Income Tax

‘I have earned income from sale of shares during the Financial Year 2014-15. What would be the tax implication on this?’ is the most common question I encounter during tax filing season every year. The summary tax provisions for sale of shares or mutual funds are listed below. Hope this …

Some of the cases where taxpayers ‘took chance’ while filing the returns are listed below. Check whether you have done these ‘tempting mistakes’! Salary from two employers – Mr.Prasanna had worked in Selfie Software till August 2014, before he joined Centura Techno. Thus for the Financial Year 2014-15, he has …

  For the last 15 days, I would have got at least 10 queries about TDS on withdrawal of Provident Fund. Here is how the question goes ‘my employer is asking me to submit by name Form 15G. If I won’t submit, they deduct tax it seems. Can you help …

  Central Board of Direct Taxes (CBDT) has notified new Income Tax Return (ITR) forms for Assessment Year 2015-16 (means Financial Year ending 31st March 2015). Compared to the forms of the previous year, a few changes have been made in new set of form. Here is a small quiz to …

  CBDT has notified Income Tax Return (ITR) forms for AY 2015-16. As usual, there are many forms are released. The taxpayers have to correctly choose the relevant form and file the return. Which form to be used? Here is the simplified version.   I am a salaried employee. Which …

Mr.Ramakanth, a Non Resident Indian (NRI) working at USA is holding Non-Resident Ordinary (NRO) Account in State Bank of India. During the Financial Year 2014-15, he has earned Rs.16000 towards interest on NRO Savings Account. He wants to know the eligibility of claiming deduction u/s 80TTA.   Deduction U/s 80TTA …

‘How come I received an income tax notice this year? I have been filing my returns for the last 10 years. So far, I didn’t get any notices. Has someone has tipped the department to take up my case for scrutiny?” are the questions asked to us by one of …

Permanent Account Number (PAN) is a ten-digit alphanumeric number by the Income Tax Department, allotted to any “person” who applies for it. PAN enables the department to link all transactions such as Income Tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence, and so on. PAN, thus, acts as …

Central Board of Direct Taxes (CBDT) has notified new Income Tax Return (ITR) forms for Assessment Year 2015-16 (means Financial Year ending 31st March 2015). Compared to the forms of the previous year, a few changes have been made in new set of form. We have compiled the key changes …

I come across queries about tax payable on sale of a flat or a house. Generally, people have a good understanding about capital gain taxes. However, when it comes to the actual transaction, they seek professional help. Broadly, the scope of capital gain tax is covered in this article. Hope …