Income tax return or ITR can be filed in two ways: (1) filing income tax return electronically, (2) Manual filling of IT return which is submitting the return in paper format with the tax department. Now a days, most of the ITRs are required to be filing online. To file your ITR you need to select the ITR form applicable to you based on your income and status. After … [Read more...] about What is the process of filling your income tax return
Income tax
Time limit for payment of TDS
Time and Mode of Payment to government account of tax deducted at source or tax paid under sub-section (1A) of Section 192 are below; All sums deducted ( TDS ) in accordance with the provisions of Chapter XVII‐B by an office of the Government shall be paid to the credit of the Central Government ‐ On the same day where the tax is paid without production of an … [Read more...] about Time limit for payment of TDS
How gratuity is taxable under income tax act, 1961
Gratuity is a retirement benefit to the workman who has rendered long and unblemished service to the employer. Its a reward for long and meritorious service. In 1972 the government of India, passed The Payment of Gratuity Act which made it mandatory for all employers with more than 10 employees to pay gratuity. For the purpose of exemption of gratuity under sec.10 (10) the … [Read more...] about How gratuity is taxable under income tax act, 1961
Section 80D – Deduction in respect of medical insurance premia
Deduction under section 80D is available to an Individual and Hindu Undivided Family. To get eligible for tax deduction under section 80D, medical insurance is to be paid by an individual or Hindu undivided family out of the income that is chargeable to tax during the financial year. Eligibility Under Section 80D Premium paid on Medical insurance Policy issued by GIC or any … [Read more...] about Section 80D – Deduction in respect of medical insurance premia
Section 80CCG – Rajiv Gandhi Equity Saving Scheme
Rajiv Gandhi equity scheme is for a new retail investor and also for those investors who have opened the demat account but have not made any transactions in stocks and/or derivatives till the date of notification. Under Rajiv Gandhi Equity Scheme following investments in stocks are allowed; Stocks listed under the BSE 100 or CNX 100 or Stocks of PSUs which are … [Read more...] about Section 80CCG – Rajiv Gandhi Equity Saving Scheme
Section 80CCF – Deduction in respect of long term infrastucture bonds
Section 80CCF is applicable to an Individual or Hindu Undivided Family for his investment in Long Term Infrastructure Bonds. Eligible Amount for deduction under section 80CCF is the amount paid or deposited during the previous year as subscription to notified long term infrastructure bonds subject to a maximum amount of Rs. 20, 000. Relevant Conditions to get deduction under … [Read more...] about Section 80CCF – Deduction in respect of long term infrastucture bonds
Section 80CCC – Deduction In respect of contribution to certain penstion funds
Under section 80CCC deduction is available to an individual for any amount paid or deposited by him in any annuity plan of LIC or any other insurer for receiving pension from a fund referred to in section 10 (23AAB). Eligible Amount: Deposit or payment made to LIC or any other insurer in the approved annuity plan for receiving pension subject to a restriction of Rs. 1, 00, … [Read more...] about Section 80CCC – Deduction In respect of contribution to certain penstion funds
Mode of payment of TDS to Government
Payment of TDS has been made easy for the deductor by introducing the online payment facility by income tax of India. Followings rules are to be followed while making payment of TDS deducted; In the case of an office of the Government, where tax has been paid to the credit of the Central Government without the production of a challan, the Pay and Accounts Officer or the … [Read more...] about Mode of payment of TDS to Government
Due date for filing Quarterly TDS or TCS statements
In all cases except when tax is deducted by an office of the government TDS Form For the quarter ending Due date of filing 24Q – For TDS Salary26Q – For TDS Others27Q – For Non resident 27EQ – For TCS 31st March May 15th 24Q – For Salary26Q – For TDS Others27Q – For Non Resident 30th June July 31st 24Q – For Salary26Q – For TDS Others27Q – For Non … [Read more...] about Due date for filing Quarterly TDS or TCS statements
When and how to furnish TDS Certificate under section 203 of IT Act
The certificate of deduction of tax at source ( TDS ) by any person in accordance with Chapter XVII‐B or the certificate of payment of tax by the employer on behalf of the employee under sub‐section (1A) of section 192 shall be in‐ Form No. 16, if the deduction or payment of tax is under section 192; and Form No. 16A if the deduction is under any other provision of … [Read more...] about When and how to furnish TDS Certificate under section 203 of IT Act