In order to take the vast majority of income tax deductions, it is necessary to itemize your tax return. Calculated into the standard deduction for both single and married people as well as any dependents is a sum of money that is not taxed. This so called “standard” deduction is the average amount most [...]

The Income Tax Act provides for charging of interest for non- payment/short payment/deferment in payment of advance tax which is calculated as below:

INTEREST U/S 234A:

For late or non furnishing of return, simple interest @ 1.25% (substituted in place of 1.5% w.e.f. 1.6.2001) for every month or part there of from the due date of [...]

The rates for charging income tax from A.Y.2006-07 shall be as follows :-
I In case of individual (other than II and III below) and HUF :-

(i) Where the total [...]

Liability for payment of advance tax arises where the amount of tax payable by the assessee for the year is Rs.5,000/- or more. The due dates for various installments of advance tax are given below:

DUE DATE
AMOUNT PAYABLE

(i) On or before [...]

Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section [...]

Business is managed by a budget. Budget is a guideline of your spending and savings. You may face problems without any budget plan. There are some solutions can help you and realize the benefits.
1. Learn your income and expanse
Living with a budget is an education. Trimming your expenses, knowing how long a paycheck is [...]

Assessee
Income Tax Act 1961 (Act no. 43) defines ‘assessee’ as a person by whom any tax or any other sum of money is payable under this Act, and includes -
* Every person in respect of whom any proceeding under this Act has been taken for the assessment of his income or of the income [...]

Come the month of June or July and it is time to file the income tax returns. By this time, individuals will have received Form No.16 (Salary income) and Form No.16A (tax deducted on Other Income).
Similarly individuals engaged in either business or profession may have completed adjustments and finalisation of yearly accounts. To avoid [...]