Income Tax

After complete filling of your ITR1, on the last page, a verification portion is required by the Taxpayer. It looks like: First Block of the form by default left filled from the information of your PAN card. The Second Block “I further declare that I am making returns in my capacity as self/representative and I am also … Read more

Where is good news for the salaried employee, you must earn Tax-free earning up to ₹ 14,33,000/- just by managing Tax-free Segments, No need to pay Taxes? Yes, How to not pay income tax legally?. Am I writing ₹ 14 Lakhs? Yes: But how is it possible. Right salary structure and investment in right tax … Read more

Section “80C” which is the most widely used section of the Income Tax Act and the deductions available, there is various subsection available in this segment. Under this guide, we will understand all about income tax deduction under section 80C, 80CCD, 80CCC & 80CCG. Whether the taxpayer filling there returns in ITR I to V, the … Read more

Talking about an individual or Hindu undivided family, after ITR I, filling of ITR IV comes into play for business or professional, the question is How to file ITR 4? Before the commencement of this article, we like to discuss one of the important doubt every taxpayer facing: What is the difference between ITR – 4 and ITR … Read more

Every individual or Hindu undivided family (HUF) are worried about taxable income, some of you are not aware of the exempt income option ITR1 under section 10 which was only (for reporting purpose in ITR 1). In this article, we will understand the objectives of the portion exempt income for reporting purposes. Exempt income (for reporting purposes) … Read more

Under section 80dd income tax deduction act, the taxpayer avails the tax benefit of expenditure made against disabled family member dependent on them. There is a separate slot available in ITR form (changed from FY 2017-18) to enter the amount u/s 80DD. The person is dependent with a disability – What does it mean u/s 80DD. According to … Read more

Filling of an income tax return is always a difficult task for the taxpayer, the income tax department implement some changes in the form to simplify the process for the taxpayer, this article makes you understand major changes under ITR1. You will get a detailed comparison of the new ITR1 and old ITR1. Discloser of Income Details One … Read more

The standard deduction is reintroduced in budget 2018 and amended in Budget 2019, the purpose is to replace the medical allowance and traveling allowance for the salaried. The standard deduction for ay 2019-20 for the salaried individual is effected from 1st April 2019. …..the standard deduction is allowed to deduct by ₹ 50000 from FY 2019-20 … Read more