Everything Income Tax

Section 44AE of the Income Tax Act

by Varun Advani | 11 June 2015
Section 44AE of the Income Tax Act provides for the method of estimating income from the business of plying, hiring or leasing trucks owned by a taxpayer owning not more than 10 trucks at anytime during the financial year. It is an optional scheme available for a taxpayer who does not maintaining books of accounts. If the taxpayer opts to file his/her income tax return u/s 44 AE, no deduction from section 30 to 38 shall be available to him/her. However in case of a partnership firm, salary and interest paid to partner can be reduced from the deemed profits within the permissible limits of sec... [More]

Everything Income Tax

How to calculate your income tax refund?

by Varun Advani | 11 June 2015
To calculate one’s income tax liability or income tax refund with respect to the details mentioned in the form 16, one needs to take into account all the details mentioned in the form 16. This includes the basic salary, perquisites, profit in lieu of salary, allowances, deductions (Profession Tax) and any other income earned by employee (interest on fixed deposits). One must not forget to calculate the exemptions u/s 10 of the income tax act, from the various allowance that make a part of the employee’s salary structure. Deductions under chapter VI-A (sec. 80C, 80CCC, 80CCD, 80E, ... [More]

Everything Income Tax

How to convert form 16 into a PDF format? - Makemyreturns

by Varun Advani | 11 June 2015
To convert a form 16 into the PDF format you will need PDF converter utility. Procedure to download PDF converter utility is as follows: PDF Converter Utility  1. The Form 16/ form 16A (Tax Deducted at Source TDS certificate) text file is to be processed by the PDF Converter Utility in order to generate PAN wise TDS certificate in the PDF format.  2. The PDF Converter Utility is available to registered TAN holders.  3. It is available under the option ‘TDS certificate’ post login to TAN account.  Procedure for Download of PDF converter utility for form 16 ... [More]

Everything Income Tax

How to apply for Profession Tax registration in India?

by Varun Advani | 9 June 2015
Earlier one had to apply manually for Profession tax registration but now we can apply online the same. It is government’s vital step towards e-governance.  Manually filled profession tax forms cannot be accepted on or after 1st April 2012 except in case of NRIs and Government departments. Following is the online procedure for Profession Tax registration : 1. Log onto www.mahavat.gov.in 2. Click on P.T e-Registration on the page under e-service home. 3. Applicant needs to check if he has compatible browser and system to advance for registration. 4. Applicant should enter ... [More]

Everything Income Tax

Taxability of Leave encashment u/s [sec.10 (10) AA]

by Vikram | 7 January 2014
Every organisation gives its employees a certain number of days which they can utilise to avail as Holidays without any pay cut. These types of Holidays are commonly known as Pleasure Leaves (PL), Casual Leaves (CL), and Sick Leaves (SL) etc… In order to encourage employees not to take unnecessary holidays or in other words take holidays only when required, the employer gives the option of encashing the balance number of leaves at the end of every year or on Retirement. Usually an organisation gives up to 30 days as the total of all the leaves mentioned above.    For e.g. AB... [More]

Everything Income Tax