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Income Tax in India : Guide, IT Returns, E-

filing Process 2019
Updated on Aug 17, 2019 - 01:08:50 AM

Deadline for Income Tax Return Filing is extended to 31st August 2019 for A.Y 2019-20 (F.Y 2018-
19)

Taxes in India can be categorized as direct and indirect taxes (https://cleartax.in/s/direct-indirect-taxation-india-

explained). 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 :
1. 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
2. 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.

31 January 31 March 31 July Oct – Nov

Deadline to submit your Deadline to make investments Last date to file your Time to verify your
investment proofs under Section 80C tax return tax return

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 (https://cleartax.in/s/income-tax-for-nri/). 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:

Head of Nature of Income covered

Income

Income from Income from salary and pension are covered under here
Salary

Income from Income from savings bank account interest, fixed deposits, winning KBC
Other Sources

Income from This is rental income mostly

House Property

Income from Income from sale of a capital asset such as mutual funds, shares, house property
Capital Gains

Income from This is when you are self-employed, work as a freelancer or contractor, or you run a
Business and business. Life insurance agents, chartered accountants, doctors and lawyers who have
Profession their own practice, tuition teachers

Taxpayers and Income Tax Slabs

Taxpayers in India, for the purpose of income tax includes:
Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI)
Firms
Companies

Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies
have a fixed rate of tax of 30% of profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the
income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each
tax slab has a different tax rate. In India, we have four tax brackets each with an increasing tax rate.
Income earners of up to 2.5 lakhs
Income earners of between 2.5 lakhs and 5 lakhs
Income earners of between 5 lakhs and 10 lakhs
Those earning more than Rs 10 lakhs

Income Range Tax rate Tax to be paid

Up to Rs.2,50,000 0 No tax

Between Rs 2.5 lakhs and Rs 5 lakhs 5% 5% of your taxable income

Between Rs 5 lakhs and Rs 10 lakhs 20% Rs 12,500+ 20% of income above Rs 5 lakhs

Above 10 lakhs 30% Rs 1,12,500+ 30% of income above Rs 10 lakhs

This is the income tax slab for FY 2017-18 for taxpayers under 60 years. There are two other tax slabs for two
other age groups: those who are 60 and older and those who are above 80.
A word of note: People often misunderstand that if they earn let’s say Rs.12 lakhs, they will be paying a 30%
tax on Rs.12 lakhs i.e Rs.3,60,000. That’s incorrect. A person earning 12 lakhs in the progressive tax system, will
pay Rs.1,12,500+ Rs.60,000 = Rs. 1,72,500.
Check out the income tax slabs (https://cleartax.in/s/income-tax-slabs) for previous years and other age
brackets.

Exceptions to the Tax Slab

One must bear in mind that not all income can be taxed on slab basis. Capital gains income is an exception to
this rule. Capital gains are taxed depending on the asset you own and how long you’ve had it. The holding
period would determine if an asset is long term or short term. The holding period to determine nature of asset
also differs for different assets. A quick glance of holding periods, nature of asset and the rate of tax for each of
them is given below.

Type of capital asset Holding period Tax rate

House Property Holding more than 24 months – Long 20% Depends on slab rate
(https://cleartax.in/s/house- Term Holding less than 24 months – Short
property/) Term

Debt mutual funds Holding more than 36 months – Long 20% Depends on slab rate
Term Holding less than 36 months – Short
Term

Equity mutual funds Holding more than 12 months – Long Exempt (until 31 March 2018)
Term Holding less than 12 months – Short Gains > Rs 1 lakh taxable @ 10%
Term 15%

Shares (STT paid) Holding more than 12 months – Long Exempt (until 31 March
Term Holding less than 12 months – Short 2018)Gains > Rs 1 lakh taxable @
Term 10% 15%

Shares (STT unpaid) Holding more than 12 months – Long 20% As per Slab Rates
Term Holding less than 12 months – Short
Term

FMPs Holding more than 36 months – Long 20% Depends on slab rate
Term Holding less than 36 months – Short
Term

Residents and non residents:

Levy of income tax in India is dependent on the residential status of a taxpayer. Individuals who qualify as a
resident in India must pay tax on their global income in India i.e. income earned in India and abroad. Whereas,
those who qualify as Non-residents need to pay taxes only on their Indian income. The residential status has to
be determined separately for every financial year for which income and taxes are computed.

Defining Income
Income has been very widely defined in the Income-tax Act. In simple words, income includes salary, pension,
rental income, profits out of any business or profession, any profit made out of the sale of any specified asset,
interest income, dividends, royalty income etc. The law classifies income under 5 major heads as already
mentioned above.
 Salary Income
House Property income
Profits and Gains from Business or Profession
Capital Gains
Income from other Sources

The law also allows a taxpayer to claim deductions specific to each such income and hence to avail the
appropriate deductions, it is important that you classify income under the right heads. Eg. A salaried taxpayer
can claim a standard deduction of Rs 40,000 while a taxpayer having rental income from a flat can claim
municipal taxes as a deduction.

