File Your Return of Income after checking the Tax Credit Online

Every taxpayer can view or verify proper credits of Taxes paid (only with respect to Financial Year 05-06 onwards) from their Annual Tax ...

Creation and Taxability – Hindu Undivided Family (HUF)

‘Hindu Undivided Family’ (HUF) is a family that consists of all persons lineally descended from a common ancestor, including ...

Claim taxes on salary by filing your return of income

Every employer responsible for paying Salaries is required to deduct tax at source on the amount payable/ paid and also deposit such dedu...

File your Tax Returns (IT returns) for FY 2010-11 (AY 2011-12) (March 2011)

All individuals having taxable income are required to file their return of income/ Tax returns before 31st July 2011 and thus the due dat...

Bonus shares – Cost of Acquisition and Taxability

Cost of acquisition of any additional financial assets as bonus shares or security or otherwise which is received without any payment by ...

Tax Assessment in case of individual tax payers

Every taxpayer desire that his return should be accepted u/s 143(1) and not subjected to scrutiny assessment. It is natural that the taxp...

Valuation of perquisite in respect of gift, voucher or token – Taxability

Mostly by every employee additional benefits along with the normal salary is received in kind from the employer free of cost or at a conc...

Steps should be taken for minimising tax liability in the case of Salaried Individuals

News & FAQs | By ALOK PATNIA | May 7, 2011

Incidence of tax in case of salaried employee can be minimised by keeping the following in mind:- 1. Instead of high basic salary one sho...

Valuation of perquisite in respect of free education for Income Tax Purposes

Perquisites provided by the employer (directly or indirectly) to the employee or any member of his household (by reason of his employment...

Tax Assessment of Individual Taxpayers

Every taxpayer desire that his return should be accepted u/s 143(1) and not subjected to scrutiny assessment. It is natural that the taxp...

Valuation of perquisite in respect of gift, voucher or token

Mostly by every employee additional benefits along with the normal salary is received in kind from the employer free of cost or at a conc...

The tax treatment of pension received

Pension is simply a compensation to the employee for the past service. Tax treatment As per Income Tax Act, 1961 tax treatment of pension...

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