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Income Tax

Which ITR form salaried individual should file for FY 2018-19

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Before finding which ITR form a salaried individual should file with government, you must know whether you are liable to file your tax return or not. As per the present tax laws, every individual  whose total income before allowing deductions under Chapter VI-A, exceeds the maximum amount which is not chargeable to tax is obligated to furnish return of income on or before the … [Read more...] about Which ITR form salaried individual should file for FY 2018-19

How to rectify mistakes after filing income tax return

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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

How salary from previous employer reported to present company

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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

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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

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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