Income Tax deductions

There are broad themes to what the government incentivizes. These are either in the form of:
1. Various deductions available under Section 80 of the Income Tax Act which can be claimed from the Total
Income or
2. Deductions that are specific to each source of income.

Some of the key deductions have been discussed here:

Home ownership
Stamp duty and Registration under Section 80C
Home loan principal and interest
First time homeowner benefit of Rs.50,000 under Section 80EE

Deduction on Maximum allowed Maximum allowed (for property on rent)

(for self-occupied
house property)

Stamp duty and registration + Rs.1,50,000 within Rs.1,50,000 within the overall limit of Section 80C
principal the overall limit of
Section 80C

Deduction on home loan Rs.2,00,000 No cap (but rental income must be shown in the
interest under Section 24 income tax return) Further, maximum loss from
house property capped at Rs 2 lakhs

Deduction for first-time Rs.50,000 –

homeowners under Section
80EE *certain conditions apply

Home renting
House Rent Allowance (https://cleartax.in/s/hra-house-rent-allowance) or HRA (for salaried only) Given
how many Indians move cities for work, this is a common allowance most salaried individuals can find in
their payslips. If you are renting an apartment, be sure to claim this in your tax return.
Section 80GG (https://cleartax.in/s/claim-deduction-under-section-80gg-for-rent-paid/) (if you are renting
and don’t get HRA) If you are not salaried, or you are still salaried, but don’t get HRA, then you can claim
deduction for rent under Section 80GG. Learn more.
Health
Life insurance premium under Section 80C
Medical insurance under Section 80D
Preventative health checkups under Section 80D
Medical bills (for salaried only)( replaced with standard deduction of Rs 40,000 effective 1 April 2018)

Tax Deductions for health insurance under Section

80D in FY 2017-18
Person insured Maximum deduction Below Maximum deduction 60
60 years years or older

You, your spouse, your children Rs.25,000 Rs.50,000

Your parents Rs.25,000 Rs.50,000

Preventative health checkup Rs.5,000 Rs.5,000

Maximum deduction (includes preventative Rs.50,000 Rs.1,00,000

health checkup)

Long-term savings
Employee provident fund (for salaried only)Companies cut 12% of your basic salary and put it in a fund
managed by EPFO.Public provident fundIndividuals can open a PPF account from a post office or a public
sector bank like State Bank of India and ICICI Bank. All of these allow you a deduction under Section 80C upto
RS 1.5 lakhs Contribution to NPS is also another tax saving avenue for claim of deduction under Section
80CCD

Other investment avenues

Investment Risk Interest Guaranteed Returns Lock-in Period

ELSS funds Equity-related risk 12-15% expected No 3 years

NSC Risk-free 7.6% Yes 5 years

5-Year FDs Risk-free 7-9% expected Yes 5 years

Business profits
Running a business and wondering how to go about your taxes? It is simple. Take your gross receipts from your
business and reduce various business related expenses from it eg telephone, internet, salary you pay to people
you have hired, depreciation on the items that you use for your business like computer etc. What you are left
with are your profits that you need to offer as your Income from Business. Similar is the method of computing
your taxable profits if you are carrying out a profession too. But make sure you maintain proper books of
accounts recording all your business transactions as law mandates that you do do. However, if you do not want
to maintain books, you may opt for Presumptive taxation scheme where you will have to offer a fixed percentage
of your gross receipts as your income.
Read our detailed article on Income from Business (https://cleartax.in/s/freelance-professional-business-income)
and presumptive income and taxes (https://cleartax.in/s/sugam-itr-4s-form)

Tax Credits
Income of certain nature will suffer a Tax Deduction at source itself. Eg salary, interest, rent, commission etc. The
person in charge of paying such income will have to mandatorily deduct taxes before making the payment
subject to certain conditions. Similarly, one may be liable to pay advance taxes if taxes payable after reducing
TDS is Rs 10,000 or more. After TDS and advance tax, if there still tax to be paid, the same would be paid in the
form of Self Assessment Taxes. All of the above taxes paid i.e. TDS, Advance Tax and Self Assessment Tax
would reflect in Form 26AS of the taxpayer which is a significant document one needs to rely on while filing the
return of income. This Form 26AS is called the tax credit statement that contains all the tax credits lying against
you PAN for any given financial year.

