Tax Gyan - The Makeyourtax Blog


5 documents to be kept ready for hassle free ITR Filing

The due date for filing of Income Tax Return in July 31st, 2016. It is that time of the year again when our inbox gets flooded with reminders and warnings. More often than not, in the last moment, we find ourselves utterly hassled at the last moment. The hassle being which document to use, which …

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New forms released for claiming rebate on LTA, HRA

New forms released for claiming rebate on LTA, HRA.The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTALTC), house rent allowance (HRA) and interest paid on home loans. Taxpayers will have to furnish to their employers proof of travel in …

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How to plan for taxes on your salary

At the end of every financial year, many taxpayers make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. In this article, we will tell you how …

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10 myths about ITR Filing for salaried employees busted

We have reached that time of the year again when we need to file Income Tax Returns. The time when the day is fast approaching and you start hearing conflicting things from your colleagues, friends and family about what to do and what not to do when filing your taxes. Often the reality is far …

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Marriage, gifts and tax planning

Raju is a software engineer working in a technology company in Bangalore City. He is very excited these days as he is getting married in the month of December this year. He hails from those typical south Indian families, where marriage is very big affair, when whole of congregation of relatives takes place. Raju is …

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What to do when you receive IT Assessment notice

Mr. Agarwal, a medium size wholesale trader from Meerut, is somewhat worried and is not able to concentrate fully on his business from the time he has received a notice from Income Tax Department. His tax consultant has told him that his file has been selected for scrutiny and the assessing officer will ask for …

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