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Tax on Income from Other Sources

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

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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

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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

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ITR 4 Income Tax Form

ITR 4

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

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Computation of Taxable Income from Salary

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

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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

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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’. Also Read: 7 Easy Steps… Continue Reading

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Income Tax Deductions Section 80C to 80U

Deductions

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 on tuition fees, medical expenses and donations. Also, you can invest in various schemes such… Continue Reading

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ITR 3 Income Tax Form

ITR 3

ITR 3 return form is used by an individual or a HUF who is a partner in a firm and not carrying out business or profession under any proprietorship. Also Read: 7 Easy Steps to e-file your Income Tax Return… Continue Reading

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Introduction to Capital Gains

capital gains

Any profits or gains arising from the transfer of a capital asset effect in the financial year will be chargeable to income-tax under the head Capital Gains. Capital Assets Capital assets include the following: Any kind of property held by… Continue Reading

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ITR 2A Income Tax Form

ITR 2A

ITR 2A is an income tax return form for individuals and HUFs who have salary income and own more than one house property and do not have capital gains. Who is eligible to file using the ITR 2A form? This… Continue Reading

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How to Pick a Mutual Fund

Mutual Fund

Many investors try to pick the mutual fund based solely on the fund’s past performance. However, the advertised stellar performance is not a guarantee of future success, especially when it comes to relatively new or small funds. When you pick a… Continue Reading

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Income Tax Form ITR 2

ITR 2

The ITR 2 form is the income tax form for individuals and HUFs who do not have income from business and profession. The due date of filing the ITR 2 form with Income Tax Department is 31 July every year. The… Continue Reading

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TDS – Tax Deducted at Source

TDS

TDS is means of indirect tax collection by the income tax authorities in India, under the provision of the Income Tax Act, 1961. TDS is managed by the Central Board of Direct Taxes (CBDT) and is part of the Department… Continue Reading

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Form 15G and Form 15H to Save TDS on Interest Income

Form 15G and Form 15H are self-declaration forms required to be furnished by the assessee to the bank. Bank will deduct TDS when the interest income is more than ₹10,000.00 in a year. You can submit Form 15G or Form… Continue Reading

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Start Your Tax Planning Early

Tax Planning We often make the mistake of investing at the last hour when our company asks for proof. Don’t delay it, start tax planning now. Early tax planning will also ensure that you fully acknowledge and understand your financial situation,… Continue Reading