Income Tax in India : Guide, IT Returns, E-filing Process 2020

Income Tax : Taxes in India can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce websites recover taxes from you on goods you purchase or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as :
  1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed
  2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been prescribed by the income tax laws of India.
Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.
31 January 31 March 31 July Oct – Nov
Deadline to submit your investment proofs Deadline to make investments under Section 80C Last date to file your tax return Time to verify your tax return

Income Tax Basics

Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India ). Also read our article on Income Tax for NRIs. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the Income Tax Department breaks down income into five heads:
Head of Income Nature of Income covered
Income from Salary Income from salary and pension are covered under here
Income from Other Sources Income from savings bank account interest, fixed deposits, winning KBC
Income from House Property This is rental income mostly
Income from Capital Gains Income from sale of a capital asset such as mutual funds, shares, house property
Income from Business and Profession This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers

Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income tax includes:
  • Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI)
  • Firms
  • Companies
Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax of 30% of profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate. In India, we have four tax brackets each with an increasing tax rate.
  • Income earners of up to 2.5 lakhs
  • Income earners of between 2.5 lakhs and 5 lakhs
  • Income earners of between 5 lakhs and 10 lakhs
  • Those earning more than Rs 10 lakhs
Income Range Tax rate Tax to be paid
Up to Rs.2,50,000 0 No tax
Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs
This is the income tax slab for FY 2017-18 for taxpayers under 60 years. There are two other tax slabs for two other age groups: those who are 60 and older and those who are above 80. A word of note:People often misunderstand that if they earn let’s say Rs.12 lakhs, they will be paying a 30% tax on Rs.12 lakhs i.e Rs.3,60,000. That’s incorrect. A person earning 12 lakhs in the progressive tax system, will pay Rs.1,12,500+ Rs.60,000 = Rs. 1,72,500. Check out the income tax slabs for previous years and other age brackets.

Exceptions to the Tax Slab

One must bear in mind that not all income can be taxed on slab basis. Capital gains income is an exception to this rule. Capital gains are taxed depending on the asset you own and how long you’ve had it. The holding period would determine if an asset is long term or short term. The holding period to determine nature of asset also differs for different assets. A quick glance of holding periods, nature of asset and the rate of tax for each of them is given below.
Type of capital asset Holding period Tax rate
House Property
  • Holding more than 24 months – Long Term
  • Holding less than 24 months – Short Term
20% Depends on slab rate
Debt mutual funds
  • Holding more than 36 months – Long Term
  • Holding less than 36 months – Short Term
20% Depends on slab rate
Equity mutual funds
  • Holding more than 12 months – Long Term
  • Holding less than 12 months – Short Term
Exempt (until 31 March 2018) Gains > Rs 1 lakh taxable @ 10% 15%
Shares (STT paid)
  • Holding more than 12 months – Long Term
  • Holding less than 12 months – Short Term
Exempt (until 31 March 2018)Gains > Rs 1 lakh taxable @ 10% 15%
Shares (STT unpaid)
  • Holding more than 12 months – Long Term
  • Holding less than 12 months – Short Term
20% As per Slab Rates
20% As per Slab Rates
  • Holding more than 36 months – Long Term
  • Holding less than 36 months – Short Term
20% Depends on slab rate

Residents and non residents:

Levy of income tax in India is dependent on the residential status of a taxpayer. Individuals who qualify as a resident in India must pay tax on their global income in India i.e. income earned in India and abroad. Whereas, those who qualify as Non-residents need to pay taxes only on their Indian income. The residential status has to be determined separately for every financial year for which income and taxes are computed.

Defining Income

Income has ben very widely defined in the Income-tax Act. In simple words, income includes salary, pension, rental income, profits out of any business or profession, any profit made out of the sale of any specified asset, interest income, dividends, royalty income etc. The law classifies income under 5 major heads as already mentioned above.
  • Salary Income
  • House Property income
  • Profits and Gains from Business or Profession
  • Capital Gains
  • Income from other Sources
The law also allows a taxpayer to claim deductions specific to each such income and hence to avail the appropriate deductions, it is important that you classify income under the right heads. Eg. A salaried taxpayer can claim a standard deduction of Rs 40,000 while a taxpayer having rental income from a flat can claim municipal taxes as a deduction.

Income Tax deductions

There are broad themes to what the government incentivizes. These are either in the form of:
  1. Various deductions available under Section 80 of the Income Tax Act which can be claimed from the Total Income or
  2. Deductions that are specific to each source of income.
Some of the key deductions have been discussed here:

Home ownership

  • Stamp duty and Registration under Section 80C
  • Home loan principal and interest
  • First time homeowner benefit of Rs.50,000 under Section 80EE
Deduction on Maximum allowed (for self-occupied house property) Maximum allowed (for property on rent)
Stamp duty and registration + principal Rs.1,50,000 within the overall limit of Section 80C Rs.1,50,000 within the overall limit of Section 80C
Deduction on home loan interest under Section 24 Rs.2,00,000 No cap (but rental income must be shown in the income tax return) Further, maximum loss from house property capped at Rs 2 lakhs
Deduction for first-time homeowners under Section 80EE *certain conditions apply Rs.50,000

Home renting

  • House Rent Allowance or HRA (for salaried only) Given how many Indians move cities for work, this is a common allowance most salaried individuals can find in their payslips. If you are renting an apartment, be sure to claim this in your tax return.
  • Section 80GG (if you are renting and don’t get HRA) If you are not salaried, or you are still salaried, but don’t get HRA, then you can claim deduction for rent under Section 80GG. Learn more.


