Category Archives: Income

Employees Provident Fund (EPF)

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Provident Fund is a scheme designed and controlled by Government of India for the Indian taxpayers. The primary purpose of this scheme is to secure post-retirement tenure of taxpayers. Investment in Provident Fund is classified in 2 broad types- Employee’s Provident Fund (EPF) – For salaried taxpayers only. Public Provident Fund (PPF)… Read more »

Did you receive a gift from your employer? Do remember to pay tax

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Many companies gift their employees with Smartphones, tablets, laptops etc. as a reward for their endeavours. Employees may also receive free holiday, bonus or a performance increment, as gifts. However, employee should remember that such gifts are absolutely taxable if the monetary value of gifts exceeds  a certain limit. Income Tax Act provides… 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 »

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 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 »

How is HRA calculated for shared flat?

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If you are living with your friends, colleagues or others in a shared flat, you can avail HRA benefit in proportion of rent that you are paying. HRA could be claimed in your Income-tax return only if you have submitted rent receipts to your employer. Hence you need to make sure that you… Read more »

How is Agricultural income taxed?

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Agricultural income is not taxable in India. Hence, taxpayers who having agricultural income as the only source of income are not required to file their Income-tax return. However if taxpayer is earning any other income besides agricultural income like salary, house rent, business income etc., then he is required to… Read more »

Partial taxation of Agricultural income

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There are some businesses which include some activities as Agricultural and some as non- agricultural. However the problem arises in taxation as to how much portion is to be treated as Agriculture and how much as non-agriculture. Hence Income-tax Act, 1961 has given some percentage where some part is treated… Read more »