You are here: Home » Archives for Income Tax

Posts tagged as:

Income Tax

Gift From Close Relative Not Taxable

April 9, 2009

I Wish to give a gift/loan of Rs. 2 Lakh to my mother who is in India. If I transfer this amount from my NRE A/c to her saving account in India – Will she be taxed ?
A.Gift amounts received from any close relative are not taxable in the hand of either the donor or [...]

Read the full article →

Download ITR1 ITR2 ITR3 ITR4 ITR5 ITR6 ITR7 ITR8 | New Income Tax Forms A.Y. 2009-10

April 6, 2009

Download All Income Tax form | ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, ITR7, ITR8, ITRV for A.Y. 2009-10. These forms has already notified by CBDT via vide notification No.32/2009 dt.27th March, 2009.
These form are not available yet on official website of Income Tax Deparment (http://www.incometaxindia.gov.in) (today is 7th April 2009)

You must subscribe your e-mail id [...]

Read the full article →

New ITR | Income Tax Return Forms are Notified for A.Y.2009-10

April 3, 2009

The CBDT has notified new Income Tax Forms for F.Y. 2008-09 | A.Y. 2009-10. via vide notification No. 32/2009 (Income-tax 9th Amendments) Rules, 2009.
New ITR Forms Form ITR 1, Form ITR 2, Form ITR 3, From ITR 4, Form ITR 5, Form ITR 6, Form ITR 7, Form ITR 8, and ITR V, are available [...]

Read the full article →

Procedure for Tax Deduction (TDS) on Salary

March 21, 2009

PROCEDURE AND PROVISIONS FOR TAX DEDUCTION (TDS)FROM SALARYUnder Section 192, the employer or disbursing officer is required to deduct income-tax while making the payment of salary during financial year in cash/cheque to the employees, at the rate of the income-tax applicable to the individuals for payment of advance tax for that Assessment Year. Calculate [...]

Read the full article →

Documents Kept in Record in Support of the Income Tax Return

March 21, 2009

Document to be prepared/obtained by the assessee in support of the return
New return forms have dispensed with the requirement of enclosing any documents in support of the return. However, in the opinion of Board of Editors, even though not required to be submitted along with the return, it is advisable that the documents be prepared [...]

Read the full article →

TAX STRUCTURE IN INDIA

February 24, 2009

TAX STRUCTURE IN INDIA (understand with some daily routine questions/answers)
1) Qus. : What are you doing? Ans. : Business. Tax : PAY PROFESSIONAL TAX! 2) Qus. : What are you doing in Business? Ans. : Selling the Goods. Tax : PAY SALES TAX!! 3) Qus. [...]

Read the full article →

Capital Gain Exemption u/s 54: Capital Gains from Transfer of a Residential House

February 7, 2009

How to minimize Capital Gain Part – 1: Capital Gain from Transfer of a Residential House-Exemption of Capital Gains u/s 54
IntroductionAny long-term capital gains arising on the transfer of a residential house (including self-occupied house) will be exempt from tax if,
Conditions1) If the assessee has within a period of one year before or two [...]

Read the full article →

Capital Gain Account Scheme

February 3, 2009

Why I Open Capital Gain Account Scheme?Capital Gain Account Scheme especially for those person who has earned capital gain. This scheme’s main purpose is to temporarily save the unutilised amount of capital gain up to its utilisation as per time specified in particular section. The scheme is open to all tax payers who wish to [...]

Read the full article →

Deduction u/s 80D Mediclaim (Medical Insurance Premia)

January 31, 2009

Deduction in respect of Medical Insurance Premia [Sec. 80D]Deduction is allowed for any medical insurance premium under an approved scheme of General Insurance. corporation of India, (popularly known as MEDICLAIM) or of any other insurance company, paid by any mode except cash, out of assessee’s taxable income during the previous year, in respect of the [...]

Read the full article →

Deduction u/s 80DDB of Medical Treatment

January 31, 2009

Deduction in respect of medical treatement etc.Sec. (80DDB)
Who can ClaimA resident individual or HUF (Hindu Undivided Family)
Which PeriodDeduction is allowed in respect of amount actually paid during a year for the medical treatment of specified disease or ailment for himself or a dependent or a member of a HUF.The diseases an ailments specified under rule [...]

Read the full article →

How to fill Income Tax Return Form 1 (ITR1)

January 26, 2009

You can fill income tax return form ITR1 easily by following the guidance given in videos. There are two parts. Therefore, let’s grabbed your form and pen. For whom ITR1 is applicable.

How to fill Income Tax Return Form 1 (ITR1) – Part 1

How to fill Income Tax Return Form 1 (ITR1) – Part 2

Read the full article →

Can I claim deduction u/s 80C for LIC premium paid by me for my wife and childern?

December 23, 2008

Yes you can claim. In case of individual for the assessee himself, his or her spouse, and childern. In case of HUF, the payment of LIP for Insurance of any member/members of HUF.You can check Sec. 80C for further clarification. I am not giving whole sec. 80C but only related part of this topic [...]

Read the full article →

Advance Tax Payment Calculator

December 22, 2008

With this calculator you can find you advance tax liability on due dates and also interest u/s 234C for shortfall of advance tax payment.if (WIDGETBOX) WIDGETBOX.renderWidget(‘300868c1-5661-43d4-873f-0203fc6d7dee’);Get the Advance Tax Calculator widget and many other great free widgets at Widgetbox!

Read the full article →

Form 26AS Annual Statement u/s 203AA

December 9, 2008

Don’t worry it is not another form which is filed by you on the other side you should be thankfull for Income Tax Department because now you can verify your TDS deducted by deducter whether it is deposited or not.It is the obligation by department in formal words we can say it is the ledger [...]

Read the full article →

Tax evasion cases grow in first half of FY09

December 2, 2008

The tax payers’ net in India is widening, but also growing is the tax evaders’ list. The first half of this fiscal saw 69 more cases of tax evasion with assets worth nearly Rs 217.07 crore seized, compared to Rs 171.57 crore last fiscal. The number of cases of income tax evasion, i.e. warrants executed [...]

Read the full article →

Assessment Year

November 8, 2008

It is the period of 12 months commencing on the 1st day of April immediately after the previous year. For example, for previous year ending on 31.03.2008, the assessment year is 2008-2009(i.e. from 01-04-2008 to 31-03-2009).

Read the full article →

← Previous Entries