House Property
My name is Form 1- I am the form for very simple persons. Who I am: I am ordinary resident (means mostly in India in current/last 7-10 years not going into technicalities). My income < 50 lac My Incomes : Salaries -Yes, I can fill My Incomes: House Property (but only rental from 1, No […]
The Form 1 stories Read More »
When do I file tells me when in time I should have my return dish ready.
When means the time line Read More »
Its called ITNS 280, you can download from Government’s tax site. This form is common for Advance Tax or Self Assessment Tax. (Just for info, the form ITNS 281 is for Tax Deduction at Source)
Mode-Which form I use to pay my taxes Read More »
What is included in my income (Heads of Income) Objective: This module will tell you to: Introduce categories Define which are categories of Income I fall in, which is the start button to find how do I work out income under each of these.
Objective – Income categories: Read More »
When I earn capital gains, I have the option of saving tax on it, if I have plans to invest what I gained in a house or some investment bonds. There are two ways to do: Sell a Long Term owned House and Get a House option Sell a long term asset and buy bonds
The Exemption benefits Read More »
All winnings from any games, lotteries, horse races and similar things I gain are taxed here.
Variety The Lottery/Winning from Games Read More »
If I am getting a family pension, I need to put it here, it is not to be included in the category salary or pension income. I get a benefit or deduction of one third of what I get similar to standard deduction under salaries (max being Rs.15000)
Variety family pension Read More »
From the financial year 2020-21, dividends on shares are now taken as income in my hands. So in Financial Year 2019-20, it’s the below para. This is a change from the change made few years back when dividends on stocks that I got were not counted as income upto Rs.10 lac per year for me.
Variety Dividends on Shares Read More »
As the name suggests, this covers any and everything that I earn under the sun (and the clouds) that doesn’t come under any other category. So this is really a residuary head.
What is Income from Other Sources Read More »
Salary includes and covers any and every benefit I get from my employer due to my employment.
