Tax rebate under section 87a for A.Y 2017-18

Rebate under section 87A is provided so that the tax burden of the people with lower income can be reduced. And the benefit can be claimed only by those whose income is within the specified limit.

Note:- Calculation of rebate is to be done before education cess.

Who can claim rebate u/s 87a

Complete guide for efilling of Income tax return - Which itr to file for salaried person and others for A.Y 2017-2018

This year there is a small change in ITR forms.

ITR 4 which was earlier used for Assesses being Individual having any Business or Profession of their own was required to file ITR 4. Now the same has been replaced with ITR 3.

Note if your Income Tax Return under presumptive basis you will have to file ITR 4S.

So let’s get started.

What is the password to open ITR V acknowledgement

In another post I already shared what is the password toopen 26AS in PDF format.In this post I’ll share how to open your ITR acknowledgement.

As ITR V is password protected you will have to enter a password in order to open and view ITR V.

The password to open the ITR V is your pan number and your date of birth.

Do you know the logic behind your PAN Card?

PAN (Permanent Account Number) card is a unique identification tool issued by Government of India. It is a very important document for an individual.

Why do you need a PAN Card?

It not only serves as an identity proof but it also necessary to have a Pan card in order to enter into certain financial transactions such as receiving professional fees in excess of Rs 30,000 (As TDS will have to be deducted in this case)

Basically it provides a unique identity to every Assessee. (Individual, Partnership Firms, Companies, e.t.c)

What is the password to open and view form 26as? how to download and open form 26as?

If you want to know the total tds that you are eligible to claim during a year, you can find a list of tds deducted and deposited in your name in form 26 as issued by the income tax department.

However note in cases where tds is deducted and even deposited but if the tds return is not yet filed the person/entity, such tds won't get reflected in form 26 AS.

26AS is the form available from the site incometaxindiaefiling.gov.in contains details about various transactions of the assesses.

Some of the information that you will find in your 26AS is as follows:-

1. TDS (Tax Deducated at Source)
2. TCS (Tax Collected at Source)
3. Advance Tax Paid
4. e.t.c


Note: - Tutorial on how to download form 26AS

26AS from income tax site is available in 3 formats: -
1. TXT format, which is used to autofill the 26AS data in softwares.
2. HTML format, which is used to view 26AS online.
3. PDF format, which is mostly popular for printing documents.

Although 26AS can be view online in html format or can be downloaded in other two formats, namely txt format and pdf format.

Pdf format is the most suitable format for printing the Tax Credit Statement. However you can't directly open 26AS in PDF format as it is password protected.

How to calculate income tax interest u/s 234 A, 234 B and 234 C

In this we will discuss about calculation of  interest u/s 234 A, 234 B and 234 C. I will first give you a easy to understand introduction about each section followed by an example which will further clarify your concept.

So let's get started!

Income tax set off and carry forward of losses with chart

As a student set off always seemed to be confusing to me, every thing just seemed to be one and the same. However after getting some hang of it now it doesn't seem like a monstrous task as it used to seem at once.

I have put together this chart as under to provide a basic overview of set off without much fluff. The things that need to be taken care of are marked in bold text. Also at the end some important points are motioned which you should take care of.