Category Archives: Taxation

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 »

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 »

Deduction on Stamp Duty and Registration Charges paid for buying a House Property

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When  a person sets out to buy a property apart from the exorbitant property rates he also has to bear Stamp duty and Registration charges. In order to reduce some burden, Government has provided deduction under section 80C for Stamp duty and Registration charges of property , paid by them…. Read more »

Interest payable for non payment of Advance tax (Section 234B)

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Taxpayer is required to pay an Advance tax in the current Financial year if his tax liability of the previous Financial year was more than Rs. 10,000/-. Income-tax department has provided quarterly due dates for payment of advance tax in case of individual taxpayers. Click here to know about the… Read more »

Interest payable for non filing of Income-tax return (Section 234A)

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Income-tax return for F.Y. 2015-16 is required to be filed within the following due dates- Particulars Due date Company 30th November Taxpayer who is having Tax audit for his business 30th November Other taxpayers 31st July If the Income-tax return is not filed within these due dates, taxpayer is required… Read more »

Types of Income-tax

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Income-tax is the main source of revenue for our government. As the name suggests, Income-tax refers to tax charged on income. It is a direct tax. Every taxpayer, whose income is more than basic exemption limit, is required to pay Income-tax on his income. In India, Income-tax is charged as per the slab… Read more »

How to pay taxes?

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The Taxes can be paid by a taxpayer through any one of following modes: Through Bank (physical), Online payment. Paid Through Bank: The taxes due can be paid through specified branches of nationalized banks. A challan is required to be filed by taxpayer specifying his PAN, name, Assessment Year and amount of… 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 »