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Income Tax

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Income Tax: Get tax exemption of Rs 10,000 on savings bank account interest income

May 16, 2018

Q1. I have salary income, interest from saving bank account and dividends from equity funds. For interest from bank accounts, do I have to submit proof to claim deduction under Section 80TTA? Do I…

Income Tax 2018-19 – Rates, Exemption, Deduction, TDS, and Advance Tax

May 8, 2018

Income Tax 2018-19 - Income Tax Rates, Relief, Exempted Income, Deduction, TDS & Advance Tax: INCOME TAX AY 2019-20

Income Tax – List of benefits available to Salaried Persons for Assessment Year 2018-19

May 4, 2018

List of benefits available to Salaried Persons for the Assessment year - Financial Year 2017-18 - Particulars of Income Tax benefits listed below

How to fill the new details required in ITR-1

Apr 28, 2018

The tax department has uploaded the new income tax return (ITR) Form1 or Sahaj for the financial year 2017-18 on its e-filing website. This is the form that is used by most of the salaried class to…

Tax benefits on education loan and fees; here’s all you need to know

Apr 28, 2018

A person can avail tax benefit in respect of interest paid for a loan taken for the purpose of higher education of certain relatives under Section 80E.

New Income Tax Return (ITR) Forms Released, Tax Slabs For FY 2017-18

Apr 10, 2018

The income tax department recently notified income tax return (ITR) forms for the financial year 2017-18 (assessment year 2018-19). A one-page simplified ITR Form-1 (Sahaj) has been notified.

Income Tax Standard Deduction of Rs. 40,000 applicable to Pensioners – Clarification

Apr 10, 2018

Income Tax Standard Deduction of Rs. 40,000 applicable to Pensioners - Clarification regarding applicability of standard deduction of Rs.40,000 to pension received from the former employer – Ministry…

How section 80G can help you save income tax

Apr 9, 2018

Section 80G of the income tax Act allows donations made to prescribed funds and institutions as a deduction from gross total income before arriving at taxable income.

ITR Forms for the financial year 2017-18 (A.Y 2018-19) notified

Apr 6, 2018

ITR Forms for the financial year 2017-18 (A.Y 2018-19) notified - ITR-1 one page return simplified further - All ITR Forms are to be filed online except for the income up to Rs. 5 lakh or PAN holder…

Income Tax alert! Top 3 tasks you need to do by March 31

Mar 27, 2018

As per Section 139(1) of the Income Tax Act, the due date for filing income tax return (ITR) is July 31 of every assessment year for individual / Hindu Undivided Family.

5 income tax changes which will come into effect from April 1, 2018

Mar 17, 2018

In the budget 2018 speech, Arun Jaitley introduced various tax changes which will come into effect from April 1 this year.

Income Tax Relief under Section 89 of Income Tax Act – Updated GConnect Calculator

Feb 15, 2018

Income Tax Relief under Section 89 of Income Tax Act - Income Tax Relief under Section 89 of Income Tax Act - GConnect Calculator to determine IT Relief for Arrears of Income from Salary received in…

GConnect Income Tax Calculator 2017-18 (A.Year 2018-19) with Save Option

Feb 15, 2018

GConnect Income Tax Calculator 2017-18 (A.Year 2018-19) with Save Option - Designed specially for All Central Government Employees and Pensioners launched today

GConnect Income Tax Calculator 2017-18 (Assessment Year 2018-19) for Central Government Employees and Pensioners –…

Feb 15, 2018

GConnect Income Tax Calculator 2017-18 (Assessment Year 2018-19) for Central Government Employees and Pensioners - Instant Version - Step by Step Tutorial to calculate Income Tax 2017-18

Income Tax E-Assessment System to be introduced throughout the Country

Feb 6, 2018

Income Tax E-Assessment System to be introduced throughout the Country - New Scheme for Assessment in Electronic Mode – Finance Minister

Income Tax Relief for Senior Citizens on Interest Income up to Rs. 50,000

Feb 6, 2018

Income Tax Relief for Senior Citizens on Interest Income up to Rs. 50,000 - Pradhan Mantri Vaya Vandana Yojana extended up to March 2020

Income Tax for Salaried Class – Standard Deduction introduced

Feb 6, 2018

Income Tax for Salaried Class - Standard Deduction introduced - Relief to salaried taxpayers: standard deduction of Rs 40,000 allowed in lieu of present exemptions Relief to salaried…

Income Tax Return Preparer Scheme – Notification for revision of existing scheme

Jan 31, 2018

Income Tax Return Preparer Scheme - Notification for revision of existing scheme - Amendments in the Tax Return Preparer Scheme

Issue of Income Tax Form 16 to Pensioners by Bank – Clarification

Jan 15, 2018

Issue of Income Tax Form 16 to Pensioners by Bank - Issue Certificate of Tax Deducted in Form 16 to the Pensioners - CBDT Clarification

Income Tax Exemption on Interest Paid on Housing Loan – Capped at Rs. 2 lakh for rented property also

Nov 26, 2017

Income or Loss on House Property Calculation - From the Financial Year 2017-18 Section 24 of Income Tax Act allows only Rs. 2 lakh as Exempted income / Loss allowed to deducted from Income in respect…

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