National Savings Certificate is one of the kind of Government organised investment scheme. It is generally meant for small savings. It is a part of the postal savings system. That means it can be purchased from any Post office in India. Also it is helpful in saving tax. Earlier there were two types of...
Continue readingCategory: Taxation
Aadhar Card- Where it is necessary?
On 26th of September 2018, The Supreme Court of India had cleared the path of dilemma among citizens of India regarding the world’s largest Biometric Programme, i.e., Aadhar. It had cleared on where Aadhar Number is required to be furnished. No doubt Aadhaar is the fruitful concept for gaining from Government’s latest plans. However...
Continue readingAll about investing in Public Provident Fund(PPF).
Public Provident Fund(PPF) is one of the kind of investment available for common people which not only saves money, but also your tax! So read it till end to learn it. An Individual can open account with ₹100/- but has to deposit minimum of ₹500/- in a financial year and maximum of ₹150000/-. Deposits...
Continue readingSome of the Post Office investment schemes all should know!
Just like various investment schemes available in banks, there are several similar schemes of post office, meant for investment. Along with investment, they are also the tax saving tool! So read about all these schemes till end: Post office Saving Account: These account can be opened by cash only. Minimum amount for opening of...
Continue reading
All about Sukanya Samriddhi Yojana(SSY)
Sukanya Samriddhi Yojana is the result for promoting girls’ welfare in India. This also helps in saving tax. So must read about it till end and get to know all about it in detail! Image source: Google Depositor: In this scheme, the depositor is an individual who on behalf of a minor girl child...
Continue readingIncome which do not form part of Total Income
In Income Tax Act, 1961, Section 10 is specifically meant to explain all types of Income received which do not form part of Total Income. This section plays an important role in computation of taxable income. So as to understand it, here is the list of income included in this section in PDF form....
Continue readingDetermination of Residential Status
Total income of an assessee cannot be computed unless we know his residential status in India during the previous year. So you must learn about what is all written in the residential status in the Income Tax Act of India. So read till end! According to the residential status, the assessee can either be:...
Continue readingSome Important Concepts of Taxation you must know!
This post is meant to learn various important concepts of Taxation like Definition of Person, Assessment Year, Previous Year, etc. It is important if you a law aspirant or want to excel in Taxation. So must read till end. Person: Person includes: An Individual A Hindu Undivided Family(HUF) A Company A Firm An Association...
Continue readingIncome Tax Return(ITR) Forms for AY 2018-19
Income Tax Return is prepared by combining all type of incomes which an Assessee had earned in previous year. So in order to differentiate the manner of dealing with several type of Incomes, there are various Return Forms available so as to easily categorize in which category our return will lie. So here is...
Continue readingCompiled List of various Forms as given in Income Tax Act, 1961
There are many types of Forms given in Income Tax Act, which are practically difficult to recognize. However in actual life, it is greatly used for various compliance purposes. So for better grasp of knowledge at one place, I have prepared the compiled list of various types of forms which are commonly used by...
Continue reading