ITR 1 is to be filled by those individual whose total income for the assessment year 2013-2014 includes – Income from salary/pension one house property (excluding cases where loss is brought forward from previous years); or other sources (excluding winning from lottery and income from race horses) In case where the income of another person like spouse, minor … [Read more...] about Who can use ITR 1 and who can not – Income tax return form Sahaj
Income tax
Salary and how it’s charged to tax
Salary is a periodic payment made by employer to an employee as per the terms specified in employment contract signed by both parties. For income tax purpose, to tax salary the employer and employee relationship must exist at the time of payment or for which the payment has been received. Changeability of Salary as per Income Tax Act According to section 15 of the Income Tax … [Read more...] about Salary and how it’s charged to tax
What is Profit in Lieu of salary as defined in IT Act
“ Profit in lieu of salary " includes— (i) the amount of any compensation due to or received by an assessee from his employer or former employer at or in connection with the termination of his employment or the modification of the terms and conditions relating thereto; (ii) any payment (other than any payment referred to in clause (10) [, clause (10A)] [, clause … [Read more...] about What is Profit in Lieu of salary as defined in IT Act
Section 234 C – Interest payable for deferment of advance tax
Where in any financial year,— (a) the company which is liable to pay advance tax under section 208 has failed to pay such tax or— (i) the advance tax paid by the company on its current income on or before the 15th day of June is less than fifteen per cent of the tax due on the returned income or the amount of such advance tax paid on or before the 15th day of September … [Read more...] about Section 234 C – Interest payable for deferment of advance tax
Section 234 B – Interest payable for default in payment of advance tax
Interest @ 1% per month is payable on the amount of income tax paid after the end of the financial year. Text of Section 234 B of IT Act, 1961 Subject to the other provisions of this section, where, in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay it or, where the amount paid by such assessee under the provisions of … [Read more...] about Section 234 B – Interest payable for default in payment of advance tax
Section 234 A – Interest payable for default in furnishing the return of income
In simple words, interest @ 1% per month is payable under section 234 A of IT act on the amount of income tax paid after the due date for filing of the return. Due Dates for Filing of Returns For Corporate assessee who are required to furnish report u/s 92E of the IT Act 31st November 2013 For all other Corporate assessee. 30th September 2013 For non … [Read more...] about Section 234 A – Interest payable for default in furnishing the return of income
ITRV Submission – Acknowledgement of your Income tax return
When you furnish your Income Tax return online with digital signature, on successful transmission of the data, an acknowledgement known as ITRV will be generated by the server of the IT departnement and will be available to the person in printable format. Tax acknowledgement copy or ITRV shall contain the acknowledgement number of the electronic transmission and the date of … [Read more...] about ITRV Submission – Acknowledgement of your Income tax return
What is a TIN Facilitation Center and How to find a TIN Facilitation Center
Tax information network or in short TIN has been in India to process various forms related to PAN and TDS of a person in India or abroad. These TIN Facilitation Centers cum PAN Centers are operated by NSDL and available across the country for applying of PAN and to fulfill other statutory requirements. Companies like Alankit Assignments Limited, Integrated Registry … [Read more...] about What is a TIN Facilitation Center and How to find a TIN Facilitation Center
How to verify PAN Card details
PAN card is used as a identity proof and for deduction of TDS by the employer or deductor. In such cases its very important to verify pan card details of the person to know whether it's a genuine or not. There can also be situations where you do not know your Permanent Account Number and urgently require your card number to give it to someone. In this type of situation you … [Read more...] about How to verify PAN Card details
Track your PAN Card Application Status
PAN card status can be verified online with the help your acknowledgement number at NSDL site. With the details of acknowledgement number, Name and Date of birth, you can get the status of your PAN card online. You can even know when the card has been dispatched and the courier name. Link to track your Application status: … [Read more...] about Track your PAN Card Application Status