Income Tax

How to Calculate Advance Tax?

Advance tax calculation is very simple as every layman can do it without difficulty. First of all, you should know that advance tax is paid in installments as we have discussed in previous article. Secondly, you should know that are you liable to pay advance tax, if yes, then this article is for you if not then you should read ...

Read More »

Am I Liable to Pay Advance Tax for A.Y. 2016-17?

In the previous article, we have conversed about the Advance Tax Payment Due Dates. However, readers also searching and asking questions and queries on “People who are responsible to pay advance Tax.” The article may be the perfect answer of the question that “Am I liable to pay advance tax?” We will also provide the latest amendment associated to the ...

Read More »

Income Tax Calendar 2015-16, Income Tax Due Dates, Deadlines

Income Tax Calendar 2015-16, Income Tax Due Dates, Deadlines: Find all the income tax due dates, last dates, deadlines for the period from 1-4-2015 to 31-3-2016 (A.Y.2015-16). The due dates includes all TDS Returns, TDS Statements, income tax returns, income tax payments & TDS certificates along with form name and period. The assessee can find their obligation toward income tax ...

Read More »

ITR Forms A.Y. 2015-16: Which Form is Applicable for Me?

What are ITR Forms: ITR Forms (A.Y.2015-16) are one of the most vital documents that ensure the validity of tax payment by the assessee. The term ITR is used an abbreviation for ‘Income Tax Returns’ and hence is used in a short form for denoting the forms through which one can submit his returns. In this article we will discuss about ...

Read More »

Download ITR-4 & ITR-4S Form for A.Y. 2015-16 (F.Y.2014-15)

The persons who are searching to download ITR-4 Form for A.Y.2015-16 & A.Y.2014-15 come at right place. We have mentioned here the link of ITR-4 in excel utility/format and PDF format. Every individual, be it the resident or the non resident of India needs to file an income tax return ( ITR ), if he/she has a gross total income ...

Read More »

Download ITR-1 Form A.Y.2015-16: Income Tax Return For Salary Income

As you all know that you have to file income tax return of salary for the A.Y.2015-16 for the period of 1-4-2014 to 31-3-2015. The last date to file salary income tax return is 31st July, 2015 (extended up to 31st Aug, 2015) as per the date mentioned in the Income Tax Obligation Calendar for A.Y.2015-16. So you have to ...

Read More »

ITR 2A Form Notified to Simplify Process of Filing IT Return

The Government will introduce two new ITR Form to simplify the process of filing income tax return. ITR 2 & ITR 2A has bee revised as per the new simply filing process. The forms has only three pages and some schedules that to be required to fill up by the asseseee. Other forms like ITR 4 & ITR 4s will ...

Read More »

Which ITR Form to File for A.Y.2015-16 & A.Y.2014-15?

itr1

There are 7 income tax return forms ITR-1 to ITR-7 with acknowledgement. So it is not an easy task for asseesee to know which ITR form to file. Here we’ll try to give answers all of your question related to income tax return form i.e. which form I will use to file my income tax return? Should I file income ...

Read More »

ITR Form 4S (A.Y. 2015-16) How to fill and who can use it?

As per the latest Income Tax Rules in India, ITR Form 4S has been introduced with a view to facilitate taxpayers who are unable to maintain their books of accounts and who compute their payable tax under Section 44AD by paying 8% of Business’ TT (total turnover). This type of tax payment is mainly done on the basis of presumptive ...

Read More »

Income From House Property: Deductions & Tax Planning

Income from house property is taxable in the hands of its owner. We will talk here about the deduction and income calculation from let-out property and self occupied property.  Deduction from Let-out (or deemed to be let-out) Property Standard Deduction: The total deduction is available is 30% of the net annual value of the property. Interest on Borrowed Capital: Any repair, acquire, ...

Read More »

Which Way I should File Income Return? Online, Offline or by TRP?

incometaxreturn

Most confusing question in the mind of tax payer or assessee is ‘how to file income tax return online, offline or TRP Scheme?’. We are giving here the detail about the ways to file income tax return. You can choose whatever way you want. But you must file income tax return online if you comes under the provisions. Otherwise you ...

Read More »

Tax Deduction on Home Loan Interest [Sec.80EE] (A.Y.2015-16)

The ‘Make in India’ Budget 2015 came with numerous benefits for the citizens. The Finance Minister of India added a new section to the Income Tax Act known by SEC 80EE. The section deals with offering additional deduction to the taxpayers by allowing them to make adjustments for interest of home loan or any other form of loan taken with ...

