Category: income tax

Revised return of income tax under section 139 (5)

If you make any mistake in filling income tax return u/s 139 (1), no worry. You can file revised return u/s 139 (5). Income tax department has tried to increase tax compliance by giving facility of return u/s 139 (5). Procedure to file revised return: Procedure for filling  return is same as filling original income tax return. You have to only enter 15 digits acknowledgement number of original return. You can file acknowledgement number from ITR V receipt. Also select section 139 (5) to file return. Correct the mistake and file the return. Time limit for filling return u/s...

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How to calculate interest on advance tax

Interest on advance tax late payment or non payment is calculated as per section 234B and 234C. Let’s see these provisions separately. Interest on advance tax non payment u/s 234B: Liability to pay interest u/s 234B is arisen when assessee does not pay advance tax or pay advance tax but in short amount. Situations for interest payable Amount on which tax is payable Rate of interest Period for interest calculation When assessee does not pay advance tax completely On assessed tax 1% p.m. or part of the month From 1st April of assessment year to the date of determination...

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3 simple steps of advance tax payment

Advance tax is required to pay if income tax liability of any taxpayer is more than Rs. 10,000. Following easy steps can help you in advance tax payment. Know the due date of advance tax payment and minimum installment. Calculate the advance tax. Pay the advance tax online or offline. Due date of advance tax payment: There are different due dates for advance tax payment for different assessee. Advance tax is required to pay in installment. Due date for non company assessee: Due date Installment On or before 15 September 30% of advance tax liability On or before 15...

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TDS on rent income under section 194I

TDS on rent income is applicable in day to day transactions. TDS under section 194I is applicable on payment of rent which is more than Rs. 180000 p.a. But it is not applicable in all cases. Let’s see the provision.   Rate of TDS on rent u/s 194I: There are different rates applicable for tax deduction under section 194I for rent income from different assets. TDS rate for payment to use of plant and machinery / equipment: 2% TDS rate for any other assets like building, house, vehicle, furniture, fitting etc. : 10%   Who is liable to deduct...

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Cost inflation index ( capital gain index) chart for year 2014-15 and last 23 years

Cost inflation index ( capital gain index ) is useful to calculate long term capital gain. Indexation can help you to save long term capital gain.Here I present table of index for financial year 2014-15, 2015-16 and last 23 years.   Cost inflation index chart / capital gain index chart for past 24 years: Financial Year Cost inflation index 1981-82 100 1982-83 109 1983-84 116 1984-85 125 1985-86 133 1986-87 140 1987-88 150 1988-89 161 1989-90 172 1990-91 182 1991-92 199 1992-93 223 1993-94 244 1994-95 259 1995-96 281 1996-97 305 1997-98 331 1998-99 351 1999-00 389 2000-01 406...

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