Income Tax Rules

While the Income Tax Act, 1961 is the law enacted by the legislature for governing and administering income
taxes in India, Income Tax Rules, 1962 has been framed to help apply and enforce the law contained in the Act.
Further, the Rules cannot be read independently. They must be read in conjunction with the Act only. Further, the
Rules must be within the framework of the Act and cannot override the provisions of the Act. For example, the
Act lays down the law with regard to taxability of perquisites given by the employer to his employees as “salary”.
However, it does not discuss how the perquisites must be valued. Such valuation is in turn prescribed under
Rule 3 of the Income-tax Rules.

Income Tax Calculation

Every income that your receive should form part of your income tax return. Of course, the law does provide for
exemption of certain incomes eg. dividend income from an Indian company, LTCG on listed equity shares upto
Rs 1 lakh in any financial year etc. Therefore, here is a quick guideline you can probably follow to compute taxes
due on your income:
List down all your income – be it salary, rental income, capital gains, interest income or profits from your
business or profession
Remove incomes that are exempt under law
Claim all applicable deductions available under every source of income . eg claim standard deduction of
Rs 40,000 from salary income, claim municipal taxes from rental income, claim business related expenses
from your business turnover etc
Claim all applicable exemptions under every head of income eg. amount reinvested in another house
property can be claimed as exemption from capital gains income etc
Claim applicable deductions from your total income eg the 80 deductions like 80C
(https://cleartax.in/s/80c-80-deductions), 80D (https://cleartax.in/s/medical-insurance), 80TTA
(https://cleartax.in/s/medical-insurance), 80TTB (https://cleartax.in/s/section-80ttb) etc
You will now arrive at your taxable income. Check the tax slab you fall under and accordingly arrive at your
income tax payable.

The government keeps introducing and altering tax slabs, schemes and tax benefits, so it’s a good idea to keep
up with the Budget.
 Income Tax Calculator (https://cleartax.in/paytax/TaxCalculator)

Income Tax Payment

The Government collects income tax from three channels:
TDS
Advance tax
Self Assessment tax

TDS
TDS exists to help government get tax throughout the year. There’s a prescribed table on how much tax
deducted under what circumstances.
Your employer cuts TDS based on the information available to him about you. So if you’ve made
investments, but have not declared or if you live in a rented house, but have not shared rent receipts, your
finance department will have no choice but to deduct tax based on only thing they know – your CTC.
This is why the investment proofs deadline in your office is super important. Save yourself some headache
and submit your investment proofs on time.
Banks don’t know if you’re working in a company or if income from fixed deposits is what you solely rely
on. So they deduct a standard 10% tax before they give away the interest. Now if you fall in the 20% or
30% bracket, it’s on you to pay the remainder of the income tax. That’s why sometimes you may find
yourself paying some tax at the time of filing a tax return.
Make sure banks have your PAN number. They deduct 20% tax if they don’t have your PAN in their
records.
Anyone who’s receiving an income of a specified nature say salary, interest, commission, rent,
professional income etc. will have some percentage of tax withheld as prescribed by the government.

Advance Tax
Self-employed people must do the calculation themselves and pay the tax to the Government periodically every
quarter.The deadlines are:

Due Date Advance Tax Payable

On or before 15th June 15% of advance tax

On or before 15th September 45% of advance tax

On or before 15th December 75% of advance tax

On or before 15th March 100% of advance tax

To calculate your advance tax:

Add up all the invoices received and include future payments you will be receiving till March 31 to estimate
your taxable income.
Deduct expenses directly related to your business, and any investments you have made under Section
80C in order to arrive at your taxable income.
Determine your tax liability for the year
Reduce the Tax already deducted at source from your tax liability as determined above
 If the remaining tax payable is greater than Rs 10,000 you will have to pay advance taxes based on the
rates prescribed in the above table.
Use the Income Tax Calculator (https://cleartax.in/paytax/TaxCalculator) to determine your tax liability

Self Assessment Tax

When you are filing a tax return and you find out that you need to pay additional tax, you’d be paying self
assessment tax. Another way to think about this would be.
if you are paying tax for a financial year after the deadline has ended, you will pay self assessment tax.
if you are paying tax for a financial year during the financial year, you will pay advance tax.

Payment of TDS Advance Tax and Self

Assessment Tax:
TDS is deducted by the payer himself and remitted to the government by him. Hence the taxpayer need not
worry about this part of his tax liability. As regards advance tax and self assessment tax, the same can be
discharged online using Challan 280. Read our detailed guide (https://cleartax.in/s/pay-income-tax-due) on
payment of taxes online.

