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INCOME TAX

87A REBATE FOR FINANCIAL YEAR 2013-14

Today we are discussing on Frequently asked question on Rebate under Section 87A  , meaning and benefits of Rebate U/S. 87A .This is the new section Rebate U/S. 87A  introduce by Finance Bill, 2013. Rebate under section 87A is applicable from Financial year  2013-14 and assessment year 2014-15 (I) 87A Rebate for financial year 2013-14 – Additional tax benefits of Rs 2,000/- ... Read More »

Best way to Clear income tax demands

Income tax department is sending notice to the Assessee for tax demands, adjustment of your refund against tax demand etc.Today we are discuss Best way to Clear income tax demands and procedure of Best way to Clear income tax demands. (I) Procedure to Clear income tax demands? CBEC has just started an online procedure to clear the income tax demand online,Now ... Read More »

TAX SAVINGS TIPS FOR SALARY EMPLOYEE

Today we are discussing on TAX SAVINGS TIPS FOR SALARY EMPLOYEE  As a salary employee is working hard for the organization, at the end of the month TDS will be deducted from his salary. There are not much more benefits available to the salary employee as available in business. We are sharing with you few tips for Tax Savings for ... Read More »

TAXATION OF NON RESIDENT INDIAN (NRI) IN INDIA

Today we are discussing on TAXATION OF NON RESIDENT INDIAN (NRI) IN INDIA how  tax return filing, tax planning of Non-resident Indian (NRI) in India can be done, types of bank account, taxability of income earned in India, repatriation of money from India, investment in India etc. Is filing of Income tax Return of Income in India is compulsory? No, Filing ... Read More »

INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2015-2016

Today we are discussing on INCOME TAX SLAB RATE FOR ASSESSMENT YEAR 2015-2016  of all form of business, In recent budget there are two major changes in income tax limit for Individual assessee limit is increased by 50,000 from 2,00,000 to 2,50,000 and for Senior citizen individual assessee limit is increased from 2,50,000 to 3,00,000. Income tax slab rate for ... Read More »

INTEREST UNDER SECTION 234 A

INTEREST UNDER SECTION 234 A FOR DEFAULT IN FURNISHING INCOME TAX RETURN Section 234A says that the interest should be leviable for the late or non furnishing of return of income on due date. According to this section where a return of income is filled after due date u/s.139(1)(4) / notice u/s.142  or a return of income is not filled, the assesse ... Read More »

HOW TO FILE ONLINE INCOME TAX RETURN FOR INDIVIDUAL

Today we are discussing the documents required for filing the income tax return, Due date for income tax return and how to e-file the Income Tax Return for individual. I.  Is it compulsory to filing income tax return- Employee earning upto Rs 5 lakhs in a year not required to file income tax return compulsory, but he can filed the ... Read More »