  • Life insurance premium under Section 80C
  • Medical insurance under Section 80D
  • Preventative health checkups under Section 80D
  • Medical bills (for salaried only)( replaced with standard deduction of Rs 40,000 effective 1 April 2018)

Tax Deductions for health insurance under Section 80D in FY 2017-18

Person insured Maximum deduction Below 60 years Maximum deduction 60 years or older
You, your spouse, your children Rs.25,000 Rs.50,000
Your parents Rs.25,000 Rs.50,000
Preventative health checkup Rs.5,000 Rs.5,000
Maximum deduction (includes preventative health checkup) Rs.50,000 Rs.1,00,000

Long-term savings

Employee provident fund (for salaried only)Companies cut 12% of your basic salary and put it in a fund managed by EPFO. Public provident fund Individuals can open a PPF account from a post office or a public sector bank like State Bank of India and ICICI Bank. All of these allow you a deduction under Section 80C upto RS 1.5 lakhs Contribution to NPS is also another tax saving avenue for claim of deduction under Section 80CCD

Other investment avenues

Investment Risk Interest Guaranteed Returns Lock-in Period
ELSS funds Equity-related risk 12-15% expected No 3 years
NSC Risk-free 7.6% Yes 5 years
5-Year FDs Risk-free 7-9% expected Yes 5 years

*scroll table side ways

Business profits

Running a business and wondering how to go about your taxes? It is simple. Take your gross receipts from your business and reduce various business related expenses from it eg telephone, internet, salary you pay to people you have hired, depreciation on the items that you use for your business like computer etc. What you are left with are your profits that you need to offer as your Income from Business. Similar is the method of computing your taxable profits if you are carrying out a profession too. But make sure you maintain proper books of accounts recording all your business transactions as law mandates that you do do. However, if you do not want to maintain books, you may opt for Presumptive taxation scheme where you will have to offer a fixed percentage of your gross receipts as your income. Read our detailed article on Income from Business and presumptive income and taxes

Tax Credits

Income of certain nature will suffer a Tax Deduction at source itself. Eg salary, interest, rent, commission etc. The person in charge of paying such income will have to mandatorily deduct taxes before making the payment subject to certain conditions. Similarly, one may be liable to pay advance taxes if taxes payable after reducing TDS is Rs 10,000 or more. After TDS and advance tax, if there still tax to be paid, the same would be paid in the form of Self Assessment Taxes. All of the above taxes paid i.e. TDS, Advance Tax and Self Assessment Tax would reflect in Form 26AS of the taxpayer which is a significant document one needs to rely on while filing the return of income. This Form 26AS is called the tax credit statement that contains all the tax credits lying against you PAN for any given financial year.

Income Tax Rules

While the Income Tax Act, 1961 is the law enacted by the legislature for governing and administering income taxes in India, Income Tax Rules, 1962 has been framed to help apply and enforce the law contained in the Act. Further, the Rules cannot be read independently. They must be read in conjunction with the Act only. Further, the Rules must be within the framework of the Act and cannot override the provisions of the Act. For example, the Act lays down the law with regard to taxability of perquisites given by the employer to his employees as “salary”. However, it does not discuss how the perquisites must be valued. Such valuation is in turn prescribed under Rule 3 of the Income-tax Rules.

Income Tax Calculation

Every income that your receive should form part of your income tax return. Of course, the law does provide for exemption of certain incomes eg. dividend income from an Indian company, LTCG on listed equity shares upto Rs 1 lakh in any financial year etc. Therefore, here is a quick guideline you can probably follow to compute taxes due on your income:
  • List down all your income – be it salary, rental income, capital gains, interest income or profits from your business or profession
  • Remove incomes that are exempt under law
  • Claim all applicable deductions available under every source of income . eg claim standard deduction of Rs 40,000 from salary income, claim municipal taxes from rental income, claim business related expenses from your business turnover etc
  • Claim all applicable exemptions under every head of income eg. amount reinvested in another house property can be claimed as exemption from capital gains income etc
  • Claim applicable deductions from your total income eg the 80 deductions like 80C, 80D, 80TTA, 80TTB etc
  • You will now arrive at your taxable income. Check the tax slab you fall under and accordingly arrive at your income tax payable.
The government keeps introducing and altering tax slabs, schemes and tax benefits, so it’s a good idea to keep up with the Budget. Income Tax Calculator

Income Tax Payment

The Government collects income tax from three channels:
  1. TDS
  2. Advance tax
  3. Self Assessment tax


  • TDS exists to help government get tax throughout the year. There’s a prescribed table on how much tax deducted under what circumstances.
  • Your employer cuts TDS based on the information available to him about you. So if you’ve made investments, but have not declared or if you live in a rented house, but have not shared rent receipts, your finance department will have no choice but to deduct tax based on only thing they know – your CTC.
  • This is why the investment proofs deadline in your office is super important. Save yourself some headache and submit your investment proofs on time.
  • Banks don’t know if you’re working in a company or if income from fixed deposits is what you solely rely on. So they deduct a standard 10% tax before they give away the interest. Now if you fall in the 20% or 30% bracket, it’s on you to pay the remainder of the income tax. That’s why sometimes you may find yourself paying some tax at the time of filing a tax return.
  • Make sure banks have your PAN number. They deduct 20% tax if they don’t have your PAN in their records.
  • Anyone who’s receiving an income of a specified nature say salary, interest, commission, rent, professional income etc. will have some percentage of tax withheld as prescribed by the government.

