11 02, 2017

What is Presumptive Income? How To File Presumptive Income in FORM 4S?

In order to bring the small taxpayers, who earlier didn’t pay taxes and don’t have the resources to maintain the books of accounts, into the income tax net can opt for the Presumptive Taxation Scheme. Under this scheme, a fixed percentage of accrued gross receipts is considered as the income and is also chargeable to tax. This [...]

10 02, 2017

How to get Tax refunds in just 7-10 days through E-filling ?

What is revenue enhancement Refund? An revenue enhancement Refund may be a refund that is issued to the payer by revenue enhancement authorities once his liabilities is a smaller amount than the particular taxes he paid. Who is Eligible for Tax Refund? There are many things wherever an individual becomes eligible for income tax refund: If [...]

10 02, 2017

What is form 26AS? How to check your tax credit statement in 26AS?

 Form 26AS, which is conjointly referred to as an Annual Statement,  is a consolidated tax statement that has all the tax connected info (TDS, TCS, Refund etc) related to a PAN. It shows what proportion of your tax has been received by the govt and is consolidated from multiple sources like your regular payment / [...]

8 02, 2017

How to compute your rental income?

Income from different Sources: Income from different sources is one in all the 5 heads of financial gain that the revenue enhancement Act, 1961 generally classifies financial gain underneath. This class includes earnings that can’t be accounted for underneath any of the opposite heads of financial gain viz. financial gain from earnings, financial gain from [...]

8 02, 2017

What are the documents required to file ITR?

According to section 139(1) of the Income Tax Act, 1961 in India, any individual whose total income during the previous year is greater than the maximum amount not chargeable to tax, are liable to file their income tax return (ITR).This article however focuses on the documents that are required to file income tax return. Who should [...]

8 02, 2017

What is ITR 1 Sahaj form? How to use is to file only your salary income?

What is the ITR-1 Form? The ITR-1 type, conjointly referred to as Sahaj (meaning simple in Hindi), is that the taxation cum  type for salaried people (i.e. salary/pension/family pension and interest income). The date of filing the ITR-1 type for the year 2015-16 is thirty one July, 2016. Who is eligible to file the ITR-1 [...]

15 09, 2016

Income Declaration Scheme 2016

With the Income Tax Department discovering Rs. 43,000 crore of undisclosed income in the last two fiscal years and the problem of black money still prevalent in India, the Ministry of Finance on 11th of May introduced the Income Declaration Scheme 2016 in a bid to tackle the problem. So, what is the Income Declaration [...]