Cost Inflation index for year 2014-2015 is 1024

The Central Board of Direct Taxes (CBDT) has specified a value for the cost inflation index (CII) for 2014-15. A cost inflation index helps reduce the inflationary gains, thereby reducing the long-term capital gains tax payout for a taxpayer. Last year, the index was ‘939’, and this year it is … Continue reading

Income Tax Form for Assessment Year 2014-2015

Income tax forms for Assessment year 2014-2015 is released by income tax department. For Assessment year 2014-2015, every person (not being a co.) to e-file (Electronic Income tax Return) the income tax return if its total income exceeds Rs. 5,00,000. While filing the return care should be taken to ensure that you select correct … Continue reading

Who Can Use Itr 4S (Sugam) For Online Income Tax Return Filing?

New Income tax form for Assessment year 2013 -2014 are released by Income Tax Department. It is important that correct income tax form should be selected for filing income tax return. Selecting correct income tax form will ensure that you return are processed timely and you get income tax refund … Continue reading

How to File Income tax return and avoid common Mistakes

Income tax Return for Assessment year 2013-2014 has started. Before filing income tax return, following things documents need to be arranged: 1) Form 16 from your employer, in case of Income Tax Return of Salary. 2) Interest Certificate (Form 16A) from Banks and Other Financcial institutions 3) Form 16A in case … Continue reading

Who Can Use Itr 2 For Online Return Filing?

New Income tax form for Assessment year 2015 -2016 are released by Income Tax Department. It is important that correct income tax form should be selected for filing income tax return. Selecting correct income tax form will ensure that you return are processed timely and you get income tax refund … Continue reading

Who can use ITR-1 form for filing income tax return?

ITR-1 Form (or called as SAHAJ) is very simple and easy to use Income tax form. Who can use the ITR-1 Form for Previous Year 2014-2015 ( AY 2015-2016) ITR–1 Form is to be used by an Individual having income from following sources: Income from Salary/ Pension Income from One … Continue reading

Income Tax Calculator for Year 2013-2014 (Assessment Year 2014-2015)

Income tax Calculator for Financial year 2013-2014 (Assessment Year 2014-2015) Please feel free to use Income tax Calculator. For convenience of Tax Payers we have made this in excel. This completely downloadable and you are free to share with your friends and relatives. Income Tax Calculator: Download Free excel based … Continue reading

Section 87A gives Income tax Rebate/Credit of Rs 2000 for individual whose income is less than Rs 5 lac

Budget 2013 has introduced new Section 87A. This Section gives Extra Income tax rebate of Rs 2000/- to Resident Individuals whose Total Income is less than Rs 5,00,000/- Conditions to be fulfilled for availing Extra Income tax rebate: 1) Extra rebate u/s 87A is only available to Individuals. This rebate … Continue reading

Form 15G and 15H and help you save Income tax

Form 15G and Form 15H can help save TDS on fixed deposit you have made with your bank and Financial Institutions. 15G and 15H are declaration signed by individuals and HUF that their Gross Total Income, is less then exemption limit. Main difference between these forms is – form 15G … Continue reading