Advance Tax

Self-employed people must do the calculation themselves and pay the tax to the Government periodically every quarter.The deadlines are:
Due Date Advance Tax Payable
On or before 15th June 15% of advance tax
On or before 15th September 45% of advance tax
On or before 15th December 75% of advance tax
On or before 15th March 100% of advance tax
To calculate your advance tax:
  • Add up all the invoices received and include future payments you will be receiving till March 31 to estimate your taxable income.
  • Deduct expenses directly related to your business, and any investments you have made under Section 80C in order to arrive at your taxable income.
  • Determine your tax liability for the year
  • Reduce the Tax already deducted at source from your tax liability as determined above
  • If the remaining tax payable is greater than Rs 10,000 you will have to pay advance taxes based on the rates prescribed in the above table.
  • Use the Income Tax Calculator to determine your tax liability

Self Assessment Tax

When you are filing a tax return and you find out that you need to pay additional tax, you’d be paying self assessment tax. Another way to think about this would be.
  • if you are paying tax for a financial year after the deadline has ended, you will pay self assessment tax.
  • if you are paying tax for a financial year during the financial year, you will pay advance tax.

Payment of TDS Advance Tax and Self Assessment Tax:

TDS is deducted by the payer himself and remitted to the government by him. Hence the taxpayer need not worry about this part of his tax liability. As regards advance tax and self assessment tax, the same can be discharged online using Challan 280. Read our detailed guide on payment of taxes online.

Income Tax Return

An Income Tax Return is a form where a taxpayer discloses details of his income, claims applicable deductions and exemptions and taxes that are payable on the taxable income. Further, details of taxes paid also reflect in the return. Any excess tax paid for a year will be claimed as a refund in the return of income. Some taxpayers who are into any business or profession disclose details of such business or profession like turnover, expenses relating to business, profits from business etc. All the above information, put together, form part of your return and is filed with the Income Tax Department.

Income Tax Return Filing

Filing of income tax return online has been made mandatory for all classes of taxpayers barring few exceptions :
  • Taxpayers aged 80 and above need not filed return online
  • Taxpayers having an income less than Rs 5 lakhs and not claiming a refund need not file return online
For the rest, online filing is mandatory. Do note that deadlines for filing of returns have also been prescribed. For most individual taxpayers, the due date for filing return of income is 31 July immediately following the concerned financial year. If you do not file on time, here are some disadvantage:
  • You will be denied carry forward of losses (except house property loss) to future years
  • Delay processing of refund claims if any
  • Difficulty on getting home loans
  • Levy of late filing fee upto Rs 10,000 under Section 234F
  • Levy of interest under 234A if there are taxes due as on 31 July
E-filing online is a more complete and better alternative to filing on the income tax website. Also it is for more than just e-filing your income tax return. ClearTax helps you claim all the deductions you’re eligible for and helps you invest. Once you file your return online, you either e-verify the same or take a print of the ITR V and send it to CPC, bangalore for processing of your return. Read our detailed article on e-verification of return of income Here’s a guide to e-filing your first tax return on ClearTax.

ITR Forms

ITR forms i.e. the return filing forms have been prescribed differently based on the class of taxpayers and the source of income. See below for further clarity  

Documents Required for ITR Filing

Form 16, Form 26AS, Form 16A, proof of tax saving investments made, bank account details etc are some of the crucial details / documents that you need to be ready with before filing your return. Further the documents you are going to need to file your tax return are largely going to depend on your source of income. Here is our detailed article on documents you need for filing of your return of income

Income Tax Faqs

  • When it is mandatory to file return of income ?
    It is mandatory to file return of income for a company and a firm. However, individuals, HUF, AOP, BOI are mandatorily required to file return of income if the income exceed basis exemption limit of Rs 2.5 lakhs. This limit is different for senior citizens and super senior citizens.
  • What are the maximum exemption limit and slab rates applicable for Assessment Year 2018-19 ?
    Income Slab Resident and non-resident individuals Senior Citizens (Above 60 yrs but less than 80 yrs) Super Senior Citizens (Above 80 yrs)
    Upto Rs. 250,000 Nil Nil Nil
    Rs. 250,001 – Rs. 300,000 5% Nil Nil
    Rs. 300,001 – Rs. 500,000 5% 5% Nil
    Rs. 500,001 – Rs. 10,00,000 20% 20% 20%
    Above Rs. 10,00,000 30% 30% 30%
  • Can i file return of income even if my income is below taxable limits ?
    Yes, you can file return of income voluntarily even if your income is less than basic exemption limit
  • What documents are to be enclosed along the return of income?
    There is no need to enclose any documents with the return of income. However, one should retain the documents to produce before any competent authority as and when required in future.
  • Should I disclose all my income in the return even if it is exempt?
    Yes. Income from every source including exempt income must be disclosed. The same can be shown under the Schedule EI.

