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Process of Efiling is complicated for a layman:
| Sl. No. | Form Name | Type of Person | Sources of Income (Heads of Income) | Click Icon to download Form |
| 1 | Acknowledgement | All | - |  |
| 2 | ITR-1 (SAHAJ) | Individual | Salary, Interest (Income Tax Return (ITR) Forms) | |
| 3 | ITR-2 | Individuals / HUF | Any source of Income (excluding proprietorship business or profession) | |
It is a tax on Services, levied on the transaction of certain services, mentioned by the Central Government, under the Finance Act, 1994. According to the provisions contained in “Finance Act 1994″. Service tax is a tax on service provided by one person to another. The one who provides the service is called “Service Provider” and the one who receives is called “Service Recipient“.
continue reading…
How to calculate Loss/Income from House Property India?
The Income / loss from a House Property in India is calculated as per the provisions of Income Tax Act, and it is taxable under the Head ‘Income from House Property India’. Computation of Income from House Property India: continue reading…
The Term ‘Capital Gain’ finds it’s application in Income Tax Act. Income earned as gain on sale of asset is taxed under the provisions of Income Tax head, “Income from Gains”. As the name suggests ‘Capital gain’ is the gain arising from sale or transfer of a capital asset. The difference between the original cost of acquisition of that capital asset and the net amount realized on sale of such capital asset is called capital gains. gain on sale of asset tax treatment. continue reading…
The Income Tax Act allows, certain investments and expenditure to be exempt from tax under section 80C. A person must plan for investments (specified under section 80C to avail maximum tax benefit).
Most of the persons want to save Income Tax under Section 80C of the Income Tax Act. A person can save the tax by investing the money in various schemes under section 80c continue reading…
What is Salary?
Salary is said to be the remuneration received by or accrued to an individual for service rendered as a result of an express or implied contract. There must be an ‘employer-employee’ relationship. As per sec 17(1), salary includes the following: continue reading…
Public Provident Funds (PPFs) are one of largly accepted public investment plan. They are not open to the non-individuals such as HUF, Trusts etc. Any resident Indian Individual can open a PPF account and he/she can deposit from a minimum of Rs. 500 to a maximum of Rs. 70,000 per year. The subscriptions made to this fund on or after 1-3-2003 have been covered under 8% rate of return. continue reading…
Post Office Recurring Deposit-5 years:
This deposit scheme accepts deposits from a minimum of Rs.10 per month to no maximum limit, monthly, and higher deposits in multiples of Rs.5 each. An account of denomination of Rs.10 fetches Rs.728.8 on maturity. These are relatively less liquid then the ‘post office saving’ and are payable on maturity. After completion of one year 50% withdrawals are permitted continue reading…
are payable to the central government as part of Total Income Tax liability. Once the Tax has been calculated on taxable income, the surcharge and cess is calulated at the following rates for Assessment Year 2012-13:
Click here to view Income Tax Rates for Assessment Year 2012-13 continue reading…
What is service Tax?
It is a tax on Services, levied on the transaction of certain services, mentioned by the Central Government, under the Finance Act, 1994. According to the provisions…
How to calculate Loss/Income from House Property India?
The Income / loss from a House Property in India is calculated as per the provisions of Income Tax Act, and it is…
What is capital gain?
The Term ‘Capital Gain’ finds it’s application in Income Tax Act. Income earned as gain on sale of asset is taxed under the provisions of Income Tax…
Employee Provident Fund
Applicability: It is applicable to every establishment which employed 20 or more than 20 workers. However the central Government has the right to apply the act to any…
Organisations invest millions of rupees each year in automating their business processes and operations. Consequently, electronic documentation is being brought into industrial practice by organizations ranging from healthcare, engineering, government…
Depreciation Rates as per Income Tax Act fot Assessment Year 2012-13
Reference the study on Depreciation in the previous article, we are providing a table on various Depreciation Rates, as per…
There are many types of investments prevalent in investment market. Almost of them will certify a protected and guaranteed financial future. Although, making Investment may not be a rocket science,…
Tax Deduction at Source (TDS) rates applicable to Financial Year 2011-12 (assessment Year 2012-13) are following:
Know More about Tax Deduction at Source
*Note: Single payment / credit more than Rs.…
List of Gold Rates (24 Carats)
Date
Rate per 10 grams (Rs.)
% of +/- from last Year
Date
Rate per 10 grams (Rs.)
% of +/- from last Year
01-04-1981
1670
-
31-3-1997
4725
-8.43%
31-3-1982
1645
-1.50%
31-3-1998
4045
-14.39%
31-3-1983
1800
9.42%
31-3-1999
4235
4.70%
31-3-1984
1975
9.72%
31-3-2000
4380
3.42%
31-3-1985
2130
7.85%
31-3-2001
4190
-4.34%
31-3-1986
2140
0.47%
31-3-2002
5010
19.57%
31-3-1987
2570
20.09%
31-3-2003
5310
5.99%
31-3-1988
3130
21.79%
31-3-2004
6065
14.22%
31-3-1989
3140
0.32%
31-3-2005
6180
1.90%
31-3-1990
3200
1.91%
31-3-2006
8490
37.38%
31-3-1991
3466
8.31%
31-3-2007
9395
10.66%
31-3-1992
4334
25.04%
31-3-2008
12125
29.06%
31-3-1993
4140
-4.48%
31-3-2009
15105
24.58%
31-3-1994
4598
11.06%
31-3-2010
16320
8.04%
31-3-1995
4680
1.78%
31-3-2011
20775
27.30%
31-3-1996
5160
10.26%
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