Mistakes after filing income tax return can be rectified by the assessee within the time limit allowed by our tax laws. In this article we will discuss how to rectify mistakes or omission and what is the time limit to correct mistakes or omissions after filing income tax return.Here are a few mistakes that can be rectified. Incorrect personal, email ID, mobile … [Read more...] about How to rectify mistakes after filing income tax return
Income Tax
How salary from previous employer reported to present company
If you are planning to switch jobs or already moved to a new company for better pay, then this article on why and how to report salary income incurred from previous employer to current organization might help you.In case you have worked for two or more companies during the previous year, then you can report your total salary income incurred from previous employers to the … [Read more...] about How salary from previous employer reported to present company
What is the use of form 12B in tax? How its different from 12BA
As per the provisions of section 192 of the income tax act, 1961, employee may furnish salary details incurred from previous employer to the current organization. If the employee has decided to furnish salary details to present organization, then it has to be reported in form 12B.As per rule 26A, Form 12B is a declaration to be submitted with following details in … [Read more...] about What is the use of form 12B in tax? How its different from 12BA
When your income is chargeable to tax under the head salaries
Income under the head salaries is the first and the most important head for individuals. In this article, we will discuss when income is charged to tax under the head income from salaries.Before considering any income under the head salaries, the first condition to be looked for is the relationship between the payer and payee.If relationship of the payer and payee is … [Read more...] about When your income is chargeable to tax under the head salaries
How to calculate tax on voluntary retirement scheme or VRS
Voluntary retirement scheme or VRS is a technique used by organizations to reduce their existing workforce. Its applies to all employees who have completed 10 years of service or is above 40 years of age. VRS is generally used as an alternative to retrenchment process, which involved lots of legalities and complex procedures.In general voluntary retirement scheme is used … [Read more...] about How to calculate tax on voluntary retirement scheme or VRS