Income Tax Tax Glossary

Form 26AS

Form 26AS is a tax summary statement that contains all the tax payments you’ve made yourself (self-assessment tax/ advance tax) or tax someone deducted (TDS) on your behalf. You’re going to need this document when you are doing your income tax e-filing. Form 26AS can be downloaded from

Form 16

If you need to know whether or not your company has given you some tax allowance like your offer letter says, or want to see how much tax has been deducted throughout the year, or need to see EPF contributions, wouldn’t it be easier if you could see them all in one place? That’s your Form 16. Form 16 has:
  • a summary of all the tax deducted by each quarter
  • all the tax benefits and allowances you’ve availed as a salaried individual
  • Section 80C deductions you’ve claimed through your employer
  • and your taxable income after allowances and Section 80C deductions
This is a super important document for all salaried individuals. And having a Form 16 makes e-filing your income tax return very simple. You can upload your Form 16 and e-file your income tax return. No income tax login required.

Form 16A

Form 16A is very similar to a Form 16 in that it contains how much tax was deducted over what income. So how’s Form 16A different? Form 16A will never be issued by an employer. They’re usually given to you by a bank that’s deducting TDS, or a company that’s deducted tax on your freelancing service.

Investment submission proof deadline

Depending on how large your company is, you might have two deadlines related to investment proofs. There’s one in the beginning of the year (April) that needs you to just declare how much money you’re planning to invest in Section 80C. This will give an indication on how much they need to deduct in TDS.Again in the last quarter (roughly between December and February), you will be asked to submit investment proofs. This is when you need to submit all your rent receipts, medical bills (if you’re getting medical reimbursement), investments under Section 80C, 80D. Learn more about Investment submission proof deadline

Assessment Year/ Financial Year

Financial Year runs between April 1 and March 31 of each year. Income tax is calculated for this period. Income tax returns are assessed the year after the financial year has finished. So that’s your Assessment Year. During the assessment year, taxpayers file their income tax return. Income tax return and refunds are processed by the I-T Department that year.


ITRV stands for Income Tax Return – Verification. After filing your tax return online, you must print and sign a 1-page document and send it to the Income Tax Department.

Challan 280

Challan 280 is the slip that you will use for online income tax payment. Follow this guide to learn how to pay tax due. This is the link to the Income Tax Department website. If you are a taxpayer, you’re going to need to use for:
  • Getting your tax credit statement Form 26AS
  • Getting your tax records for home loan or visa application
  • Verifying your income tax return after ITR submission

Important Passwords

Here we have listed the most frequently downloaded documents and the format for the respective passwords. To understand the application of these passwords better, let’s take an example Rohan is a resident individual who has been filing his tax returns for over ten years. His date of birth is 24.02.1988. Rohan’s PAN is AAOPK0029P  

