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 for tax deductions. At this point, you are not required to submit actual proofs of investment and expenditure. Based on this declaration, employer is required to deduct tax (i.e. known as TDS) … [Read more...] about Form 12BB – Investment Declaration Form for Income Tax

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 satisfied. As per the present tax laws, a home buyer can claim both interest and principal components of home loan repayment for tax benefit. Principal repayment of the home loan can be claimed under section 80C of … [Read more...] about Tax deduction on interest on residential house loan – Section 80EE

As per Section 192 of Income Tax Act, any person responsible for paying any income chargeable under the head “Salaries” shall at the time of payment deduct income tax (TDS) on the amount payable at the average rate of income tax computed on the basis of rates in force for the financial year in which the payment is made, on the estimated income of the assessee under this head … [Read more...] about TDS from employee’s salary U/S 192 – Important points to remember

Surcharge is an additional charge levied on tax if income or turnover crosses a limit as specified in tax law. They are used to ensure that the rich contribute more to the tax kitty than the poor. Currently for financial year 2016-17, surcharge is levied at the rate of 15% of tax, if income exceeds 1 Crore rupees in case of an individual, HUF, AOP, BOI or artificial … [Read more...] about Income tax Surcharge – Applicability and Marginal Relief

Companies in India are required to file tax return by September 30th of the year following the close of its tax year. If you have incorporated a private or public limited company then also September 30 is the due date for filing income tax return (ITR). Therefore if income is earned for the financial year 2018-19 then company tax return for the same year has to be filed on or … [Read more...] about When to file company tax return and which form to use

Budget 2017 has proposed to change the tax rates for the previous year 2017-2018 i.e. assessment year 2018-2019 by keeping income tax slabs unchanged. Existing rebate available under section 87A is also proposed to be reduced from existing Rs. 5000 to Rs. 2500. In India, tax is calculated according to the income tax slab rates for different age groups announced by the … [Read more...] about Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual

Earlier, a taxpayer can verify their tax return either by using Digitally Signed Certificate (DSC) or by sending signed ITR-V copy to Income Tax Department, CPC. With the introduction of e-verification process, assessee is not required to send income tax return acknowledgment copy or ITR-V to CPC, Bangalore after e-filing if e-verification is done successfully. Income tax … [Read more...] about Why and How to e-verify your income tax return

Many salaried persons are under the impression that if full tax has already been deducted by employer from their salary then they are not required to file their income tax returns. In this post, we will discuss why a salaried individual is required to file his income tax return in cases where full tax has already been deducted from salary by his employer. As per the … [Read more...] about Should salaried individuals file tax return without taxable income