Asssessee can have income from different sources under the same head of income. Similarly, he may have income from different heads. Loss from any source under the same head or from any head can be set off against other sources or heads as specified under the income tax act, 1961. Our tax laws allow us to take tax benefits on loss from house property while calculating taxable … [Read more...] about How to get tax benefits on loss from house property
Income tax
10 documents required by a salaried person to file income tax return
Deadline to file income tax return for an individual is 31st July of the assessment year relevant to the previous year for which income tax return (ITR) is to be filed. For instance, for the financial year 2018-19 due date of filing was 31st July 2019 (extended by CBDT to 31st August 2019). Similarly for the financial year 2019-20, last date of filing income tax return would be … [Read more...] about 10 documents required by a salaried person to file income tax return
Tax deduction for medical treatment of specified diseases
A resident individual is eligible for tax deduction under section 80DDB for the expenditure he has incurred for medical treatment of specified diseases. If you are a resident individual, then as per the provisions, you can claim tax deduction for your own medical treatment and/or for the treatment of dependents. HUF is also eligible to claim tax deduction for medical … [Read more...] about Tax deduction for medical treatment of specified diseases
Form 12BB – Investment Declaration Form for Income Tax
Employees are required to provide a declaration at the beginning of the financial year or at the time of joining the organization showing proposed investments and expenses eligible for tax deductions. At this point, you are not required to submit actual proofs of investment and expenditure. Based on this declaration, employer is required to deduct tax (i.e. known as TDS) … [Read more...] about Form 12BB – Investment Declaration Form for Income Tax
Tax deduction on interest on residential house loan – Section 80EE
Home buyer can get additional tax deduction up to Rs 50000 on interest on loan taken for residential house property if all the conditions of section 80EE are satisfied. As per the present tax laws, a home buyer can claim both interest and principal components of home loan repayment for tax benefit. Principal repayment of the home loan can be claimed under section 80C of … [Read more...] about Tax deduction on interest on residential house loan – Section 80EE
Complete Guide to TDS (Tax Deducted at Source) on Salary
If you're unfamiliar with the term TDS (Tax Deducted at Source), it might sound a bit confusing. But don't worry—this guide will explain everything about TDS on salary, how it's calculated, and how it affects you. Whether you're employed, a business owner, or just interested in taxes, this article will break down the details in a simple and easy-to-understand way. What is … [Read more...] about Complete Guide to TDS (Tax Deducted at Source) on Salary
Income tax Surcharge – Applicability and Marginal Relief
Surcharge is an additional charge levied on tax if income or turnover crosses a limit as specified in tax law. They are used to ensure that the rich contribute more to the tax kitty than the poor. Currently for financial year 2016-17, surcharge is levied at the rate of 15% of tax, if income exceeds 1 Crore rupees in case of an individual, HUF, AOP, BOI or artificial … [Read more...] about Income tax Surcharge – Applicability and Marginal Relief
When to file company tax return and which form to use
Companies in India are required to file tax return by September 30th of the year following the close of its tax year. If you have incorporated a private or public limited company then also September 30 is the due date for filing income tax return (ITR). Therefore if income is earned for the financial year 2018-19 then company tax return for the same year has to be filed on or … [Read more...] about When to file company tax return and which form to use
Corporate Tax Rate in India for Financial Year 2017-18 and 2016-17
A resident company in India is taxed on its worldwide income where as a non-resident company is taxed only for its income received in India. Companies must pay income tax on their taxable profit based on the rate of tax applicable to the financial year. If you are a new company, one of the first things you should do is to register with income tax department by applying for a … [Read more...] about Corporate Tax Rate in India for Financial Year 2017-18 and 2016-17
Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual
Budget 2017 has proposed to change the tax rates for the previous year 2017-2018 i.e. assessment year 2018-2019 by keeping income tax slabs unchanged. Existing rebate available under section 87A is also proposed to be reduced from existing Rs. 5000 to Rs. 2500. In India, tax is calculated according to the income tax slab rates for different age groups announced by the … [Read more...] about Income tax slab rates for PY 2017-18 (AY 2018-19) – For Individual