How to Open PPF Account in SBI?

Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF … Read more

What is Swachh Bharat cess & How it Affects You?

Everyone is India is well aware of the Swachh Bharat Abhiyan, which is launched by the current Prime Minister of India, Mr. Narendra Modi. This initiative looks forward to make India cleaner and more hygienic. What is Swachh Bharat cess? Recently, the Government of India has confirmed that it will be imposing a new cess … Read more

How to Pay Income Tax Online – ePayment of Income Tax

First of all you should know that ‘is it mandatory to deposit income tax online or not?’ and there are lots questions in your mind. We’ll try to cover all of your questions to solve like how to pay income tax online, how to pay income tax offline, how to fill tax Challan and how … Read more

Deductions From Salary: Check All Salary Deductions for A.Y.2015-2016

The salary persons always ask from us that tell all the deductions which we can claim from salary for A.Y. 2015-2016 or any previous year. So we are giving the list of all the deductions which you can claim while calculating taxable salary income or net total income after adding other sources incomes.  The deductions … Read more

Post Office Time Deposit Scheme: Check Complete Detail

The Government of India has kept open various doors for creating a habit of savings amongst the citizens. Post Office Time Deposit Scheme is an exclusive example of such an initiative where the Government looks forward to support the citizens with an option to invest for a period of 1 to 5 years and with an … Read more

Post Office Monthly Income Deposit Scheme

Over the years, the Government of India has been offering several ways to create a habit of saving amongst tax payers. The Post Office Monthly Income Deposit scheme looks forward to generate monthly savings for people who are ready to invest in a 5 year term scheme. The minimum required amount is INR 1500 or … Read more

Small Savings: Big on Tax Benefits

The small savings section is one of the most attractive sections for people all over the world. The small savings section provides people flexibility and proves to less burdensome. Small savings requires a very scant amount from the pocket of the investor and ensures a guarantee for better periodical return. Added to this, being small … Read more

Bank Term Deposit Scheme: Tax Benefits & Application Procedure

This bank deposit scheme is popularly known as Bank Term Deposit scheme, 2006, which came into force on the date of submission of the official gadget. Under bank deposit scheme, the term “assessee” means, any individual or a Hindu undivided family; Act refers to the income tax Act, 1961 and form means any form prescribed … Read more

Income Tax Deduction From Gross Total Income

Under Chapter VI-A, there are some deduction provided by Income tax from Section 80C to 80U. These deductions are allowed from the gross total income. These deductions are very important to determine net tax liability. So if you are tax cautions, then you must consider these deductions important to reduce your tax liability. The aggregate … Read more

Deduction 80GG: Deduction in Respect of Rent Paid

As a tax payer, there are often certain situations where miss out to claim a deduction. Section 80GG is one of those areas where most of the tax payers fail to realize that a hidden deduction can be claimed. So, without any further delay, let’s see what Section 80GG is all about! What is Section … Read more

Deduction 80DDB: Deduction in Respect of Medical Treatment

This year when you file your returns, make sure that you are availing maximum benefits which has been offered by the IT Department of India. In this article, we will be discussing the range of deductions which a tax payer can get under Section 80DDB. So, let’s get started! What is Section 80DDB? Before you … Read more

Double Taxation Relief: A Simple Guide for Layman

The term double taxation relief is an initiative launched by the Government of India, which allows a person to escape the clutches of being taxed twice for the same income. This incident mainly takes place for non-resident Indians, where they first pay taxes on income generated in India and then are once again required to … Read more

NRI Taxation: 8 Situations Covered for A.Y. 2015-16 & A.Y.2016-17

It is a well-known fact that every country has a right to charge its citizens with taxes. However, there are certain situations when even a non-Resident person is eligible to pay taxes in a country. Under the Indian Income Tax Law, here are those 8 concrete situations. Who is NRI – Check Residential Status Situation … Read more

Residential Status for Income Tax Purposes

From the perspective of income tax, determining the taxability status of a person in India is very important. If a person is a resident of India, he has to pay taxes to the IT Department and if not, then he is not liable to pay any taxes to the aforesaid authority. So to calculate tax … Read more

10 Tax Planning Tips for A.Y. 2016-17

Please refer our new guide on Tax Planing for A.Y.2019-20 Here As the new Assessment Year approaches, all tax payers need to start focusing upon tax planning. Section 80 of the IT Act of India has been serving as a boon for the tax payers. This section offers numerous forms of deductions which a tax … Read more

Save Tax in 2016-17 by Investing Efficiently

With the Budget 2015 implemented in the country, who doesn’t wants to reduce their payment of tax? “No one” is the straightforward answer to this question. In present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custodies so that they can use it in future. Payment … Read more

Interest & Penalty for No Return or Late Return

India is a democratic country where people jointly run the country through a chosen Government. An integral part of running this Government is taxes which every Indian citizen is expected to pay, if his total income exceeds the exempted figure as decided by the Income Tax Department of India. It is a well-known fact that … Read more

8 Ways to Get Income Tax Refund Fast

Sometime getting back your Income Tax Refund can be a little difficult for tax payers. This is mainly because tax payers do insist upon paying taxes, but they often miss out on filing the right type of return/ filing return on time. Here are 8 certain ways which will help you to get your Income … Read more

How to File Revised Income Tax Return?

Revised returns are nothing less than a second chance to live for people when it comes to filing online income tax returns. People can use this mechanism to rectify their existing filed return and thus, save penalties and other losses. What is revised income tax return? Taking a reference from Indian Tax Law, the facility … Read more

7 Things You Need to Know Income Tax Returns 2015-16

The Government of India is taking numerous steps to ensure that the process of online tax filing can become as easy as possible. For the Assessment Year 2015-16, there certain additional benefits which have been given to the tax payers. Key highlights of those benefits are furnished below: 1) No disclosure for Foreign Trips in … Read more