FAQs on Income from other sources

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

How to File Income Tax Return Without Form 16?

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

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

27 Common Questions on Presumptive Taxation Scheme A.Y.2019-20

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

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

Due Dates to File Income Tax Return for A.Y.2019-20

The due dates to file income tax return for A.Y.2019-20 year ending 31st March 2019 i.e. A.Y.2019-20/F.Y.2018-19 is given as follow. Due Dates for Income Tax Return for A.Y. 2019-20 Type of Assessee Due Date Company 30-09-2019 Assesee who is required to furnish TP Report in Form No.3CEB 30-11-2019 Assesee whose account are required to … Read more

Never Forget to Consider Interest Income in Income Tax Return

Generally people forget to include interest income while filing for an income tax return. The interest income which an individual earns is to be added under the head other sources i.e. the residual head. Interest income is over and above from your income under the head salary, business, profession and house property etc. Interest is … Read more

Filing Income Tax Return with Digital Signature?

The use of digital signature is a significant contribution towards filing your income tax return. However, most of the people do not possess one as a result of which they need to furnish ITR-V in physical form to the Headquarter of Income Tax Department. Here will discuss how to file income tax return using digital … Read more

How to Secure Income Tax Return e-Filing Account? Step by Step

The e-Filing account of the income tax contains very confidential and important information. So, it is very important to secure the e-Filing account. In order to secure your income tax account, income tax department has introduced E-Filing Vault, which will restrict fraudulent logins. Putting restriction on the options for Login and locking the ways of … Read more

Deduction 80DDB: Deduction of Medical Treatment (Updated) A.Y.2019-20

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 Deduction 80DDB? Before you … Read more

7 Documents to be Prepared to Support of Income Tax Return A.Y.2019-20

No doubt, there is no need to enclose any documents with income tax return now. But it is advisable that you should prepare all supporting documents on the behalf of you filed income tax return. As Assessing Officer may demand these documents at any time after the filing of income tax return. Documents in Support … Read more

Penalty for Late Filing of Income Tax Return for A.Y.2019-20

The last date to file income tax return every year is 31st July. You must file your income tax return within due date. Now the questions is if you are not filing your income tax return within due date how much penalty or interest you have to pay. Here we will discuss about the penalty … Read more

5 Ways to Reset Password On incometaxindiaefiling.gov.in

In case you forgets your password of the income tax e-Filing account, then you will be required to use the option selected using this process to reset password. So, it is the best possible way to revive our account. But sometime it is beneficial for hackers to hack our e-filing account. Please keep in mind here we … Read more

Paid Life Insurance Premium! Remember to Claim Tax Benefits

Life insurance premium protects one’s life as well as it is a great tool for tax planning.It helps to save tax. Life insurance premium is the amount paid by a person for buying a insurance policy. The life insurance company provides a lump sum amount at the end of term which is called maturity in … Read more

Tax Benefit to Employee on Medical Reimbursement

Today employers provide many health benefits to their employees. Medical Reimbursement is one of that. Medical Reimbursement is an arrangement under which employers reimburse the portion of the health expenses incurred by the employee on obtaining medical treatment of self and any family member. Don’t be confuse: In this article you will read about health … Read more

How to View or Download Form 26AS? Step by Step with Pictures

Form 26AS is a consolidated tax statement which has all tax related information such as TDS, TCS Refund etc associated with a PAN. It is also called annual statement. It shows how much of your tax is collected by government. It is a consolidated statement from multiple sources like your salary/ pension/ interest income etc. … Read more