Valuation of perquisites under Income Tax Act
What is perquisites? “Perquisite” may be defined as any casual emolument or benefit attached to an office or position in addition to salary or wages.“Perquisite” is defined in the section 17(2) of the Income tax Act as including: Value of rent-free/accommodation provided by the employer. Value of any concession in the matter of rent respecting… (0 comment)

Types of Income Tax returns (ITR)Forms
ITR1 ( Sahaj) Applicable to any Resident Individual other than not ordinary resident having income from Salary/Pension or Family Pension or Income from only one House Property or Income from Other Sources and having total income upto Rs. 50 lakhs. This return form cannot be used by an individual, whose total income for A.Y. 2018-19… (0 comment)

What is the cash transaction limit under Income Tax Act?
Government has bring certain restrictions to transact with cash in order to prevent tax  evasion.Transact with cash sensibly; otherwise terrible consequences  will have to be faced by business & Individuals.Certain types of cash transactions have serious penalties & fine. In this article you will learn to use the cash wisely in transactions based on Income… (0 comment)

Income From Other Sources- Section 56, 57, 58 & 59 of IT Act
Income which is not chargeable to tax under any of the heads of income specified in the Income Tax Act viz. “Salary“, “House Property“, “Business or Profession” and “Capital Gain” and which is also not exempt from tax under any section of the Income Tax Act, is chargeable to tax under this head. Examples of… (0 comment)

e-File your Income Tax return- ITR filing online
What is e-Filing? The process of electronically filing Income tax returns through the Internet is known as e-Filing. What are the objectives of ITR e-Filing? “To make it possible for the tax payers, tax Deductor, tax professionals, other agencies directly or through authorized intermediaries, to submit their Returns and other forms, and / or avail… (0 comment)

Form 26AS,How to view or download?
Form 26AS is an annual consolidated credit statement issued under Section 203AA of the Income-tax Act, 1961. It is an important document for verifying all taxes paid or deducted and collected by deductors and collectors. You can directly download 26as information into the Income tax returns while filing. Form 26AS Contains details of Tax deducted… (0 comment)

Income Tax Calendar  Due date charts / Important dates 2019
Important dates of 2019 under Income tax act 1961. Date Tax Events Jan-19 7-Jan-19 Payment of Tax deducted /collected previous month 15-Jan-19 Quarterly statement of TCS Collected for the quarter ending December 31 st  2018 (  Form No. 27 EQ) 30-Jan-19 Quarterly TCS Certificate in respect of TCS collected by any person for the quarter… (0 comment)

Taxation of Non resident under Income Tax Act
Non residents ( hereafter referred to as NR) having a source of income in India are required to comply with the Indian tax laws which has certain beneficial provisions specific to them for facilitating their participation in the India Economy.A NR,for the purpose income tax act ,is used quite differently for the purpose of exchange… (0 comment)

Residential status under income tax act 1961
The tax liability of a person under the Income tax act depends upon his residential status in the financial year in which the income accrues or arises to him or is received by him.Financial year means the period of twelve months commencing on the first day of April every year.The residential status may change from… (0 comment)