HRA is a tax planning tool for salaried taxpayer

A salaried person knows that House rent allowance (HRA) is a tax planning/tax saving tool. For salaried person HRA is primary part that save hefty amount of income tax. Often company makes a structure in a way that can save more income tax. Few companies allow its employees at the time of joining to structure […]

What is Advance Tax?

Advance tax is an Income tax. As the name suggests advance tax is paid much before the period of filing of income tax return. Income tax act has prescribed section 208 that makes it obligatory for the taxpayer to pay tax in advance. There have been few conditions and due dates prescribed that taxpayer must[…..]

How NRI can file Income tax return?

Filing income tax return is a one-time job in a year that every person should do. Every year we all are required to furnish information of income from all sources and taxes paid on that income to the income tax department. Either we hire income tax consultant or we file it by ourselves. Income tax[…..]

File Income Tax Return Using Form ITR 1

Income tax return (ITR) for the financial year 2021-22 i.e assessment year 2022-23 are open. Income tax department has issued offline utility of filing ITRs. ITR1 is one of the form uses for filing information of income by the salaried/employees. Form ITR 1 is a simple form which you can fill it by yourself, provided[…..]

What is Tax Clearance Certificate?

Income tax act requires that before leaving India a person should pay all taxes on the income earned in India my means of business, Profession and by employment. The section 230 of the income tax act specifically requires the person to get tax clearance certificate from the income tax officer before leaving India. Earlier section[…..]