Income Tax Return

An Income Tax Return is a form where a taxpayer discloses details of his income, claims applicable deductions
and exemptions and taxes that are payable on the taxable income. Further, details of taxes paid also reflect in
the return. Any excess tax paid for a year will be claimed as a refund in the return of income.
Some taxpayers who are into any business or profession disclose details of such business or profession like
turnover, expenses relating to business, profits from business etc. All the above information, put together, form
part of your return and is filed with the Income Tax Department.

Income Tax Return Filing

Filing of income tax return online has been made mandatory for all classes of taxpayers barring few exceptions :
Taxpayers aged 80 and above need not filed return online
Taxpayers having an income less than Rs 5 lakhs and not claiming a refund need not file return online

For the rest, online filing (https://cleartax.in/income-tax-efiling) is mandatory.

Do note that deadlines for filing of returns have also been prescribed. For most individual taxpayers, the due
date for filing return of income is 31 July immediately following the concerned financial year. If you do not file on
time, here are some disadvantage:
You will be denied carry forward of losses (except house property loss) to future years
Delay processing of refund claims if any
Difficulty on getting home loans
Levy of late filing fee upto Rs 10,000 under Section 234F
Levy of interest under 234A if there are taxes due as on 31 July

E-filing online is a more complete and better alternative to filing on the income tax website. Also it is for more
than just e-filing your income tax return. ClearTax helps you claim all the deductions you’re eligible for and helps
you invest.
Once you file your return online, you either e-verify the same or take a print of the ITR V and send it to CPC,
bangalore for processing of your return. Read our detailed article on e-verification of return of income
(https://cleartax.in/s/income-tax-e-verification-evc)
Here’s a guide to e-filing your first tax return (https://cleartax.in/s/how-to-e-file-your-income-tax-return) on
ClearTax.

ITR Forms
ITR forms i.e. the return filing forms have been prescribed differently based on the class of taxpayers and the
source of income. See below for further clarity

Documents Required for ITR Filing

Form 16, Form 26AS, Form 16A, proof of tax saving investments made, bank account details etc are some of the
crucial details / documents that you need to be ready with before filing your return. Further the documents you
are going to need to file your tax return are largely going to depend on your source of income. Here is our
detailed article on documents you need for filing of your return of income (https://cleartax.in/s/documents-
required-for-income-tax-return-filing)

Income Tax Faqs

When it is mandatory to file return of income ?
It is mandatory to file return of income for a company and a firm. However, individuals, HUF, AOP, BOI
are mandatorily required to file return of income if the income exceed basis exemption limit of Rs 2.5
lakhs. This limit is different for senior citizens and super senior citizens.
What are the maximum exemption limit and slab rates applicable for Assessment Year 2018-19 ?

Income Slab Resident and non- Senior Citizens (Above 60 Super Senior
resident individuals yrs but less than 80 yrs) Citizens (Above 80
yrs)

Upto Rs. Nil Nil Nil

250,000

Rs. 250,001 – 5% Nil Nil

Rs. 300,000

Rs. 300,001 – 5% 5% Nil

Rs. 500,000

Rs. 500,001 – 20% 20% 20%

Rs. 10,00,000

Above Rs. 30% 30% 30%

10,00,000

Can i file return of income even if my income is below taxable limits ?

Yes, you can file return of income voluntarily even if your income is less than basic exemption limit
What documents are to be enclosed along the return of income?
There is no need to enclose any documents with the return of income. However, one should retain the
documents to produce before any competent authority as and when required in future.
Should I disclose all my income in the return even if it is exempt?
Yes. Income from every source including exempt income must be disclosed. The same can be shown
under the Schedule EI.
 Income Tax Tax Glossary

Form 26AS
Form 26AS is a tax summary statement that contains all the tax payments you’ve made yourself (self-
assessment tax/ advance tax) or tax someone deducted (TDS) on your behalf. You’re going to need this
document when you are doing your income tax e-filing. Form 26AS can be downloaded from
www.incometaxindiaefiling.com (http://www.incometaxindiaefiling.com/)

Form 16
If you need to know whether or not your company has given you some tax allowance like your offer letter says,
or want to see how much tax has been deducted throughout the year, or need to see EPF contributions,
wouldn’t it be easier if you could see them all in one place? That’s your Form 16. Form 16 has:
a summary of all the tax deducted by each quarter
all the tax benefits and allowances you’ve availed as a salaried individual
Section 80C deductions you’ve claimed through your employer
and your taxable income after allowances and Section 80C deductions

This is a super important document for all salaried individuals. And having a Form 16 makes e-filing your income
tax return very simple. You can upload your Form 16 and e-file your income tax return. No income tax login
required.

Form 16A
Form 16A is very similar to a Form 16 in that it contains how much tax was deducted over what income. So
how’s Form 16A different? Form 16A will never be issued by an employer. They’re usually given to you by a bank
that’s deducting TDS, or a company that’s deducted tax on your freelancing service.