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What is Reserve Bank of India, Establishment, Objectives, Organisation Structure, Functions, Policies, Legal Framework, RBI Publications, Payment Systems
Permanent Retirement Account Number – PRAN
The article give information on Permanent Registration Account Number generated for subscribers of the New Pension Scheme. It provides details of documents required for applying for PRAN. It also helps understand the types of accounts available to PRAN subscribers
PFRDA – Pension Fund Regulatory and Development Authority
PFRDA is a pension regulator and work towards its promotion and development. It is a Central autonomous body and is a quasi government organisation and has executive, legislative and judicial powers similar to other financial sector regulators in India such as Reserve Bank of India (RBI), Securities
LIC Online Payment
LIC policy premium, How to Pay, Modes of Payment, Online, Offline, Bank, LIC agents, Online Service Portal, e-portal, LIC Tax benefits, LIC guidelines
National Pension Scheme Account with State Bank of India (SBI)
The NPS is a social security scheme launched by the central government of India. This article discusses how to open an NPS account with SBI
Bank Current Account – Meaning, Advantages and Disadvantages
Current bank accounts are very popular among companies, firms, public enterprises, businessmen who generally have higher number of regular transactions with the bank. The current account includes deposits, withdrawals, and contra transactions. Such accounts are also called the Demand Deposit Account
How to Open an SSY Account with State Bank of India?
This article is a brief understanding on what is Sukanya Samriddhi Yojana, who can open an SSY account, Key features of such account and the steps involved in opening an SSY account with SBI
Opening a PPF Account With SBI
The article lists the features of the PPF product and steps procedure on how to open a PPF account with SBI; alongwith the important points to be noted while opening a ppf account.
Opening a PPF Account in ICICI Bank
The article lists the features of the PPF product and steps procedure on how to open a PPF account with ICICI; alongwith the important points to be noted while opening a ppf account.
Pradhan Mantri Jan Dhan Yojana (PMJDY)
This article contains a detailed discussion about the scheme of Pradhan Mantri Jan Dhan Yojana introduced by the Government of India in 2014. Know about PMJDY Online Scheme, documents required for opening an account, benefits and much more.
Voter ID – How to apply, Eligibility, Documents required
Voter ID, Election card, Voter ID card. What is voter id, how to apply for voter id, eligibility, documents required, track voter id status, NRI voter id, EVMs
7th Pay Commission – Overview & Highlights
Pay Commission is an administrative system or mechanism appointed by Government of India to examine, review and recommend desirable and feasible changes to salary and its structure. Read on for the highlights of the 7th Pay Commission.
e-Tax Payment – Pay Taxes Online in India
Payment of taxes have been made easy with the e-tax payment option. The bank should be authorized by the department to process the tax payments and the taxpayer should have a netbanking account. if not the payment can be made at the bank. – UIDAI Portal ( Unique Identification Authority of India )
UIDAI – the article gives a detailed understanding of the role and functioning of the / Official Aadhaar Website. It explains how one can have information changes on the Aadhaar or link other accounts to Aadhaar.
Form 67 – Claim of Foreign Tax Credit
Form 67 for claim of Foreign Tax Credit has to be submitted online of the return of income is filed electronically. This form has to be filed before due date of filing return of income under Section 139(1)
Health and Education Cess – Budget 2018
In order to fund the education and health proposals announced in Budget 2018, ‘Secondary and Higher Education cess’ was discontinued and ‘Health and Education Cess’ was introduced at 4% on tax
Income Tax Exemptions for Political Parties
Political parties in India do enjoy certain income tax benefits. For the definition of political parties, conditions for claiming income tax exemption etc read on.
IFSC Code Search
What is IFSC, How to find IFSC Code, How to transfer funds with IFSC, Types of fund transfer, NEFT, IMPS, RTGS & Online Banking SMS. Benefits of IFSC Code, Accurate, Error-free, Secure. What is MICR, How to find MICR, Difference between IFSC and MICR, FAQs on IFSC
Charitable Trusts and NGO – Income tax benefits
Charitable Trusts and NGOs in India enjoy certain tax benefits in the form of income tax exemptions subject to certain conditions. This article discusses these exemptions and the conditions laid down for claiming them
Tax on Income from Patents – Patent Box Regime
Patent Box regime was introduced by Finance Act, 2016 under Section 115BBF to levy income tax from patents developed and registered in India at 10%. Read this article to know about patent taxation & treatment in India.
Filing Income Tax Returns – Common Mistakes
The article helps understand the various mistakes a taxpayer tends to make while filing a tax return. It also highlights the consequences some mistakes might have.
Retrospective amendment and retrospective tax
The Finance budget comes up with amendments some being prospective some being retrospective. Ever wondered what exactly is a retrospective amendment. And are these amendments welcome to taxpayers. Read on..
Dividend Distribution Tax
Dividend Distribution Tax (DDT) is the tax imposed by the Government on domestic companies which pay dividends to their investors.
Pradhan Mantri Rojgar Protsahan Yojana Scheme- Benefits, Eligibility Criteria
Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Scheme is for incentivise employers for generation of new employment, Government of India will be paying the 8.33% EPS contribution of the employer for the new employment. In Textile Sector rest 3.67% EPF contribution will also be borne by Government
Equalisation Levy
Details the taxation of digital advertising and online business marketing. The tax is withheld at the time of payment. Gives the rate and consequences of non-compliance
Different Types of Return Forms
Different types of forms which a taxpayer can file. Difference between the forms and the consequences of delay in the filing of forms.