Read More »

Download ITR-2 Form for A.Y. 2015-16: Income Tax Return Form

The ITR form-2 has been issued by the income tax department for the A.Y. 2015-16 & F.Y.2014-15. The persons who are liable to file income tax return through ITR-2 should download the ITR 2 form in Excel utilities or PDF file as the case may be. The person who wants to file income tax return online should download the ITR-2 ...

Read More »

Easiest Way to Calculate HRA Exemption

House Rent Allowance is normally called HRA by the assesee. The HRA means House Rent Allowance received by you from employer in respect of residential accommodation occupied by you. So in simple words the employer will pay you the rent which you are paying for your rented accommodation. Most of the assesees confuse over the liability of tax payable for ...

Read More »

Tax Planning for Senior Citizens (A.Y. 2015-16 and A.Y. 2014-15)

Tax Planning for  Senior Citizens A.Y. 2015-16 and A.Y. 2014-15: The category of senior citizens has been under the purview of income tax from a very long time. However, there has been certain relief that has been provided to them when it comes to imposing taxes on their income. A person is regarded as a senior citizen if the person ...

Read More »

Deduction U/S 80DD: Medical Treatment of Handicapped Dependents

As we have discussed earlier about deduction under section 80C, 80D, 80CCC, 80CCD and other deduction. Here, we’ll talk about deduction under section 80DD related to medical treatment etc and deposit made for the maintenance of handicapped dependents. You should read the complete article to know the latest provision related to A.Y. 2015-16 and A.Y.2014-15. Who is allowed to get ...

Read More »

Total Deduction Allowed u/s 80C, 80CCC and 80CCD (A.Y.2015-16)

The most common questions asked by every readers of LessMyTax that how much deduction is allowed in aggregate under section 80C, 80CCC and 80CCD? It is common because every year the limit has been changed. So there may be confusion in the mind of the people. These deductions are not allowable against any income by way of winning from lotteries, ...

Read More »

Deduction 80D Mediclaim: Health Insurance Premium Simple Guide

The person who paid medical insurance premium himself or spouse or parents or depended children can claim the deduction from total income of the person as per the instructions given below. We will discuss here the complete detail about deduction under section 80D for the A.Y. 2015-16 and A.Y. 2014-15. Who can claim deduction under section 80D? Individual and HUF ...

Read More »

15 Tax Planning Tips for A.Y. 2015-16 & A.Y. 2014-15

Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for the A.Y. 2015-16 & A.Y. 2014-15. 1) Invest in policies Policies are a prominent way to ...

Read More »

Tax Planning for Women Assessee (A.Y.2014-15 & A.Y.2015-16)

The Indian Taxation Structure is designed in such a manner that it promotes protection of the minor groups along with maintaining equilibrium in operations. The tax payer is mainly allocated into three major forms which involve Men, Women and Senior Citizens and Very Senior Citizens (A.Y.2015-16) (A.Y.2014-15) . Today, we shall take an insight into the taxation structure for the ...

Read More »

Tax Saving Schemes 2014-15 (A.Y. 2015-16)

Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. The tax saving schemes are the one of the part of tax planning. Tax planning is legal and everyone should do it ...

Read More »

Simple Guide of Deduction Under Section 80C Explained

We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions comes under Chapter VI-A from section 80C to 80U like 80HH, 80RRB, 80U and more. But this article is exclusively for the ...

Read More »

How to Deposit Advance Tax?

The procedure to deposit advance tax is similar to income tax. Advance tax is itself a income tax. We call it advance tax as we deposit it advance before due date of income tax. So the procedure is the same as income tax. You can deposit advance tax offline or online.  Offline Procedure to Deposit Advance Tax You have to fill ...

Read More »

Persons Liable to Apply PAN & Transactions Which Require PAN

Most readers of this website ask us that are they liable to apply PAN? In which transactions PAN is mandatory? As there are lots of confusion over PAN. So we sum up here complete detail about PAN that who are required to apply PAN and in which transaction you should provide PAN while making that transactions. Income Tax Asseesees According ...

Read More »

What Should I Do If Having No PAN?

As you all know that PAN is required for large banking transactions, property transactions, loans, TDS/TCS transactions and for other various income and expense payments. But you require PAN card immediately to quote on various transactions then there is problem for us. As if you are going to apply new PAN today, you have to wait for next 7 days minimum. ...

Read More »

Who Should File Income Tax Return?

Income Tax Return

Every person who has the following income need to file income tax return. Income tax return filing is a very easy process. We will cover whole procedure to file income tax return online or offline in another article. In this article we will cover the subject who need to file income tax return. You can find the answer of the ...

Read More »