Investment submission proof deadline

Depending on how large your company is, you might have two deadlines related to investment proofs. There’s
one in the beginning of the year (April) that needs you to just declare how much money you’re planning to invest
in Section 80C. This will give an indication on how much they need to deduct in TDS.Again in the last quarter
(roughly between December and February), you will be asked to submit investment proofs. This is when you
need to submit all your rent receipts, medical bills (if you’re getting medical reimbursement), investments under
Section 80C, 80D. Learn more about Investment submission proof deadline (https://cleartax.in/s/missed-
income-tax-proof-submission-deadline)

Assessment Year/ Financial Year

Financial Year runs between April 1 and March 31 of each year. Income tax is calculated for this period. Income
tax returns are assessed the year after the financial year has finished. So that’s your Assessment Year. During the
assessment year, taxpayers file their income tax return. Income tax return and refunds are processed by the I-T
Department that year.

ITR-V
ITRV stands for Income Tax Return – Verification. After filing your tax return online, you must print and sign a 1-
page document and send it to the Income Tax Department.

Challan 280
Challan 280 is the slip that you will use for online income tax payment. Follow this guide to learn how to pay tax
due (https://cleartax.in/s/pay-income-tax-due). This is the link (http://www.incometaxindiaefiling.com) to the
Income Tax Department website. If you are a taxpayer, you’re going to need to use for:
Getting your tax credit statement Form 26AS
Getting your tax records for home loan or visa application
Verifying your income tax return after ITR submission

Important Passwords
Here we have listed the most frequently downloaded documents and the format for the respective passwords.
To understand the application of these passwords better, let’s take an example
Rohan is a resident individual who has been filing his tax returns for over ten years. His date of birth is
24.02.1988. Rohan’s PAN is AAOPK0029P

Related Income Tax Articles

How to file ITR?
(https://cleartax.in/s/how-to-e-file-your-income-tax-return)
Income Tax Department Portal – Login & Registration Guide
(https://cleartax.in/s/income-tax-login)
incometaxindiaefiling.gov.in – Income Tax e-Filing Guide
(https://cleartax.in/s/incometaxindiaefiling)
Income Tax E-Filing with ClearTax
(https://cleartax.in/s/efiling-income-tax-return)
Income Tax Slab & Rate for FY 2018-19
(https://cleartax.in/s/income-tax-slabs)
 What is Form 16?
(https://cleartax.in/s/what-is-form-16)
Check your Income Tax Refund Status Online
(https://cleartax.in/guide/checkincometaxrefundstatus)

Tweet

File Income Tax Return Yourself for FREE

(https://cleartax.in/income-tax-efiling/?ref=side_cta)
Start Your Tax Return (https://cleartax.in/income-tax-efiling/?ref=side-cta-it)