PAN Card – What is PAN, Eligibility, How to Enrol, Download PAN
PAN / Permanent Account Number is an unique identification number assigned to all taxpayers in India. It acts as the primary key for storage of information & is shared across the country. Know more about PAN eligibility, documents required, structure, enrollment & much more.
TDS Challan Correction Procedure – Offline , Online in Traces
Now that you have paid tax deducted to the account of Central Government, what if there is any inadvertent mistake while making payment. Know more
Intimation under Section 143(1) of the Income-tax Act
Income tax department carries out a preliminary assessment of all the returns filed and sends an intimation to taxpayers under 143(1). Know more
Unexplained Cash Credit ( Section 68 ) – Tax Treatment of Cash Credits
Credit of any sum to the taxpayer requires to be offered to tax unless it is specifically exempted as per tax provisions.Know more about Section 68 on unexplained cash credit & its treatment.
Aadhaar Card – Eligibility, Documents, Application, Status, Verification & e-KYC
All you need to know about Aadhaar card. How to enrol for Aadhaar, details of Baal Aadhaar, eligibility for Aadhaar, documents required, verification, steps to edit/update your, Aadhaar card status.
Voluntary Provident Fund
Voluntary Provident Fund is the voluntary fund contribution from the employee towards his provident fund account. It also belongs to EEE category.
CBDT’s Central Action Plan for 1st Quarter of FY 2018-19
The CBDT has very recently come up with the Central Action Plan for the first quarter of the Financial Year (FY) 2018-19. Read on for the Key Result Areas..
Notices Issued Under the Income Tax Act
The article gives a basic understanding of the most commonly issued income tax notices issued by the department. The reasons why the notice is issued and the timelines till when the notice can be issued.
OLTAS – Online Payments & Refunds
A brief understanding of how OLTAS can be used for making tax payments online and also on how it can be used for understanding the status of refund dues
OLTAS TDS Challan Status Enquiry
This article gives a detail understanding on how the status of a challan can be found out either by a taxpayer or by the banks. Read on
Securities Transaction Tax (STT)- Applicability, levy and collection, income tax implications
STT is a direct tax levied on every purchase and sale of securities that are listed on the recognized stock exchanges in India. Governed by the STT Act
Online Tax Accounting System (OLTAS)
Online Tax Accounting System (OLTAS)- detailing the background, features and advantages of OLTAS
TDS Challan ITNS 281 – Pay TDS Online with e-Payment Tax
Challan ITNS 281- the article lays out the purpose of the challan along with the process of generating it. It gives the online and offline methods of generating the challan. Know more about Challan ITNS background, compliance, filing process & status check.
Kisan Vikas Patra – Eligibility, Features, Interest Rates & Returns
Kisan Vikas Patra is a certificate scheme that doubles a one time investment in a period of approximately 118 months. Read on to know more.
Atal Pension Yojana – APY Scheme Eligibility & Benefits
Atal Pension Yojana / APY scheme aims to provide pension benefits and social security to the people working in unorganized sector with a minimum contribution per month. Read on to know about APY Online Scheme, eligibility and benefits.
Pradhan Mantri Awas Yojana – Application Procedure
Pradhan Mantri Awas Yojana aims to provide housing at an affordable price to the weaker sections of the society. Read on to know more about it.
Section 14A and Rule 8D of the Income Tax Act
The article gives an understanding into Section 14A and Rule 8D of the Income Tax Act. A detailed understanding has been given through illustrations for better understanding.
Bitcoin Tax Calculator
Bitcoin Tax Calculator
Aadhaar PAN Linking Deadline – Latest News & Updates
Linking PAN with Aadhaar has now become compulsory. But the govt has exempted a few class of individuals from it, subject to certain conditions.Read this article to know about the Applicability and Exemptions
Who is an Assessing officer? How do you find your assessing officer?
An Assessing Officer (AO) is an income tax officer who has jurisdiction to make assessment of a taxpayer (assessee) who is liable to tax under the Act. Read on to know how to find your AO.
How to Link Aadhaar with Post Office Schemes, PPF, NSC, KVP
Aadhaar number needs to be produced mandatorily if you want to open a post office account or invest in the National Savings Certificate. Learn more here…
How to Link Aadhaar with Insurance Policies – Online & Offline
Linking of Aadhaar with insurance policies has been made mandatory by the government. To learn how to do so, read our in-depth article…
Link Aadhaar Card to Ration Card – Online & Offline Procedure
Ration cards are used by the individuals to get subsidized food. The government has made it mandatory to link Aadhaar to ration card for authenticity.
Link Aadhaar with LPG Connection – Online, Offline, SMS
Linking of Aadhaar with LPG connection is necessary for receiving the benefit of LPG subsidy. Learn more about this in our in-depth article…
How to Link Aadhaar with UAN and PF
Every salaried individual needs to update their Aadhaar details and link it to their PF and UAN account. how do you do it? Learn more here…
Link Aadhaar with Voter ID – Online, SMS, Phone, Offline Procedure
It is mandatory by law to link Aadhaar with Voter ID. You can do it through different steps at your own convenience. Learn more here…
Mortgage Caclulator
Use ClearTax Mortgage Calculator to calculate your monthly mortgage payment & how much you can afford. Estimate your monthly payments and see the effect of adding extra payments.
Gratuity Calculator
Calculate total gratuity payable to you by ClearTax Gratuity Calculator. Know about gratuity, eligibility, formula, benefits & FAQs.
PF Calculator – Calculate EPF, Employee’s Provident Funds Online
Calculate the amount of money you will accumulate on retirement via ClearTax PF Calculator. Know about PF/ EPF benefits, interest rates & how to transfer EPF money online.
Income Tax Raid, Search and Seizure – What, When, How
