Friday, June 26, 2015


1. Detailed information of Income Tax is available
2. As per Income Tax Act, Income is taxable under five heads- Salary, House Property, Business or Profession, Capital Gain and Other Sources.
3. Salaried person must obtain Form 16 from his Employer Every Year.
4. Income Tax Return should be filed by considering Form 16 and other Income.
5. Transport Allowance is exempt up to Rs.1,600 per month.
6. 30% Standard deduction is available on Income from House Property.
7. Income to be considered as deemed let out on second House property.
8. For self-occupied house property, deduction of Interest on Housing Loan is allowed up to Rs. 200,000/- and for other house property actual expenditure of Interest on Housing Loan is allowed.
9. Repayment of Principal amount of Housing Loan is deductible u/s 80C up to Rs.150,000/-.
10. Tax Audit is compulsory if sales turnover exceeds Rs.1 crore in case of business.
11. Tax Audit is compulsory if the Gross Receipts of Professionals exceeds Rs.25 lakhs.
12. If sales turnover is below Rs. 1 crore, then net profit of 8% or higher is to be taken as business income otherwise tax audit is required.
13. The Due Date for Tax Audit and income Tax Return is 30th September.
14. Assessee other than Company and those eligible for Tax Audit are required to file Income Tax Return before 31st of July. Extended date is 31st Aug for F.Y. 2014-15.
15. Accurate Stock Valuation should be done on 31st of March.
16. Cash payment should not be made to a person in single day exceeding Rs.20,000.
17. Cash Payment limit for Transporters is Rs.35,000/-.
18. Loans, deposits and Immovable Properties transactions should
not be carried out above Rs.20,000 in cash.
19. Business loss can be carried forward to Next 8 Years.
20. Tax Audit applicable assesses should deduct TDS on particular transactions.
21. TDS should be made on the date of Credit or Payment basis of whichever is earlier.
22. TDS payment should be made on or before 7th day of Next Month.
23. TDS Returns are to be filed Quarterly.
24. TDS returns can be revised any number of times.
25. TDS should be deducted and paid if applicable.
26. If TDS is not deducted then deduction of 30% of Expenditure
is not allowed.
27. Late filling of TDS return attracts late filing fees of Rs.200 per day.
28. Long Term Capital Gain will arise if transfer of specified Capital Assets is made after 3 years.
29. Generally Long Term Capital Gains is taxable @ 20%
30. STT paid Long Term Capital Gain on Shares,etc is exempt from Tax.
31. Short Term Capital Gain is Taxable @ 15% if STT is paid.
32. Capital Gain on Immovable Properties is chargeable at Stamp
Duty Value or Selling Price whichever is higher.
33. Dividend received from domestic company is exempt from Tax.
34. Agricultural Income is exempt from Tax.
35. Gifts received form stranger of an Amount exceeding Rs.50,000 is taxable.
36. Income Tax is not chargeable on Gifts received at the time of Marriage, Will, and in case of Succession and from specified relatives.
37. Maximum deduction limit u/s 80C, 80CCC and 80 CCD is Rs.1,50,000.
38. Deduction of Medical Insurance Premium is available up to Rs. 25,000.
39. Deduction of Medical Insurance Premium paid for Parents is available up to Rs. 20,000.
40. Deduction limit of Interest earned on Saving Accnt is up to Rs.10, 000.
41. Income earned by a Minor child is clubbed in the hands of Parents.
42. Every Taxpayer should verify his Form 26AS.
43. Form 26AS provides the Information regarding the TDS, Advance Tax paid and details of refund.
44. Notice may be sent to the Taxpayer if the Income mentioned in Form 26AS and the Income Tax Return filed is having difference.
45. Basic Exemption Limit for individuals for FY2015-16 is Rs.2,50,000.
46. Basic Exemption Limit for Senior Citizen i.e. above 60 years age is Rs.3,00,000.
47. Basic Exemption Limit for Super Senior Citizen i.e. above 80 years age is Rs.5,00,000.
48. Advance Tax is to be paid if Tax Liability during the year exceeds Rs. 10,000.
49. 12% of Surcharge is applicable if Income Exceeds Rs. 1Crore.
50. Income Tax Return should be filed if Income exceeds Basic Exemption Limit.
51. 30% of Tax applicable on Income of Partnership Firm, Company, LLP etc.
52. For Companies – Minimum Alternate Tax and for other Assesses
– Alternate Minimum Tax rate is 18.5%.
53. Details of all Bank Accounts have to be given in Income Tax return.
54. Passport number is required to be given in Income Tax return.
55. Detail of Fixed Assets held in Foreign Country is required to be given in Income Tax return.
56. If taxable income of Individual is less than Rs. 5 Lakhs then relief of Rs.2,000/- is available in Tax.
57. Aadhar Card No. is required to be mentioned in Income Tax return.
58. E-filling of return is compulsory if income exceeds Rs. 5 lakhs.
59. In Income Tax, E-filling of return can be done for Previous 2 Years only.
60. PAN Card is essential for Taxpayer and it should not be used as Id Proof.
61. From FY 2014-15 Depreciation is to be calculated as per New Companies Act.
62. Domestic Transfer Pricing is applicable on transaction exceeding an Amount Rs.20 Crores.
Issued in public Interest !!
More on


LegalRaasta said...

