28 Most Common Questions on Income Tax – All Confusion Cleared

Q.1) What is Income-tax? ​​It is a tax levied by the Government of India on the income of every person. The provisions governing the Income-tax are covered in the Income-tax Act, 1961.​ Q.2) What is the administrative framework of Income-tax? The revenue functions of the Government of India are managed by the Ministry of Finance. … Read more

Who is Required to File Income Tax Return?

who is required to file income tax return

Every person who has the following income need to file income tax return. Income tax return filing is a very easy process. We will cover whole procedure to file income tax return online or offline in another article. In this article we will cover the subject who need to file income tax return. You can … Read more

4 Most Asking Questions on E-filling of Income Tax Return


Q.1) Can revised return be filed with a different Form no. than original return form? A person can revise his return of income under section 139(5) with correct applicable ITR Form, if he has not furnished return of income with correct ITR Form under section 139(1) in pursuance of notice issued under section 142(1). Q.2) … Read more

FAQs on Income from other source


FAQs on Income from other source Q.1) What is Casual Income? Casual income means any receipts which are of a casual and non-recurring nature. For example, income earned by way of winnings from lotteries, races including horse races, crossword puzzles, etc. Q.2) Under which head pension received from employee provident fund organization under Employee Pension … Read more

17 Most Asked Questions on Income Tax Provisions for non-residents


FAQs on Provisions useful for non-residents Q.1 Is the residential status of a person relevant for determining the taxability of the income in his hands? Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands. Taxability of any income in the hands … Read more

FAQs on Interest u/s 234A, 234B & 234C

234a 234b 234c interest-min

FAQs on Interest under section 234A, 234B & 234C Q.1) What are the consequence on failure to pay advance tax? ​​ ​If you fail to pay Advance Tax or pay at a rate less than stipulated rates you will be required to pay Interest under sections 234B & 234C of the Income Tax Act, 1961. … Read more

How to File Income Tax Return Without Form 16?

how to file income tax return without form 16-min

Form 16 is a certificate issued by employer for the TDS deducted by employer on the salary of the employee. The employer has to issue the Form 16 once in a year on before 31st May of the next year immediately following the financial year in which the TDS is deducted. Form 16 is a … Read more

17 Most Common Queries on Computation of Income Tax

Q.1) Under how many heads the income of a taxpayer is classified? S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from house property Profits and gains of business or profession Capital gains Income from other sources​​ Q.2) What is gross total … Read more

14 Most Common Questions on Set Off and Carry Forward of Losses

14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

6 Most Common Questions on Tax Audit – All Clarified


Q.1) What is tax audit? The dictionary meaning of the term “audit” is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. The Income-tax Law requires the taxpayer to get the audit of the accounts … Read more

23 Common Questions on Salary Income – Answers with Examples

Q.1) What is considered as salary income? section 17​​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. Q.2) What are allowances? Are all allowances taxable?| What … Read more

27 Common Questions on Presumptive Taxation Scheme A.Y.2018-19

Q.1) What is the meaning of presumptive taxation scheme? As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections … Read more

8 Common Questions for Income Tax on Senior Citizens

Q.1) What are the benefits available to a senior citizen and very senior citizen in respect of tax rates? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to pay … Read more

19 Common Questions on Gifts Received by an Individual or HUF

Q.1) Are monetary gifts received by an individual or Hindu Undivided Family (HUF) taxable? If the following conditions are satisfied then any sum of money received (i.e, monetary gift may be received in cash, cheque, draft, etc.) by an individual/ HUF will be charged to tax (*): Sum of money received without consideration. The aggregate … Read more

10 Most Common Questions on Clubbing of Income

Q.1) What is the meaning of clubbing of income? ​​​​​​Normally, a person is taxed in respect of income earned by him only. However, in certain special cases income of other person is included (i.e. clubbed) in the taxable income of the taxpayer and in such a case he will be liable to pay tax in … Read more

ITR 7 Form | Instructions | Download PDF, e-Filing Utility A.Y.2018-19

Here you will find the complete guidance of ITR-7 form like download PDF, e-filing utilities (Excel & Java), instructions for A.Y. 2018-19. Download ITR 7 – PDF, Excel & Java Utility A.Y.2018-19 Utility Version Date Download Excel PR4 09-08-2018 Download Java PR5 09-08-2018 Download PDF Download Who can use ITR – 7 Form? This Form … Read more

ITR 6 Form | Instructions | Download PDF, e-Filing Utility A.Y.2018-19

Here you will find the complete guidance of ITR-6 form like download PDF, e-filing utilities (Excel & Java), instructions for A.Y. 2018-19. Download ITR 6 (A.Y.2018-19) Utility Version Date Download Instructions Excel PR5 01-09-2018 Download Instructions Java PR6 01-09-2018 Download Instructions Excel PR5 14-08-2018 Download Instructions Java PR5.1 14-08-2018 Download Instructions Recommended Read: 40 Most … Read more