An income tax raid otherwise called the search and seizure operation by the income tax department is one of the crucial weapons that the Income tax department possesses to check black or unaccounted money.
Savings Calculator – Calculate your Wealth Accumulated
Plan your future wealth accumulated with ClearTax Savings Calculator. Know about benefits of calculating your savings & get to know how much you should save for your/ family future.
Form 60 – Submit this if you do not hold a PAN
PAN is mandatory for various transactions. You can still enter into certain transactions without a PAN by just submitting Form 60. Read more..
Budget 2018: Impact on the Salaried Class
Budget 2018 has not announced any changes in tax rates and slabs for individuals. However, the standard deduction of Rs 40,000 has been reintroduced in lieu of transport and medical allowance.
Budget 2018: Impact on Senior Citizens
Union Budget 2018: For the senior citizens, the finance minister has announced an increase in the interest income exemption limit on fixed deposits and tax benefits in healthcare.
Union Budget 2018 Highlights: Key takeaways from Union Budget 2018
Budget 2018 highlights: No Change In Income Tax Slabs, Reintroduction of Standard Deduction, Benefits for Senior Citizens & Corporates etc
Budget 2018 – Get Live Updates on India Union Budget 2018
Union Budget 2018 live Updates: Complete coverage of Indian Union Budget 2018 with live updates, news & expert analysis. Get insights on trending budget 2018 expectations like aam, education, income tax & rail budget
How to Link Aadhaar with Bank Account
The article discusses the step by step process about Aadhaar Seeding online & offline i.e, linking your Aadhaar card to your bank account
BUDGET 2018 – What can we expect?
Parliamentary Affairs Minister Ananth Kumar further said that the budget session of the parliament is expected from January 29 to April 6,2018.
How to Link Aadhaar with Mobile
This article talks about the ways to link your Aadhaar with Mobile number.
How to Check Income Tax Refund Status Online?
An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax liability, the status of refund can be checked either.
EMI Calculator : Home Loan, Car Loan, Personal Loan in India
EMI Calculator Online – Calculate your Equated Monthly Installments for any kind of loan with ClearTax EMI Calculator. Check your car, home, education and personal loan.
AS 22 Accounting for Taxes on Income
AS 22 Accounting for Taxes on Income explained including applicability, scope, consolidation process, disclosures required, subsidiaries excluded, differences with IND AS 110
PAN Card for Individuals
We discuss the importance of PAN card for individuals and also mentioned about the NSDL India Online & Correction of Application.
Direct and Indirect Taxes in India
The article discusses the two different categories of taxes- Direct and Indirect taxes, and Goods and Services Tax (GST) as an Indirect tax.
Capital gains can be invested multiple times to buy a new residential house property.
Income Tax allows exemption on the long term capital gain if you invest in a new residential property subject to certain conditions.Now recently ITAT Delhi has allowed multiple-year exemption
CBDT: No TDS on GST Component
CBDT has clarified that if GST on services has been indicated separately in the invoice, then no TDS on GST component will be deducted.
Do NRI need to disclose foreign bank account information in tax returns ?
It is not mandatory for NRI to disclose the detail of their overseas bank accounts while filing return in India.In case of refund,they should mention the bank account held by them in India.
Intimation u/s 143(1) – Reasons & Responding to Notice u/s 143(1)(a)
Letter of Intimation u/s 143(1) & Responding to Notice u/s 143(1)(a) – A step-by-step guide on how to reply to a income tax notice on mismatch in return income with Form 16/16A.
Second Phase of Operation Clean Money: 5.56 Lakh New Taxpayers Identified for Scrutiny
Income Tax Department launched the second phase of Operation ‘Clean Money’ on 14th April,2017 to detect the flow of black money into the banks after demonetization. During this phase, 5.56 lakh new persons have been iden
How to e- verify your return using Demat Account
After you have successfully filed your income tax return, the next step is to verify it. The Income Tax Department starts processing your return when it is verified.You can e-verify using demat account number
Update on Sec 269ST – Clarification on the repayment of Loan Insalments in Cash
You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance company) in cash provided each loan instalment is less than Rs 2 lakh.
Aadhaar Mandatory for PAN application from Ist July,2017
Aadhaar has to be quoted mandatorily while applying for PAN. If you do not have Aadhaar but has applied for it, then you can also quote your 28-digit enrolment id.
Know About Form 16C and Challan 26QC for deducting TDS on Rent
individual/HUF not covered under tax audit are also required to deduct TDS @ 5% if the payment of rent is Rs 50,000 or above.TDS deducted should be paid within 30 days from the end of the month in which tax is deducted.
How to E-verify your Income Tax Return using Bank Account
E-verification of the return is done by generating Electronic Verification Code(EVC). EVC is a 10 digit alphanumeric code which is sent to registered mobile number. EVC can be generated using bank account
Do I Need to Pay Tax on Dividend Income?
Dividend received from an Indian company is exempt from tax, whereas the dividend received in excess of Rs 10 lakhs is taxable.
Running a Business : Be Careful about claiming Payments made to Relatives
Section 40A(2) gives power to the income tax officer to disallow any expense if payment is made to specified persons and he considers it to be excessive in regard to fair market value of goods or services provided
What to do if you have two PAN
Every person should possess only one PAN number. It’s illegal for a person or company to have two PAN.You can apply for surrender of PAN Offline & online
How to Apply for PAN Card ? – Online Pan Application
NSDL website & UTIITSL website have been authorized by the carry out PAN transactions on behalf of the Income Tax Department. Read this article to know how to apply for PAN Card & how to make changes or corrections in your Permanent Account Number.
Tax Planning Under MAT
