How to e-File Income Tax Return (ITR1-Sahaj)?

File Income Tax Return
The last date to file income tax return for the Financial Year 2017-18 (Assessment Year 2018-19) is 31st July, 2018 (Date extended till 31st August,2018 for certain categories of tax payers). Previously, I had shared details of the Income Tax Return (ITR) Forms applicable for different class of income, link for the same is provided below. Income Tax Filing: Types of Income Tax Forms Income Tax Slabs For Financial Year 2017-18 (Assessment Year 2018-19) In this post I will discuss…

SIP By SIP, Plan for a Secure Future!!!

SIP Investment
Ever imagined that securing one’s future could be as easy as taking a “SIP” of Coffee? Sounds weird!!! Well, I’m going to explain as to how one can easily secure his/her future just by being financially disciplined. In my previous post I have already expressed the need to “Plan Your Investment”, in this post I will discuss the possible ways to achieve your Financial Goals with small investments. Attainment of Financial Goals does not necessarily require lump sum investments. The…

Instant e-PAN Online For Individuals

Instant e-PAN Online
Income Tax Department (IDT) has launched facility to apply for instant e-PAN online for Individuals with valid Aadhaar ID, free of cost, for limited time period. This step is taken to facilitate the income tax return filing process, the last date for return filing is 31st July, 2018. The facility is provided for free and e-PAN (Permanent Account Number) is allotted in shortest possible time to the Individual. Currently, the Instant e-PAN facility (Beta Version) is closed as of 06.07.2018.…

Income Tax Return (ITR) Forms: AY 2018-19

Income Tax Return Forms
Income Tax Return (ITR) Forms for the Financial Year 2017-18 (Assessment Year 2018-19) is available on the Income Tax Portal. Central Board of Direct Taxation (CBDT) has issued 7 Income Tax Return (ITR) forms for the Financial Year 2017-18 (Assessment Year 2018-19). The applicability of the Income Tax Return (ITR) forms has been discussed below. Return Forms: Income Tax Assessment Year 2018-19 Some of the changes introduced in the previous year have been continued in the current Assessment Year as…

Investment in Mutual Funds: All You Need To Know

Mutual Funds
Mutual Fund is emerging as the preferred choice of investment among investors. Moreover, since the interest rate in Small Savings Schemes is dropping, Individuals are turning to Mutual Funds. In my opinion too, Investment in mutual fund is one of the effective ways to manage your funds and ensure that one is able to meet his/her future financial obligations. Individuals with minimum or no knowledge about the Capital market may also invest in Mutual Funds and enjoy the benefits of high…

Plan Your Investment: Be Wise, Choose Wise!!!

Investment in Mutual Funds
“Investment”, if you go by the meaning of the word, it simply implies the “the act or process of investing money for profit”, it is simple isn’t it??? Well with respect to personal finance, the honest answer is a “Yes” and a “No”, the same will be explained as I continue further. Just at the end of the year 2015, Standard and Poor’s Financial Services released the findings of the Global Financial Literacy Survey, according to the report close to…

Marginal Relief on Surcharge: Income Tax

Income Tax Applicability For FY 2018-19
Income Tax is levied on the basis of the income slab an Individual falls under and the tax rate fixed for the same. The maximum tax rate on Individual income currently levied is 30% plus Health & Education Cess of 4%. Income Tax Surcharge of 10% is levied if the income exceeds 50 lakhs, whereas income above 1 crore attracts 15% surcharge on the Tax payable. Marginal Relief on Surcharge is applicable, provided the incremental income tax (including surcharge) is…

Long Term Capital Gain (LTCG)

Long Term Capital Gain
Gains arising out of transfer of capital assets are considered as Capital Gains. Any Profit or Gain made on transfer of capital assets is liable to tax under the head “Capital Gains” of the Income Tax Act. “Sale Consideration” is an important component for determination of the Tax Liability under Capital Gain. Capital Gain Tax is not levied when there is a transfer of property, due to inheritance. Although, Capital Gain Tax is levied on the Gain made by the…

The Payment of Wages Act

Payment of Wages Act
Payment of Wages Act was introduced in 1936 with the objective of protecting the interest of the Individuals employed in Establishments and Factories. The Payment of Wages Act is aimed at ensuring that the Employees receive the due payments on time at regular intervals without any unauthorized deductions. The Act is examined from time to time and amended in view of changes in the economic scenario to protect the interest of the employees/wage earners. Thereby, it ensures that the salary/wage…

The Contract Labour (Regulation and Abolition) Act, 1970

Contract Labour Act
The Contract Labour (Regulation and Abolition) Act, 1970 aims at regulating employment of contract employees hired by the employers and extending certain benefits to such employees as prescribed under the Labour Laws. The Contract Labour Act attempts to provide basic cover to the employees and ensure they do enjoy certain rights which are at par with the benefits extended to directly employed individuals. Respective Government is empowered to prohibit deployment of Contract Labour in any process and in any establishment,…