Section 80CCD is applicable to an Individual in the employment of Central Government or any other employer on or after 1-1-2004 or any other tax payer being an individual. From assessment year 2009-10 onwards, even a self employed person can take benefit of section 80CCD deduction. The tax payer will be eligible for deduction under section 80CCD if deposit or payment made by … [Read more...] about Section 80CCD – Tax Deduction In Respect Of Contribution To Pension Scheme Of Central Government
Income tax
Special rates of tax for the income
Special rates of tax for the income; Sl. No. Nature of income Section Rate of tax 1. Tax on accumulated balance of recognised provident fund 111 To be computed in accordance with rule 9(1) of Part A of fourth Schedule 2. Short term capital gains 111A 15 3. Long term capital gains (with … [Read more...] about Special rates of tax for the income
Obligation to furnish return of income in the case of individual
Every individual whose total income before allowing deductions under Chapter VI-A of the IT Act, exceeds the maximum amount which is not chargeable to tax is obligated to furnish his return of income. The maximum amount not chargeable to tax in case of different categories of individuals is as follows:- Sl. No. Category Amount (in Rs.) i. In case of … [Read more...] about Obligation to furnish return of income in the case of individual
How Do I Compute My Taxable Total income And Tax Liability
Taxable total income for the purpose of tax calculation is to be computed as follows, in the following order; In the first step you need to classify all items of income under the following heads- (A) Salaries (B) House property (C) Profit and gains from business or profession (by way of salary, interest, commission, etc., from the firm in which the assessee … [Read more...] about How Do I Compute My Taxable Total income And Tax Liability
ITR4 – Instructions and guidelines for filling ITR4
ITR4 is to be used by an individual or a Hindu Undivided Family who is carrying out a proprietary business or profession. No document (including TDS certificate) should be attached to ITR4. All such documents enclosed with ITR Return Form will be detached and returned to the person filing the return. Manner of filing ITR4 ITR4 can be filed with the Income Tax Department in … [Read more...] about ITR4 – Instructions and guidelines for filling ITR4
List of IT deductions available under Chapter VI A of Income tax Act
Total amount of tax deductions allowable as per Income Tax act is limited to the gross total income of the tax payer. In this article we are showing you the available Income tax deduction based on the present law applicable in India. Section 80C - Some of the major items for tax deduction u/s 80C are- amount paid or deposited towards life insurance, contribution to Provident … [Read more...] about List of IT deductions available under Chapter VI A of Income tax Act
Download ITR3 – Certain things to be remembered while filing up ITR3
ITR3 is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to Income Tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In … [Read more...] about Download ITR3 – Certain things to be remembered while filing up ITR3
Download ITR2 – Things to be remembered while filing ITR2
Income tax return for 2 or ITR2 is to be used by an individual or a Hindu Undivided Family whose total income for the assessment year 2013-14 includes:- Income From; Salary / Pension; or House Property; or Capital Gains; or Other Sources (including Winning from Lottery and from Race Horses). Further, in a case where income of another person like spouse, minor … [Read more...] about Download ITR2 – Things to be remembered while filing ITR2
Latest Cost Inflation Index (CII) for Tax Purpose
Cost inflation index (CII) is used to calculate long term capital gain or losses. CII is the inflation adjusted price used to calculate the inflation-adjusted rise in the value of an asset. Tax on capital gains is computed by deducting the indexed cost of acquisition (purchase) from the full value of consideration. The cost of purchase of an asset is to be increased by … [Read more...] about Latest Cost Inflation Index (CII) for Tax Purpose
Residential status of a Firm or an association of person or a company
Residential status of a firm and an association of person defined under section 6 (4) of the income tax act, 1961. As per this section, the residential status is defined as below; Residential Status of a firm or an association of person A partnership firm or an association of person is said to be resident in India if the control and management of its affairs are wholly or … [Read more...] about Residential status of a Firm or an association of person or a company