Types of Income Tax Return Filing

Before we start the discussion on the types of Income Tax Return filing, let us first understand the definition of ITR. The income tax return is a report which includes the incomes of an individual from different sources and the tax that needs to be paid on that...

Set Off and Carry Forward of Income Losses

Introduction An individual can set off and carry forward the income losses acquired according to the Income Tax Act 1961; it is a big advantage to an individual because it plays an essential role in the financial condition of an individual who has acquired such...
NSC Interest Income Taxability

NSC Interest Income Taxability

Introduction National Savings Certificates (NSC) are one of the secure investment options available at all Indian post-offices. These certificates are designed for businessmen and salaried employees. They produce fixed income like fixed deposits and any person can...

Revised Return

Introduction to Revised Return Revised return (RR) is the return which is filed u/s 139(5) as revision for the original return. It is rewriting for any omission or mistake made in the filing of that original return. While meeting the deadline, a person may forget to...

Income Escaping Assessment

Income Escaping Assessment under section 147 is the evaluation that is finished by the Assessing Officer if there is a purpose behind him to accept that income chargeable to tax has gotten away assessment for any assessment year. It offers the ability to re-evaluate...
Tax Treatment of Provident Fund (EPF)

Tax Treatment of Provident Fund (EPF)

Introduction Employee Provident Fund (EPF) is the contribution is made for the employee’s welfare by the employee and the employer. Its deduction is applicable under section 80C. Provident fund is a type of security fund in which the employees contribute a part of...