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How to fill Income Tax Return Form 1 (ITR1)

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

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

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 which is in blue color. Sec. 80C.(1) In computing the total income of an assessee, being an individual or a Hindu .....

Advance Tax Payment Calculator

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.Get the Advance Tax Calculator widget and many other great free widgets at Widgetbox!

Form 26AS Annual Statement u/s 203AA

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 of department in which they create your account with debit or credit balance. Income Tax Department has all record mention .....

Tax evasion cases grow in first half of FY09

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 by the tax authorities, was 1,538 in the first half of 2008-09 till September 30 this year, while it was .....

Assessment Year

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).

What is Previous Year

In the language of income tax Act, ‘previous year’ is the financial year ending on 31st March every year.

Income Tax slab For The Assessment year 2009-10, tax india

Income Slab Tax Rate Up to Rs.1,50,000 (Male) / Up to Rs 1,80, 000 (Female) / Up to 2,25, 000 (for resident individual of 65 years or above) NIL Rs. 1,50,001 to Rs. 3,00, 000 (Male)/ Rs 1,80,001 to Rs 3,00, 000 (Female) 10% Rs. 3,00,001 to Rs. 5,00, 000 20% Rs. 5,00,001 and above 30% * * A surcharge of 10 per cent of the total tax liability is applicable where the total income .....

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