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Income Tax Deductions Section 80C

Section 80C

You can claim ₹150,000.00 as deductions under section 80C of Income Tax Act 1961. That is, you can reduce up to ₹150,000.00 from your total taxable income through Section 80C. This deduction is allowed to an individual and an HUF.… Continue Reading

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Best 5 Tax Saving Investments

Tax Saving Investments

Tax Saving Investments Investments in tax saving investments can claim deductions under section 80C of income Tax Act 1961. The maximum deduction is allowable under this section is ₹150,000.00. If you are investing in following investments, you can claim deductions… Continue Reading

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Deduction 80D: Tax Benefits on Health Insurance

Health insurance policy not only gives insurance cover to a taxpayer but also provides certain tax benefits. Health insurance or Medi-claim policy is a must for all because should you fall sick or meet with an accident, your medical bills… Continue Reading

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What is Income Tax Form 16?

Form 16 is a certificate or a document issued by companies to their salaried individual in India. The certificate carries all the required details that help the employee in filing their tax returns with Income Tax Department of India. The… Continue Reading

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ELSS – Save Tax & Earn Higher Return

ELSS – Equity Linked Savings Scheme is a diversified equity mutual fund which has a majority of the corpus invested in equities. This type of mutual fund has a lock-in period of 3 years. This means if you start a… Continue Reading

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AS 1:Disclosure of Accounting Policies

Disclosure of Accounting Policies

AS 1: Disclosure of Accounting Policies The Accounting Policies are vary from enterprise to enterprise. The purpose of Accounting Standard 1:Disclosure of Accounting Policies, is to promote a better understanding of financial statements by requiring disclosure of significant accounting policies… Continue Reading

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Indian Accounting Standards

Accounting Standards

What are Accounting Standards? Accounting standards are written policy documents issued by government or expert institutes or other regulatory body covering various aspects of recognition, measurement, treatment, presentation and disclosure of accounting transactions in the financial statements. Indian Accounting Standards … Continue Reading

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ITR 1 Sahaj Income Tax Form

ITR 1 Sahaj form has been released by Income Tax Department of India. ITR 1 Sahaj is the income tax return for salaried individuals. Individuals having income from salary, pension and interest income can use this form. Also Read: 7… Continue Reading

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AS 3 – Cash Flow Statements

Cash Flow Statements are the summary of inflows (receipts) and outflows (payments) of cash and cash equivalents during an accounting period. Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term, highly liquid investments that are… Continue Reading

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Income Tax Rate AY 2016-17/FY 15-16

Income Tax Rate

Income Tax Rate for the Assessment Year 2016-17 (applicable on income earned during 01.04.2015 to 31.03.2016) for various categories of Indian Income Tax payers. Income Tax Rate 1.Individual (resident or non-resident) or HUF or Association of Person or Body of… Continue Reading

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ITR Forms AY 2016-17/FY 2015-16

ITR Forms has been released by the Income Tax Department of India for the Assessment Year 2016-17 i.e. Financial Year 2015-16. All taxpayers having income more than Rs. 5 Lakhs are required to submit their tax return online. There are different ITR… Continue Reading