How to understand Clubbing of Income provisions under the Income Tax Act

In general, you are liable to pay tax in respect of your own income. However, sometimes it may not happen. In some specific cases, the income of other persons may be added with your income. Your income tax liability will be calculated on the basis of such total income. It is known as “Clubbing of … Read moreHow to understand Clubbing of Income provisions under the Income Tax Act

18 Mistakes You Should Avoid While Income Tax Return Filling. A.Y. 2019-20

Hello Taxpayers! The return filing period for the Assessment Year 2019-20 is knocking the door. You are all busy to ensure the fulfillment of the required amount of tax deduction right now. Some of you are busy to make proper tax planning to reduce tax liability. For example, payment of the final advance tax before … Read more18 Mistakes You Should Avoid While Income Tax Return Filling. A.Y. 2019-20

How to determine Residential Status for Income Tax purpose

Residential Status of a taxpayer is very much important for income tax purpose. Before the computation of the tax liability of a taxpayer, his/her residential status must be decided for that financial year. A person may have different residential status in a different year. Again, such person may have different residential status in different countries … Read moreHow to determine Residential Status for Income Tax purpose

ELSS a tax saving investment for a good return

ELSS or Equity Linked Savings Scheme is a very well-known investment option for investors. It is an eligible investment for the purpose of deduction under section 80C. You can avail the benefit of deduction when you have certain tax saving investments. It may be your life insurance or maybe PPF or 5 Years fixed deposit … Read moreELSS a tax saving investment for a good return

Importance of Interest Income for Income Tax Computation

When we are talking about the computation of income tax our main discussion is about income from salary or profit from the business. And there is no surprise for that. These two heads are the main source of generating income for maximum people. According to the Income Tax Act, there are 5 heads of income … Read moreImportance of Interest Income for Income Tax Computation