxable
Employers in India are providing sodexo coupons or ticket restaurant coupons to their employees which can be used by such employees at eating points. Lunch, dinner or refreshment allowance paid by employer to employee is chargeable to income tax. Allowances provided at remote or offshore place Food and non alcoholic beverage provided by an employer to an employee in … [Read more...] about Lunch and refreshment paid at office places are taxable
Remittance to India is not taxable
Remittance to India means sending money to a person at a distance in India by another person from outside India. This is mostly done by Non resident Indians employed outside the country who transfers money to his bank account or to friends or relatives in India. As per income tax act, any income received in India is taxable in call cases irrespective of the tax payer’s … [Read more...] about Remittance to India is not taxable
Income tax penalty on late filling of IT return – For individuals
Individuals having income more than the basic exemption limits are required to file Income Tax return before the due date as specified under Income tax act. Two types of due dates are specified for filling your IT return. Individuals who are required to carry on income tax audit u/s 44AB of IT act. Other individuals Individuals coming under the first category are … [Read more...] about Income tax penalty on late filling of IT return – For individuals
Insurance premium paid to ensure family member’s life – Section 80C
Insurance premium paid by an individual to ensure the life of family members can be claimed as tax deduction under section 80C of IT act. Family members mean spouse or any child of the individual. Child can be dependent or independent on such individual or married or unmarried or minor or major. To get eligible for tax deduction under section 80C of IT act, such amount … [Read more...] about Insurance premium paid to ensure family member’s life – Section 80C
ITRV – Address and Time limit of sending your ITRV to Income tax Office
After filling your income tax return online you will be able to download ITRV of your IT Return. In case you have not downloaded or taken a print of your ITRV then you can select the option of “my account” and then under my account select “My returns/form”. Click on the selected assessment year and download acknowledgement copy of your tax return. It will ask you for a … [Read more...] about ITRV – Address and Time limit of sending your ITRV to Income tax Office
How to e-file Your income tax return
E-filing of income tax return is easy like paying electricity bills online or using net banking facility. You just need to have the right details to fill up the form that is required to be filled with IT department. In the first step you need to gather all the details that are relevant for efilling of your income tax return. Following things will be required for an … [Read more...] about How to e-file Your income tax return
What is efilling in income tax
Efilling means electronic filling of your income tax return via internet to the tax authority. Submitting your IT return by e-file or in paper format at IT office are the only two options available in India. Efilling in India is faster, safer and will speed up the process of getting refund. All companies registered in India and business persons having turnover of Rs. 1 Crore … [Read more...] about What is efilling in income tax
Transfer of movable property to employee is taxable
Any movable property transferred by the employer to employee directly or indirectly is taxable in the hand of employee. If such movable property is transferred to any member of his/her household then also this provision will be applicable and the value of such movable asset will be treated as perquisite in the hands of employee. How to derive value of the movable … [Read more...] about Transfer of movable property to employee is taxable