Category Archives: How to?

Loss from “Income from other sources”

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Loss, in simple terms, means excess of expense over income. Loss arises when income earned during the financial year by the taxpayer is less than the expenditures incurred by him during the year. There might be house property loss or capital loss or loss from business/profession/other income. Losses under “Income… Read more »

Loss from Business/Profession

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Loss, in simple terms, means excess of expenses over incomes. Loss arises when income earned during the financial year by the taxpayer is less than the expenditures incurred by him during the same year. There might be house property loss or capital loss or loss from business/profession/other income. Losses under… Read more »

Adding Savings Bank Interest in your Income-tax return

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Generally taxpayers do not evaluate or disclose interest earned from saving bank account while filing Income-tax returns. It is taxable under ‘Income from other sources, however savings bank interest is exempt upto Rs. 10,000/-. It is always better to disclose this and take advantage of deduction available under section 80TTA. Click… Read more »

Is Minor child’s Income taxable?

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As per the general principles of tax laws, a child who is below 18 years of age is said to be a minor. Many a times, people are confused about whether minors are liable to pay Income-tax or not. Let us make it simple to understand. A minor child may be… Read more »

Make sure you enter your name is correct in your Income-tax return!

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What’s the big deal in entering the name correct in your Income-tax return. Well, many a times, it happens that Income-tax return does not get through, just because of incorrect name. Wrong name does not only mean wrong spelling, it means that name in the Income-tax return should match with… Read more »

Checklist of documents required for Tax saving investments

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It is a good habit to maintain a file or a folder of documents required for Income-tax return filing as well as for tax saving investments. If documents are already submitted to the employer for claiming deductions and he has issued Form 16, then it may not be necessary to… Read more »

Living in a rented apartment? Hope you have taken your landlord’s PAN

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Finding a rented place for living is not an easy task, we should atleast not let go off the perks involved like HRA exemption. As far as taxation is concerned, various things such as rent agreement, HRA benefits, TDS provisions on payment of rentals etc are all taken care of. However many… Read more »

Am I required to submit Documents/Proofs with Income-tax Return?

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Are taxpayers required to submit any document or evidence with Income-tax return? The answer is No! The Income tax department has made the return filing process quite hassle free. It requires the taxpayer to file an annexure less return. It is advisable to maintain a file of documents year-wise arranged.This… Read more »

How to check online status of your ITR-V?

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To check the status of  return filed? Follow the steps given below: Step 1- Go to  www.incometaxindiaefiling.gov.in .There is no need to login. Just click on “ITR-V receipt status” given on left side of the Home Page. Step  2:  There are two options available. Enter the e-filing acknowledgement number of… Read more »

How to file return without a Form 16?

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For a salaried individual, Form 16 is very important for filing Income-tax return. What is Form 16?. In simple words, Form 16 is a TDS certificate which gives all information about salary, tax liability and the tax deducted at source (TDS) from income chargeable under the head “salaries”. It may… Read more »