Income Tax Returns in India

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 :
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
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.

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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 ‘Ka

un Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the Income Tax Department breaks down income into five heads:


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Insurance and tax returns

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 :
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
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.

Whatsapp: 70 50 599 189
Contact : 72 09 831 889

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:


Life  :Insurance Agent call 7209831889 

Car  :Insurance Agents call 7050599189

Health  :Insurance Agents call 789827415


Insurance  :and tax returns

Income Tax

Life :Insurance :Agents  :call :7209831889

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Insurance :and :tax  :returns

A 1% increase in the cess of corporation and personal income tax was proposed by the Finance Minister in the session yesterday. From an earlier 3%, the cess has now been increased to 4%. This, in turn, will spiral the total income tax paid by a taxpayer, every year.


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Contact : 72 09 831 889


Salaried individuals, henceforth, will get a Rs.40,000 deduction on their incomes, thereby replacing the existing exemption permitted on reimbursement of medical costs and transportation allowances. Around 2.5 crore salaried individuals are believed to benefit from this move and the total cost incurred by the Government would amount to Rs.8,000 crore. In the year 2006-07, standard deductions on incomes were abolished, although soon after the concept was brought back into action. Standard deduction, essentially comprises of deduction of a certain amount of money from the salaried individual’s income to cope with expenses that the person would incur during his employment in the organisation.
The Union Budget 2018 introduced a new 10% tax charged on investments of long-term capital gains in stocks, and equity mutual funds. Contradicting hugely from its existing standard of tax exemption, the new tax law states that all profits exceeding the amount of Rs.1 lakh (from mutual funds and stock markets) will henceforth be taxed a 10% rate. However, long-term capital gains that have been invested in stocks and mutual funds up until January 31, 2018 will be exempted from any tax deduction.
The Finance Minister in the session of Union Budget 2018 held yesterday also introduced a 10% tax rate on distributed income earned from equity-based mutual funds.
Concerning the senior citizens of the country, the Indian government has established a lot of changes that will help minimise their financial burden:
The exemption of interest income on prepayments made in banks and post offices has been increased to Rs.50,000 from an earlier Rs.10,000.
Under Section 80D, the deduction limit for premiums paid on health insurances or other medical expenditures has been increased to Rs.50,000 from an existing amount of Rs.30,000.
No deduction of TDS under Section 194A. Availability of benefits for interest received from recurring and fixed deposit schemes.

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Income tax return

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Contact : 72 09 831 889

The deadline to file your income tax return (ITR) for FY 2017-18 is now August, 31, 2018. By filing your tax-return on time, along with certain benefits such as carry forward of losses, you will not have to pay a late filing penalty. Remember, if you file your ITR after the deadline you will have to pay late filing fees of up to Rs 10,000.

All the ITRs can be filed only in electronic mode expect for certain categories of tax assesses who can file physical ITRs. To file ITR, one must be  ..

Form-16, given by your employer, is a TDS certificate. Similarly, if your bank has deducted any TDS on the interest payments made to you, they are required to issue Form-16A. Ensure that all the TDS certificates received by you from all the deductors are in the TRACES format.

TDS certificate received by you should be digitally signed. They will bear a check mark indicating that the signature is verified. Non-verified signatures on the TDS certificate will have a question mark over it. You will be required to verify it

File Income Tax Return Itr For Indian Tax Payer

Business / Financial Consulting / Income Tax Return



Here are a few more links to articles which will help you calculate your taxable income

Also Read: How to report salary details in ITR

Also Read: How to calculate income from house property

Also Read: Income from other sources to be reported in ITR

Also Read: Tax exemption limits for allowances received by you

Also Read: Home loan tax reliefs not to be misse ..

After receiving the ITR-V, either through e-verification or physical, the income tax department will process your return to ensure that all the details filed by you are correct as per the Income Tax Act and also cross-check the details filed by you with other data available with it.

Once processed, the I-T department communicates the same to you. In case any discrepancies are found, they may ask you to explain further or correct the mistakes made while filing the original ITR.


Life Insurance Agent call 7209831889

Car Insurance Agents call 7050599189

Health Insurance Agents call 8789827415

Insurance and tax returns