LegalRaasta | Register Company | LLP Registration | FSSAI | Trademark

LegalRaasta is the India's leading provider of legal solutions. Register a company, file tax returns, get FSSAI and IEC licenses & draft legal documents.

ITR Filing said...

File Income tax return online | TaxRaahi India's top portal for free ITR filing

Submit Income Tax Returns or ITR online with TaxRaahi for free. TaxRaahi is free, fast and reliable. Efile taxes for income from salary, house property and capital gains

TDS Filing said...

File TDS return online | TaxRaahi India's top portal for TDS return filing

Submit TDS return or e-file TDS return online with TaxRaahi TDS software for free. TaxRaahi is free, fast and reliable. Efile 24Q (Salary TDS), 26Q, 27Q & 27EQ with Taxraahi easily.

Income Tax Return said...

File Income Return Online for Free| LegalRaasta | TaxRaahi

File ITR online for free. TaxRaahi, a unit of LegalRaasta is India's easiest and most reliable site to file income tax returns online.

Copyright Registration said...

Register Copyright in India | LegalRaasta

Register Copyright online in Delhi, Gurgaon, Noida, Mumbai, Bangalore or other cities at best prices. LegalRaasta is online CA / agent for copyright filing

ESI Registration said...

Employee State Insurance Corporation (ESIC) | LegalRaasta

ESIC is a self-financing social security and health insurance scheme which provides the medical benefit, etc. LegalRaasta can help you with ESI registration

Trademark Registration said...

Trademark Registration | Register Trademark in India | LegalRaasta

Trademark Registration in India at places like Delhi, Gurgaon and other cities at best price. LegalRaasta is an online CA / agent to register trademark.

Import Export Code said...

Register Import Export Code online | Apply IEC | LegalRaasta

Register Import Export Code online in Delhi, Gurgaon, Noida and other cities. LegalRaasta is online CA/CS agent for import export code application.

Patent Registration said...

Register Patent in India | Process | LegalRaasta

If you have something unique and you wanted to register patent on your name then LegalRaasta can easily help you with the of experts.

MSME Registration said...

MSME / SSI Registration | Online | Legalraasta

MSME registration or SSI registration is required to get loan, tenders and other tax benefits. LegalRaasta can help you get MSME / SSI certificate @ Rs.1999

LLP Registration said...

LLP Registration (Limited Liability Partnership) | LegalRaasta

LLP registration or LLP company registration at LegalRaasta and get dual advantage of both the company and partnership. Simple process with 40% savings.

ITR 4 Online said...

Bulk Return Filing
Food License
ISO 9001

LoanRaahi said...

SME Loan
business loan
loan against property
Personal Loans

Nidhi Company registration said...

Private limited company registration
GST return filing
IEC registration
Trademark application
Service tax registration

Unknown said...

Company registration is not an easy process but if anyone tries these steps he/she can be registered his/her company! Personally, I should follow all these steps as mentioned in detail. By the way, just visit here if you want to register your company in Singapore. I hope you will get a great help from the company. Thank you so much and have a good day!

Complyhub said...

GST Registration is optional till the 20 lakh rupees turnover and for northeast indicate ten lakh rupees turnover. It additional information is usually a correct registration in addition to Private limited company registration in delhi. If you wish to start a company in India, then make sure your company is registered as Corporation Registration needs to be your pretty very first precedence. It is essential to sign-up your business as a registered enterprise has several execs from simple to log to easy to dissolve.

LLP Registration Consultant said...

Great Post. I'm happy with this content about "SBI Credit Card Onam Festival Offer for 2013". Thanks for sharing with us.

Nidhi Company said...

Organization enrollment is anything but a simple interaction yet on the off chance that anybody attempts these means he/she can be enlisted his/her organization! By and by, I ought to follow every one of these means as referenced in detail. And I also provide legal services with "vakilkaro". Vakilkaro has the expertise in various registration like Private limited company, Trademark Registration , nidhi company registration, Section 8 microfinance company registration, Microfinance Company Registration, NBFC Registration for Nidhi Company etc.

VakilKaro said...

Thanks to share this blog and am also share on page nidhi company registration in Jaipur.

Ritika said...

Very nice blog. Thank you for sharing this.
We provide GST Registration, Let us know , If you need to register for the same.

Bizop1234 said...
This comment has been removed by the author.
Hoki Solutions said...

Great Post. I'm happy with this Blog, Thanks for sharing with us.OSP, DSP license registration

fssai registration said...

Hey, thanks for sharing such an informative article. I found your article very useful. We are also providing services related to fssai Registration. If you have business related to food then please visit our official portal for fssai registration.
Fssai License Renewal
Fssai Registration
Fssai Registration Eligibility
Fssai License

Popular Posts