Income Tax Articles

All about IT Form 16 for salaried employee

CA SONIYA AGARWAL 24 July 2015 at 10:57

What is Form 16:- If you are salaried employee in an organization, then you will get the salary after deducting tax by the employer. Therefore Form 16 is a certificate issued to you by your employer stating the Personal details of the Employee includ

Points to be considered by a taxpayer before filing an ITR

CA ANKIT GUPTA 24 July 2015 at 10:56

1. Due Date of Filing of Income Tax Return is proposed to be extended to 31 August �2015 in respect of Assessment Year 2015-2016. 2.The maximum amount of deduction available under Chapter VI A has been extended from Rs.1,00,000 to Rs.1,50,000

TDS on Interest other than Interest on Securities 194A

CMA Poornima Madhava 23 July 2015 at 10:33

Any person (not being an individual/HUF*), responsible for paying to a resident any income by way of interest other than interest on securities, is responsible to deduct tax at source and deposit the same to the Government Treasury within the time st

Indispensable components in the salary

Ravi Dasija 23 July 2015 at 10:17

Income Tax!! Not only is it a major expense but also an unavoidable one for each person to bear. And if you draw a salary, your tax expense is probably the highest.Imagine, yo

Income tax deduction in India

Neeraj Sharma 17 July 2015 at 11:11

Every individual who earns an income in India is supposed to pay Tax on the Income earned by him during that financial year to the government of India. Calculation of the Income Tax to be paid by an individual is a cumbersome process. The government

How to e-verify ITR with the help of EVC

SAMEER AHMED 17 July 2015 at 11:02

Source:-The Notification No.2/2015 on dated 13.07.2015The Notification will come into effect from the date of issue.By this notification the process of verification after e-filing of any Income tax return has been modified only.Before this notificati

New to income computation and disclosure standards (ICDS)? Here's what you need to know

Karan Khatri 15 July 2015 at 10:36

INTRODUCTIONBackgroundSection-145(2) of Income tax Act, 1961 empowers Central Government to issue Income Computation and Disclosure Standards (ICDS).Key Features of ICDS Effective Date of ICDS is 01stApril, 2015e. AY: 2016-17 onwards. ICDS applicable

Bhaijaan, TDS se kar lo Pehchaan

CA Umesh Sharma 13 July 2015 at 10:45

Karneeti Part 106Bhaijaan, TDS se kar lo PehchaanArjuna (Fictional Character): Krishna, the festival of Eid is approaching. But the Taxpayers are in a rush of filing TDS returns. As the due date of TDS returns and the auspicious festival of Eid have

Section 80C simplified. (A summary view)

CA. AJAY PANCHARIA 13 July 2015 at 10:45

DEDUCTION UNDER SECTION 80 C F.Y. 2014-15(A.Y. 2015-16)(AN INVESTMENT LINKED DEDUCTION) 1. LIMIT:With effect from 01-04-2015 the maximum allowable limit is extended to Rs.150000 from the previous Rs.100000.2. MAJOR INVESTMENT AREAS: Followi

Filing ITR of AY 2015-16

CMA. CS. Sanjay Gupta 11 July 2015 at 11:16

Obligation to file Income Tax Return Every individual whose total income before allowing deductions under Chapter VI-A of the Income-tax Act 1961, exceeds the maximum amount which is not chargeable to income tax is obligated to furnish his return of