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The UIDAI has introduced a feature to ensure high security of data. This new layer of security is called
Aadhar Virtual ID (VID). Read here to know more.
19. Income Declaration Scheme 2016 – Details, Rules & Tax Rate (/s/income-declaration-scheme-2016/)
Income Declaration Scheme 2016 allows an Indian citizen to disclose the undeclared income and pay the
applicable taxes. Read here to know more.
20. How to Generate your Income Tax Return XML File? (/s/how-generate-income-tax-return-xml-file/)
Download the applicable income tax utility either in excel or java format, fill the form, save changes,
generate an XML file, and upload it on the website.
21. How to Pre-validate Bank Account to Get Income Tax Refund Amount? (/s/pre-validate-bank-account-
receive-income-tax-refund/)
For a refund to be successful, you must pre-validate your bank account on the income tax e-filing portal at
the time of return filing. Read to know more.
22. Special Allowance in India – Taxation & Calculation (/s/special-allowance-india/)
Special allowance, a component of salary, is provided by the employer to employees, gets tax exemption
to a certain extent. Read here to know more.
23. Tax on Gold Jewellery Holdings – How much GOLD can I hold? (/s/gold-jewellery-holdings-limit-taxation/)
Should you disclose the investment made in gold? What are the precautions you should take from a tax
perspective? Read here to know the answers.
24. Aaykar Setu App – An IT department initiative (/s/aaykar-setu-app-income-tax/)
The IT department has launched an Aaykar Setu app that facilitates taxpayers to understand taxation and
much more. Read here to know more.
25. Union Budget 2019: Detailed analysis (/s/union-budget-2019-analysis/)
Union Budget 2019 covered new reforms and schemes in agriculture, banking, education, women
entrepreneurs, start-ups, among others. Here’s a detailed analysis of its impact on various sectors.
26. Union Budget 2019 Highlights (/s/union-budget-2019-highlights-amp/)
Union Budget 2019: Highlights & Announcements - Nirmala Sitharaman presents Budget 2019 talks on
Direct taxation, Electric vehicles, affordable houses have become cheaper. Petrol, diesel, imported gold
and precious metals, imported paper and paper products including printed
27. Union Budget 2019: Highlights, Key Takeaways, PDF Download (/s/union-budget-2019-highlights/)
Union Budget 2019: Highlights & Announcements - Nirmala Sitharaman presents Budget 2019 talks on
Direct taxation, Electric vehicles, affordable houses have become cheaper. Petrol, diesel, imported gold
and precious metals, imported paper and paper products including printed
28. Income Tax Assessee under the Income Tax act (/s/income-tax-assessee/)
An income tax assessee is a person who pays tax or any sum of money under the provisions of the
Income Tax Act, 1961. Read here to know types of assessees.
29. Difference between Income Tax Exemption Vs Tax Deduction Vs Rebate (/s/difference-between-tax-
exemption-vs-tax-deduction-vs-tax-rebate/)
Income Tax Exemptions and Deductions are allowed to be claimed from taxable income,but tax rebate is
allowed to be claimed from tax payable. Read more here.
30. What is Section 194G under Income Tax Act? (/s/section-194g-under-income-tax-act/)
 Section 194G deals with TDS on commission on sale of lottery tickets. In this article, we will discuss
section 194G of the Income Tax act.
31. What is Section 194IB & 194IC under Income Tax Act? (/s/section194ib-194ic-under-income-tax-act/)
Under section194IB, individuals or HUFs are liable to deduct TDS on rent, in case the rent exceeds
Rs.50,000. In this article, we look at Section 194IB & 194IC of Income Tax act in detail.
32. Budget 2019 India: Live Union Budget News & Updates (/s/union-budget-2019-expectations/)
Budget 2019 India - Live Union Budget News & Updates - Get all the live news and updates on budget
2019. The Union Budget 2019 will be announced by FM Nirmala Sitharaman. Here are few things to
expect from Indian Budget 2019.
33. Budget 2019 | Live News and Updates from Union Budget Speech 2019 (/s/union-budget-2019/)
Budget 2019 Live Updates- By 2022 - 75th Year: Every rural family except those unwilling to take
connection will have Electricity and Gas facility: FM
34. ITR 2 Salary Break-up AY 2019-20 – Details for New ITR-2 Filing (/s/itr-2-salary-break-up/)
ITR 2 has been recently updated by the Income Tax Department for FY 2018-19. Read here to know the
breakup of salary components in new ITR-2 and its reason.
35. Voter List 2019 – Steps to Check your Name on Election Voting List (/s/voter-list/)
Elections are a mammoth event in our country. India being the biggest democracy in the world draws a
massive number of voters to the voting booths every year.
36. Voter ID Online Registration (/s/voter-id-online-registration/)
With 900 million eligible voters, India is definitely the largest democracy in the world. 2019, is a crucial
year for our democratic nation given that the most significant democratic election is going to be held
soon.
37. Election commission of India ( EIC ) (/s/election-commission-india-eic/)
The Election Commission of India (ECI) is a self-governing constitutional body which oversees the election
process in India as per the Constitution of India.
38. (/s/how-to-efile-itr/)
ITR : Complete Guide on how to e-file ITR ( Income Tax Return ) for FY 2018-19 on Income Tax
Department portal. Read more about how to file ITR on Income tax portal
39. How to download Voter ID ? (/s/voter-id-download/)
Voter ID card is an important ID to vote in the election. Discover a step-by-step breakdown on Voter ID
