Income Tax Calculator Download – FY 2017-18

Income Tax Calculator Download – FY 2017-18

Income Tax Calculation is one of the most complex tasks for the common man. If you are searching for income tax calculator your search ends here. I am herewith Income tax calculator for the financial year 2017-18. It is simple excel based calculator specially made for salaried people. Using this calculator you can calculate your income tax liability for FY 2017-18 (AY 2018-19). Prior to looking at Income tax calculator let’s take a look at Income tax slab for FY […]


Cash Deposits – Online Verification on Income Tax Site

Cash Deposits – Online Verification on Income Tax Site

Online verification of Cash Deposits is started on Income tax e-filing portal. If you have deposited high-value cash in your account, time has come to verify your transaction. The information in regards of cash deposit has been made available on Income tax e-filing portal. Additionally, E-mail and SMS is sent by Income tax department for submitting an online response for cash transaction done during demonetization. Let’s take a look at the process to be followed for online verification of “Cash […]


Union Budget 2017-18 – A Review

Union Budget 2017-18 – A Review

Union Budget 2017-18 was announced by finance minister Arun Jaitley today. This time budget was a special event as it was released post demonetization. Many of us were expecting tax relief, inflation control, infrastructure development and much more from budget 2017. Up to some extent, this demand was addressed in budget 2017. Overall Union Budget 2017 seems to be OK. A lot of new announcements were made by the finance minister in budget 2017-18. Let’s Review Union Budget 2017-18 & […]


TDS on Rent Income – Demystifying Tax rules

TDS on Rent Income – Demystifying Tax rules

TDS on Rent is deducted under what condition? My father is a senior citizen, he has income from pension and rental income from the property. His annual income from rented property is above 1.8 Lac, a tenant is deducting 10% TDS on rent under section 194I. Is it correct? This query was posted on my e-mail address. My answer to the query is TDS is not applicable in above case as a father is not eligible for tax audit under […]


Income Tax Non-filers Monitoring System (NMS)

Income Tax Non-filers Monitoring System (NMS)

Non-filers Monitoring System (NMS) – Beware! If you have not filed income tax return and deposited old high denomination notes in your account above the threshold limit. Get ready to hear from Income tax department. Income Tax department has started issuing non-compliance notice under non-filers monitoring system.Non-filers monitoring system is introduced by income tax department to find out potential tax evaders. If you have done any high-value transactions and not filed your income tax return or not paid income tax […]


Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

The Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016 along with new income tax amendment is notified on 17th December, 2016. A Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) is second income declaration scheme. You can declare your unaccounted income under this scheme from 17th December 2016 to 31st March, 2017. The government has kept a longer period for this scheme because the government wants a voluntary declaration of black money by maximum people. Let’s take a look at key […]