Demonetisation and conversion of Black to White money and penalty

After Demonetisation on 8th november, also called surgical strike on black money many people have lost their sleep. People are looking at ways to convert their black money to white. They are all searching ways to minimise penalty and also avoid income tax. Impact of Demonetisation on 122 crore Indians Out of … Continue reading

Income tax calculator for Financial year 2015-2016

Income tax calculator for Financial year 2015-2016   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. Download Income Tax Calculator for Year 2015-2016  : You can … 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

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

Section 80EE Additional Deduction of Interest upto Rs.1 Lakh on Home Loan for First Home Buyer

In Budget 2013, New Section 80EE, has been introduced. Benefit of section 80EE is available for new home loan buyer Highlights of Section 80EE are: Additional deduction is available to only Individuals. Benefit of Section 80EE available only, if you have no existing house, in your name. You have bought a new house, … Continue reading