World of taxation

14/03/2019

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17/10/2017

03/10/2017

1. What is GST?
Goods & Services Tax Law in India is a comprehensive, multi-stage, destination-based tax that will be levied on every value addition.

In simple words, GST is an indirect tax levied on the supply of goods and services. GST Law has replaced many indirect tax laws that previously existed in India.

So, before Goods and Service Tax, the pattern of tax levy was as follows:

source credit to
https://cleartax.in/s/gst-law-goods-and-services-tax

08/09/2017

dont loose hope

31/07/2017

http://www.charteredclub.com/income-tax-e-filing-questions-you-probably-have-in-your-mind/

The time to file your income tax return is here! You must be struggling with many doubts and certain questions too. We have listed some common questions people quite often have every tax season. Re…

17/07/2017

only 20 seats

06/07/2017

For Download CPT Foundation syllabus click below link
http://icai.org/post.html?post_id=13633

ICAI - The Institute of Chartered Accountants of India set up by an act of parliament. ICAI is established under the Chartered Accountants Act, 1949 (Act No. ###VIII of 1949)

02/07/2017

MAKE YOUR MONEY VALUE

02/07/2017

TAX SAVING PLANING . INVEST YOUR MONEY IN THE FOLLOWING LIST SO U CAN ENJOY TAX BENEFIT IN FUTURE.
Column1 Column2
DEDUCTION
80C
1 LIFE INSURANCE PREMIUM PAID
2 PAYMENT FOR ANNUITY PLAN
3 CONTRIBUTION TOWARD PROVIDENT FUND/PPF
4 INVESTMENT IN NSC (VIII ISSUE)+ INTERST
5 CONTRIBUTION TOWARD ULIP
6 CONTRIBUTION TOWARD NOTIFIED PENSION FUND BY MF/UTI
7 RE-PAYMENT OF HOUSING LOAN
8 TUTION FEES PAID FOR CHILDREN
9 5 YEARS FIXED DEPOSIT WITH PO OR SCHEDULE BANK
10 CONTRIBUTION TOWARD NPF
11 EMPLOYEE`S/SELF-EMPLOYED CONTRIBUTION TOWARD NPS(UP TO 20%) ( U/S 80CCD)
12 ADDITIONAL CONTRIBUTION TOWARDS NPS [U/S 80CCD(1B)]
13 Employer's contribution toward NPS (up to 20%) (u/s 80CCD)
14 Long-term infrastructure bonds (u/s 80CCF)
15 Investment under equity saving scheme (u/s 80CCG)
16 Deposit with Sukanya Samridhi Accounts
17 Any other deductable (u/s 80C

REGARDS
BALVEER KASHYAP

02/07/2017

AS WE ARE AWARE ABOUT MONTH OF JULY 31 , IS LAST FOR FILING OF INCOME TAX RETURN FOR ASSESSMENT YEAR 2017-18.
Q. WHY ITR NEED TO FILE ??? CONSIDER FOLLOWING POINTS
Every individual or HUF whose total income exceeds the maximum amount which is not chargeable to income-tax is obligated to furnish his return of income, The maximum amount not chargeable to income tax in case of different categories of individuals.

Category

Amount

Resident Individuals whose age is below 60 years

Rs. 2,50,000

Resident Individuals whose age is 60 years or more but less than 80 Years

Rs. 3,00,000

Resident Individuals whose age is 80 years or more

Rs. 5,00,000

Non-Resident Individual*

Rs. 2,50,000

*For Non-Resident Individual the benefits of Senior citizen and super senior citizen does not apply

ITR-1 :- For Salaried Individuals

Individual who has income only from the following sources can file ITR-1

Income from Salary/ Pension or
Income from One House Property (excluding cases where loss is brought forward from previous years) or
Income from Other Sources (excluding winning from lottery and income from Race Horses)
Individuals who has any income from the following sources cannot use ITR-1

Income from more than one house property or
Income from winnings from lottery or income from Race horses or
Income from short-term capital gains or long-term capital gains from sale of house, plot, shares etc. or
Agricultural income in excess of Rs. 5,000 or
Income from Business or Profession or
Loss under the head other sources or
Any Person claiming relief under section 90 and/or 91
If any Resident Individual who has any Income from any source outside India or has any asset outside India or has signing authority in any account located outside India cannot file ITR-1.

Note:-Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into the above income categories.

Recommended Reading : Income Tax Slabs

No documents needed to be attached while filing the ITR-1 Including from 16, Form 16A, Form 26AS or any other sheets.