Income Tax Rates for AY 2019-20 (FY 2018-19)

income tax rates

Income Tax Rates for the Assessment Year 2019-20 (applicable on income earned during 01.04.2018 to 31.03.2019) for various categories of Indian Income Tax payers. 1. Income tax rates for the individual (resident or non-resident) or HUF or Association of Person… Continue Reading


Things You should Know Before Filing Your Tax Return


Filing your tax return for the first time? Here are the things you should know before filing your income tax return. 1. Eligibility and Deadline to File Tax Return Taxable income of an individual exceeds Rs.2.5 lakhs in a particular… Continue Reading


7 Avenues to save tax under Section 80C

7 avenues

Tax saving investments made during a financial year can be claimed as the deduction under Section 80C for that financial year. In this article, we are discussing 7 avenues to save tax under Section 80C of the Income Tax Act.… Continue Reading


Income Slab & Tax Rates for AY 2018-19/FY 2017-18

Tax Rates

Income Tax Rates for the Assessment Year 2018-19 (applicable on income earned during 01.04.2017 to 31.03.2018) for various categories of Indian Income Tax payers. 1. Income tax rates for individual (resident or non-resident) or HUF or Association of Person or… Continue Reading


Post Office Tax Saving Investment Schemes

Post Office

Post Office Savings Schemes offers Savings Account Recurring Deposit (RD) Account Time Deposit (TD) Account Monthly Income Scheme (MIS) Account Public Provident Fund (PPF) Account National Savings Certificates (NSC) Senior Citizen Savings Scheme (SCSS) Account Kisan Vikas Patra (KVP) and… Continue Reading


Which ITR Form should I file? – Types of ITR Forms


The taxpayer has to communicate the details of his taxable income to the Income-tax Department. These details are communicated to the Income-tax Department in the form of return of income. Different ITR forms are prescribed for different classes of taxpayers.… Continue Reading


Tax on Income from Other Sources


Income from Other Sources Income from other sources is the residual head of income. Hence, this head includes income which cannot be accounted for under any other head of income viz. Income from Salary, Income from House Property, Profits and… Continue Reading


How to Calculate Income from House Property

House Property

Income from house property means the income earned from a property by the assessee. House property consists of any building or land attached to the building. House property includes any building (house, office building, warehouse, factory, hall, shop, auditorium, etc.(… Continue Reading


Computation of Total Income and Tax Liability of Individuals

Total Income

The total income of an individual is arrived at after making deductions under VI-A from the Gross Total Income. Income to be considered while computing Total Income of Individuals Capacity in which income is earned by an individual Treatment of… Continue Reading


ITR 4 Income Tax Form


ITR 4 is an Income Tax Return form for individuals and HUFs who have income from proprietary business or are carrying on a profession. A shopkeeper, a doctor, a tutor, a retailer, a wholesaler, an insurance agent, interior decorator or… Continue Reading


Computation of Taxable Income from Salary


Every payment made by an employer to his employee for service rendered would be chargeable to tax as income from salaries. The term ‘salary’ for the purpose of Income-tax Act, 1961 will include both monetary payments (example: basic salary, bonus, commission, allowances, etc)… Continue Reading


Unexplained Cash Credits – Section 68

Cash Credits

Any sum found credited in the books of the assessee, for which he offers no explanation about nature and source thereof or the tax authorities are not satisfied by the explanation offered by the taxpayer, are termed as cash credits.… Continue Reading


How to Calculate and Pay Advance Tax

Advance Tax

As per section 208 of Income Tax Act, 1961, every person whose estimated tax liability for a financial year is ₹10,000.00 or more, shall pay his tax in advance, in the form of ‘Advance Tax’. Person not Liable to Pay… Continue Reading


Income Tax Deductions Section 80C to 80U


Section 80C to 80U of the Income Tax Act, 1961 provides provisions for tax deductions from your gross total income. You can claim deductions for amounts spent in tuition fees, medical expenses and donations. Also, you can invest in various schemes such… Continue Reading