In this article we are going to discuss everything about perquisites. What is meant by perquisite? What is its taxability? We will be discussing all these aspects in a step by step manner. First of all let us understand the meaning of perquisite. Perquisites, also known as perks, are the benefits that are provided … Continue reading “Tax on perquisites – How is benefits from your employment taxed?”
Did you know? Mytaxreturns automatically decides which ITR Form should be applicable for you and files your return to the Income Tax Department. It just takes 4 simples steps and 5 minutes! Click here to Start! The Income Tax Department has released ITR Form-3 which is relevant for Assessment Year 2017-18 (Financial Year 2016-17). … Continue reading "Detailed guide to file ITR Form 3 – applicable for AY 2017-18 (FY 2016-17)"
Did you know? Mytaxreturns automatically decides which ITR Form should be applicable for you and files your return to the Income Tax Department. It just takes 4 simples steps and 5 minutes! Click here to Start! The Income Tax Department has released a new Income Tax Return (ITR) Form-2 which is relevant for Assessment … Continue reading "Detailed guide to file ITR Form 2 – applicable for AY 2017-18 (FY 2016-17)"
Did you know? Mytaxreturns automatically decides which ITR Form should be applicable for you and files your return to the Income Tax Department. It just takes 4 simples steps and 5 minutes! Click here to Start! What is ITR-4 (Sugam)? CBDT in its press release dated March 31, 2017 notified ITR Form 1 and ITR … Continue reading "Detailed guide to file ITR Form 4 (Sugam) – applicable for AY 2017-18 (FY 2016-17)"
Did you know? Mytaxreturns automatically decides which ITR Form should be applicable for you and files your return to the Income Tax Department. It just takes 4 simples steps and 5 minutes! Click here to Start! What is ITR-1 Sahaj? CBDT in its press release dated 31st March 2017 notified ITR Form 1 and ITR … Continue reading "Guide to file new ITR Form 1 Sahaj – applicable for AY 2017-18 (FY 2016-17)"
The Government of India levies income tax on all income other than agricultural income (subject to certain provisions of the Income Tax Act, 1961). Income tax is levied on each person (who is subject to tax) based on various provisions of the Income Tax Act, 1961. The Government of India has several mechanisms through … Continue reading “How should you pay income tax?”
Under the income tax law, whenever any person deducts TDS while making payment to another person, the deductor is required to issue a certificate evidencing the tax deducted at source. Form 16 is a TDS certificate for salary payments while Form 16A is a certificate issued for all forms of payment (other than … Continue reading “Difference between Form 16 and Form 16A?”
If you are a salaried employee, you must be aware that at the end of each year your Employer issues you a document titled as “Form 16”. In brief, Form 16 is a document that an employer issues to the employee when the employer deducts TDS on salary payments. This is because, when an … Continue reading “What is Form 16?”
If you are filing the income tax return, you must be aware that once you file your income tax return online, an acknowledgement is generated (called as ITR-V), which is required to be signed and sent to the income tax department to the following address: Income Tax Department – CPC, Post Bag No – … Continue reading “Points to take care while sending your ITR-V to the Income Tax Department”
Financial year 2016-17 is about to come to an end. As we reach March 31, 2017, completing your tax saving investments must be on your priority list. If you are an income earner with a total income of more than INR 2,50,000, you must be aware that you are subject to income tax. But … Continue reading “Best tax saving investments – EPF vs PPF vs ELSS vs FD vs NSC”
