How to file income tax return for salaried employee using ITR-1
Filing income tax return for a salaried person is very simple. If you are earning only from employment and do not have any other source of income except interest on saving bank accounts, you need not to hire any consultant for filing your income tax return. I will show you steps to file you... Click to read full article

Pulkit Sharma 04/01/2018 under Income-Tax

Download Advance Tax Calculator in MS Excel
Under Income tax act, advance tax is the mechanism by which Central Government collects taxes payable in the assessment year in previous year itself. Under Income tax act, advance tax is required to be paid by all the assessees, if there is a tax liability in their hands, except - ... Click to read full article

CA Ankit Sharma 02/04/2018 under Income-Tax

FAQ on section 80D of Income Tax Act
1. When can deduction be claimed u/s 80D of Income tax Act? Deduction u/s 80D of Income tax Act can be claimed on payment of medical insurance premium. 2. Which assessees are eligible for deduction? Deduction can be claimed only by individual and HUF. 3. Can an individual pa... Click to read full article

CA Ankit Sharma 17/03/2018 under Income-Tax

Benami property transactions act in simple language
How do people use and enjoy their black money? They buy properties and live an expensive life, but they do not buy on their own name. People who make black money, to hide their expenses incur these expenses on name of other people. In simple terms prohibition of benami property transactions... Click to read full article

Pulkit Sharma 12/03/2018 under Income-Tax

Cryptocurrencies and Tax - A guide on taxation on Bitcoins in India
Cryptocurrencies are future or are they just a bubble waiting to burst? It does not matter, many have made huge gains by investing in cryptos. Bitcoin is most talked about digital currency and there is reason for it. Over the years Bitcoin has given more returns on investment than any o... Click to read full article

Pulkit Sharma 19/01/2018 under Income-Tax

Cash limits and penalties under Income Tax Act
Many people have question about maximum cash they can give or accept without facing any problem under Income Tax Act. People have lot of doubts on one can accept cash and give cash whether in form of loan, advance, deposit or against a business transaction. How much cash sales one can do... Click to read full article

Pulkit Sharma 07/01/2018 under Income-Tax

Late filing fee and penalty on delay in filing Income Tax return
Late filing fee is going to be a reality now under Income tax. Until now even if you filed your return late, there was no mandatory late filing fee levied on your delay filing of returns. However this has changed  from assessment year 2018-19 (financial year 2017-18) and now you have to p... Click to read full article

Pulkit Sharma 06/01/2018 under Income-Tax

How to calculate income tax on house rent?
If you own a house and given it on rent, you will have to calculate income tax on it and pay your taxes. You cannot claim any expenses against rent received for any repair or maintenance done by you. However government do give a standard deduction of 30%. In this article I will explain you ... Click to read full article

Pulkit Sharma 05/01/2018 under Income-Tax

Tuition fee and child education allowance exemption under section 10 and 80C
It is better to plan your income tax liability in advance. If you are in employment you can plan your income for maximum tax benefits. One of the main expenditure that you can claim as a deduction is tuition fee you pay for your children. You can take double benefit for your child's edu... Click to read full article

GST Payer 05/11/2017 under Income-Tax

Income Tax calculator and slab rates for FY 2017-18 (AY 2018-19)
INCOME TAX CALCULATOR FOR FY 2017-18 (AY 2018-19) INCOME FOR THE YEAR Deductions (LIC, PPF, etc...) NET - TAXABLE INCOME TAX ON TOTAL INCOME ... Click to read full article

Pulkit Sharma 22/10/2017 under Income-Tax

Never File Wrong GSTR-1

Check your GST numbers in bulk. Check unlimited GST numbers with very cheap packages.

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