KnowyourGST-Blog on Indian Tax and Accountign Laws

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 t…

by 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 2018-1…

by 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 deductio…

by Pulkit Sharma 05/01/2018 under Income-Tax

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 …

by Pulkit Sharma 04/01/2018 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 …

by Gst Payer 05/11/2017 under Income-Tax