Learning Guides

Tax Treatment of Tax Free Bonds

Tax free bonds have emerged as a popular way of investment in India due to the lucrative taxation benefits they offer. The interest income on these bonds, generally issued by government enterprises, is exempted from taxation.

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Consequences of Late Filing of Income Tax Returns

The last date for efiling of income tax return is usually 31st July of the next financial year for a salaried individual. For example if you wish to e-file income tax return for the earnings during financial year 2014-15 then the due date of filing of income tax return will be 31st July 2015.

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ITR-V Complete Guide

Income Tax Return Verification i.e. ITR-V form is a PDF document generated immediately after e-filing and serves as an acknowledgement for successful Income Tax Return. ITR-V essentially contains the following information.

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How to view Tax Credit Statement - Form 26AS?

Form 26AS is a consolidated tax statement issued to the PAN holders. It is also known as Tax Credit Statement or Annual Tax Statement. It contains information about Tax Deducted at Source, Tax Collected at Source, Advance Tax, Self Assessment Tax, etc deposited by the assessee, Demand / Refund paid and AIR Transactions.

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How to Track PAN Card Status online?

You can track the status of your PAN Card application at the NSDL site after you have filed an application for a new PAN card or for a duplicate PAN card or for a reprint of PAN card. You should track your PAN card status at least after 3 days of submitting the PAN Card application.

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TDS mismatch in Form 26AS – Reasons and Consequences

The primary reason for mismatch in TDS actually deducted and the amount reflected in your Form 26AS is due to errors or defaults in TDS return filed by the Deductor or feeding/punching mistakes during the payment of Advance Tax / Self-Assessment Tax.

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Section 80D Deductions - Tax Benefits on Medical Insurance

Medical Insurance is a type of insurance that provides protection against loss due to sudden illness. If you are insured and you fall sick, the Medical Insurance provider bears the expenses. Today, Medical Insurance has become very popular with the rise in medical expenditure and threat of various diseases.

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HRA Calculation and Exemption

House Rent Allowance (HRA) is an allowance paid by Employer to their Employees to compensate for the house rent paid by them for their accommodation. House Rent Allowance is part of the Salary and it is chargeable to Income Tax.

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Determine Residential Status as per Income Tax Act

Income Tax is levied on the basis of residential status of an individual. Therefore, it is important to determine the residential status. Residential status is checked every year and it may vary from one year to another.

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Understanding Form 26AS

Form 26AS is a consolidated Income Tax statement issued to the Permanent Account Number (PAN) holders. It is also known as Tax Credit Statement or Annual Tax Statement. It contains the details such as Tax Deducted at Source (TDS), Tax Collected at Source (TCS), Advance Tax, Self Assessment Tax, Demand / Refund paid and AIR Transactions etc deposited by the Assessee.

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