Download. Read more about voter id download.
40. Income Tax Surcharge Rate & Marginal Relief (/s/marginal-relief-surcharge/)
A surcharge is an extra income tax to be paid by the taxpayers earning a higher income. Read the
provisions of Marginal relief on surcharge with examples.
41. Aadhar Card Status – Check, Update & Status Enquiry (/s/aadhaar-card-status/)
Aadhaar card status update, inquiry, and more processes have been made online by the government.
Read on to know the stepwise process for Update etc.
42. (/s/e-aadhaar-card/)
Steps to download e aadhaar card online. Check status and step by step procedure to download Aadhar
card via self-service aadhaar portal & via enrolment centre.
43. How to apply for a driving license online (/s/driving-license-online/)
Know how to apply for Driving License Online by reading our step by step application process. Also, know
the procedure to check the application status online.
44. Interim Budget 2019 Highlights (/s/interim-budget-2019-highlights/)
Highlights of Union budget 2019, announcements by the finance minister, changes in GST, income tax
rebate, pensions, agriculture and other sectors
45. Budget Dictionary – All Budget Related Terms & Definitions (/s/budget-dictionary/)
ClearTax has compiled a list of important budget-related terms with its definitions and understand the
upcoming Budget 2019 with ease!
46. INTERIM BUDGET 2019 (/s/interim-budget-2019/)
Interim Budget 2019 - Get Live Updates by Piyush Goyal on Indian Budget 2019.
47. Aadhaar card download – How to download Aadhaar card from UIDAI (/s/aadhar-card-download/)
 If you don't have Aadhaar card then you can download and keep it with you. Read on to know more on
Aadhar card download with aadhaar number, Enrolment ID, Date of Birth and Name
48. All about the Aadhaar card update process (/s/aadhaar-card-update/)
Aadhar card serves as a proof of address and identity. Therefore all details in Aadhaar should be accurate.
Read on to know how to update aadhaar online or through Enrolment center.
49. Passport Seva Online Portal – Passport Application made simple (/s/passport-seva/)
Using Passport Seva Online Portal we can easily get a new passport or renew an existing one. Read on to
know more about it & stepwise registration and login process.
50. Passport Renewal – Login & Application for Indian Passport (/s/passport-login/)
Passport is a very essential document & bringing it online has made it easier. Read on to know more about
stepwise registration, online application login, renewal etc.
51. URN – How can you check the URN status? (/s/urn-status/)
URN or Update Request Number is a unique number allocated to you when you apply for correction in
your Aadhar Data. Know more on how to check URN status online, Aadhar update etc.
52. Income Tax Return Processing (/s/income-tax-processing/)
The Income Tax Department processes the income tax return only after they are filed and successfully
verified by the taxpayer. Read on to know in more detail.
53. City Compensatory Allowance (CCA) (/s/city-compensatory-allowance/)
City Compensatory Allowance or CCA is a type of allowance paid to employees working in Tier-1 cities in
addition to basic salary. Know more on Comparison, Limit, Eligibility etc
54. Dearness allowance – A Brief Overview (/s/dearness-allowance/)
Dearness allowance is a component of take-home salary. Read on to know more about types, calculation,
allowance for pensioners, & treatment under income tax
55. EDLI – Employees Deposit Linked Insurance Scheme (/s/edli/)
EDLI is a government scheme which extends life insurance benefits to private sector employees. know
more about its features, calculation & instructions on how to claim its benefits
56. Interim Budget – Meaning & How it’s different from Union Budget? (/s/interim-budget/)
The Interim Budget contains detailed documentation of every expense to be incurred and every rupee to
earned through taxes in the coming few months
57. Budget 2019 – Secret inside the Finance Minister’s Briefcase! (/s/interim-budget-2019-expectations/)
Budget 2019 will be the most crucial budget as it is an interim budget. Read here to know the
expectations from this upcoming budget 2019.
58. Deemed Dividend under Section 2(22)(e) (/s/deemed-dividend/)
Besides the concept of dividend as generally understood, there are certain specified payments that qualify
as a deemed dividend under income tax.
59. Income Tax Assessment (/s/income-tax-assessment/)
Income tax assessment happens subsequent to the filing of income tax return. Read the types of Income
tax assessment which an assessee can undergo.
60. We have 50 Million Reasons to Celebrate (/s/cleartax-raises-50million-funding-series-b/)
ClearTax just raised $50 million dollars led by Composite Capital. We are India's first to be funded by
Composite Capital.
61. Bonus Stripping (/s/bonus-stripping/)
Bonus stripping is one among the various mechanisms that some investors resort to for minimizing their
taxes. Here are the tax implications of bonus stripping
62. The concept of Dividend Stripping in India (/s/dividend-stripping-india/)
Many investors resort to Dividend Stripping while transacting in shares and mutual funds. There are
certain tax implications to it. Read more.
63. Tax on Inheritance in India (/s/inheritance-tax/)
Many are unsure about whether the income tax laws in India levies tax upon inheritance of property. Read
on to know about its implications and income tax on inheritance and subsequent sales.
64. Resolving mismatches between TDS statement and Form 26AS (/s/tds-mismatch-rectification/)
While filing return of income, it is important to make sure TDS details contained in Form 16 or Form 16A
match with Form 26AS.