Know about MAT (Minimum Alternative Tax) which is tax payable under Income tax Act. Check out the concepts of MAT & how to calculate MAT.
Can You Save Tax by Transferring Money to Wife’s Account?
Find out if you can save tax by transferring money to wife’s account. Check out how is the income from such transfer treated from income tax standpoint.
How to Respond to a Defective Return Notice?
Check out how should you respond to a defective income tax return notice and revise your income tax return in response to the notice
How to Respond to a Demand Notice from Income Tax Department?
A step by step on how to respond to a demand notice from Income Tax Department. Check out where can the details of the demand be accessed.
Basics of Income Tax for Beginners
Here is the simplified guide on income tax basics for beginners. Know about terms like tax year, salary, deductions, medical expenses, heads of income.
How to request for a refund reissue?
A step by step guide with screenshots on how to make a refund reissue request from the income tax department. Check out what does refund unpaid mean.
Section 44AD – Presumptive Scheme to be opted for atleast 5 years
Know about the new condition that has been added to presumptive income under Section 44AD. Check out the additional conditions to opt for presumptive scheme
Income Tax Slab and Rates for FY 2018-19, 17-18, 16-17 and 15-16
Find out the Income Tax slab tax rates for FY 2017-18 (AY 2018-2019) and FY 2016-17 (AY 2017-18) . Theses tax slab determines how much you will pay in taxes.
How to Link Aadhaar Number to PAN Card?
A guide with screenshots on how to link aadhar to PAN / Permanent Account Number. Compulsory to provide both Aadhaar & PAN number while filing Income Tax Return ( ITR ) .
How to Apply for Aadhaar card
Learn the procedure on how to apply for Aadhaar Card and check status of allotment of Aadhaar Card Online.
Did you Receive Intimation under section 245 of the Income Tax Act?
Find out why you have received intimation under section 245 of income tax act. Know how to respond to the Assessing Officer regarding this intimation.
Landlord’s PAN Mandatory for HRA Exemption
Income Tax Department has made PAN card mandatory for HRA Exemption. Find out what to do in case your landlord doesn’t have PAN.
Can you claim both HRA & deduction on home loan interest?
Find out whether you can claim both HRA & deduction on home loan interest? See if you can avail house property-related tax benefits to lower taxable income.
HRA – House Rent Allowance – Exemption Rules & Tax Deductions
Details for what is HRA, how is tax exemption from HRA calculated. Check whether you can claim HRA and Deduction on home loan interest as well?
Revised rules related to Submission of Form 15CA and Form 15CB
Check out the rules revised by income tax department relating to the preparation & submission of Form 15CA and Form 15CB which are effective 1st April 2016.
Filing Form 10E is Mandatory to Claim Relief under Section 89(1)
to claim relief for arrears salary received, you will have to file form 10E. This is a step by step guide to file form 10E. This form is required to be filed on Income Tax Website before filing your income tax return.
Handbooks on Taxation for Individuals, Freelancers, Traders & Investors
Download the Tax Handbook for individuals, freelancers, Traders & Investors. Use the guide to find out How to Deal with Taxes?, How Taxes work etc.
Getting ESOP as salary package? Know about ESOP Taxation
Understand how ESOP is taxed and find out the instances where it is taxed. Read about key terms involved in ESOP taxation.
Tax Rebate Under Section 87A
Find out Who can claim Income Tax Rebate u/s. 87A for FY 2017-18 and FY 2016-17. Know how to claim section 87A rebate in ClearTax Software.
How to Respond to a Notice Issued for Non Compliance or Non Filing of Returns?
Did you receive an Income Tax Notice to file returns? Here’s the step by step guide to submit the compliance form online at Income tax department website.
RBI Issues Rs 500 Note in a New Series
Now your bank notes in a new design
RBI Issues Rs 2,000 Note in a New Series
Now your bank notes in a new design
Currency Note Demonetization – All You Need to Know
The government has introduced measures to stop circulation of black money. Here’s what you need to know.
Top 5 Income Tax Notices & How to Avoid Them
Here are the top five reasons why income tax notices are issued and ways on how to dodge them.
Investment Declaration Guide
A comprehensive guide on investment declaration and submission of Form 12BB.
List of Pages related to Notices and Intimations
Know Notices and Intimations about Income Taxes on ClearTax
How to deal with Income Tax Notice under section 143(2)
Get help from ClearTax if you have received a notice under section 143(2) (for scrutiny of tax return) from the income tax department.
Requesting for a Refund Reissue
Guide to requesting for a refund reissue
Checking my Refund Status
Quickly check your Refund Status using this guide
Understanding Income Tax Notices
A notice from the IT department is not always a bad thing. Keep calm and read this guide first!
Create Rent Receipts for HRA easily — ClearSave by
Create rent receipts to submit as investment proof. Rent receipts for HRA. Create rent receipts to submit to HR/Payroll. Save income tax on rent.
House Rent Allowance
Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes. This can be partially or completely exempt from taxes
Income Tax Calculator by ClearTax
Free Income Tax Calculator for Assessment Year (AY) 2015-16. An online tax calculation tool that tells you how much Income Tax you owe to the Income Tax Department with just a few clicks!
Can you claim both HRA and deduction on home loan interest?
You can enjoy both the tax benefits if the employer provides you with an HRA component as part of your salary and you are paying your home loan off
Landlord’s PAN required for HRA exemption
Ask for your landlord’s PAN if you are taking a house on rent and making a payment exceeding Rs 8,333 per month
Income Tax Slabs | Income Tax Rate for 2017-2018 and 2016-2017
Income Tax slab tax rates for FY 2016-17 & FY 2017-18. The Income tax slab determines how much you will pay in taxes.
How to view your Form 26AS?
This guide explains the Tax Credit Statement or Form 26AS
Paying Income Tax that is due
A step-by-step guide to understanding how to pay income tax that is due