65. Things to Know About Income Tax Refund (/s/income-tax-refund/)
Refund arises when taxes paid are higher than your actual tax liability (including interest). It could be in the
form of advance tax, self-assessment tax, tax deducted at source, foreign tax credit etc. Read on to
understand more about an income tax refund.
66. Clubbing of Income under Section 64 (/s/section-64-clubbing-income/)
Many a times income of another would be included as part of your income otherwise known as clubbing
of income. Read on to understand when clubbing of income gets triggered.
67. How to open an NPS Tier 2 account (/s/nps-tier-2-account/)
Everyone registering under NPS can voluntarily opt for having an NPS Tier II account. Let us understand
Tier II account in detail here.
68. Who must Sign an Income Tax Return (/s/signing-income-tax-return/)
It is important that an income tax return is signed by persons who have been authorized to sign it. Read
more to know who these authorized persons are
69. Agricultural Income – Overview & Taxability (/s/agricultural-income/)
Though agricultural income is exempt from income tax, the act has laid down a method to indirectly tax
such income. This method or concept is called as the partial integration of agricultural income with non-
agricultural income. Read more about the taxation of this income here.
70. Income Tax Calendar – Important Dates for the Year 2019 -20 (/s/income-tax-calendar/)
Refer to this income tax calendar to know all the important income tax due dates. This comprehensive tax
calendar by ClearTax will help you keep track of important tax related dates and deadlines.
71. Set Off and Carry Forward of Losses (/s/set-off-carry-forward-losses/)
A taxpayer incurring a loss from a source, income from which is exempt from tax, cannot set off the losses
against profit from any taxable source of Income.
72. Section 119 of Income Tax Act (/s/section-119-income-tax-act/)
Central Board of Direct Taxes (CBDT) authorizes Income tax officers to accept such returns claiming an
exemption, deduction, refund, carry forward of losses as the case may be, even after the expiry of the due
dates prescribed. Section 119 of the Income tax act deals this. Visit to know more.
73. Income Escaping Assessment (/s/income-escaping-assessment/)
The article lays down the difference between assessment and reassessment and basic information about
income escaping assessment. It also gives the timelines for the issue of notice for income escaping
assessment.
74. Benefits of Filing Income Tax Return on time – AY 2019-20 (/s/income-tax-return-filing-benefits/)
Income Tax Return Filing is beneficial even if you are under non-taxable income bracket. Learn more
about the benefits of filing ITR.
75. Duplicate PAN Card (/s/duplicate-pan-card/)
Apply for a duplicate pan card online, if you have a damaged or lost pan card. Know the online application
procedure & list of documents required to apply for a duplicate pan card.
76. File ITR Without Form 16 (/s/efile-without-form-16/)
Form 16 is an important document for salaried employees to file their annual income tax returns. How to
file IT Returns without a Form 16. Read this article to know more about the steps to file
77. Detailed Explanation of Cost Inflation Index (/s/cost-inflation-index/)
Cost Inflation index also called Capital gain index is used to calculate the indexed cost of acquisition for
long-term capital gain tax. Read this article to know more about the cost inflation index who notifies it with
practical examples
78. Comprehensive Analysis of Tax Audit – Forms 3CA, 3CB, 3CD & 3CE (/s/tax-audit-form-3ca-3cb-3cd-
3ce/)
section 44AB is required to be done before the due date of 30th September. This Article Talks about the
forms that are used for section 44AB tax audit report and detailed information about form 3ca, 3cb,
3cd,3e
79. e-PAN – Everything You Need to Know About it (/s/e-pan-card/)
e-PAN is a new initiative taken by the income tax department to ease the process of PAN allotment. This
facility is only available to first time return filers who have an Aadhaar card. This facility is available only for
a limited period of time.
80. Penalty for Late Filing of Income Tax Return – AY 2019 -20 (/s/late-tax-return/)
ITR Late Filing Penalty - Filing your tax returns after the due dates has more consequences than just
penalty. It impacts the carry forward and set off of losses and time for receiving the refund.
81. Section 80QQB – Royalty Income – Deductions under 80QQB (/s/section-80qqb/)
Section 80QQB : Deduction on royalty income earned by authors. Authors can claim section 80QQB
deduction on royalty income. Let's see the procedure for claiming deduction under income tax along with
Form 10CCD format.
82. Forgot Income Tax efiling password? – Here’s How to Retrieve Your Income Tax Login Credentials –
(/s/income-tax-efiling-password-reset/)
It is quite common that people forget their login credentials for Income Tax Department website. Here's a
step by step guide to reset the password for Income tax Efiling. Lets see how it is done...
83. Life insurance Policy – Taxability & Tax Benefits (/s/life-insurance-taxability/)
Life insurance policy and tax benefits under section 80 C, Exemption under 10 D
84. Luxury Tax in India (/s/luxury-tax-in-india/)
Defining Luxury Tax in India, where is Luxury Tax applicable, Luxury Tax rates on hotels and services.
Luxury Tax under GST.
85. 7th Pay Commission Pay Scales (/s/7th-pay-commission-pay-scales/)
7th pay commission pay matrix, pay scales, news and updates. All you need to know about 7th pay
commission. Pay for defence personnel and central government employees
86. Residential Status for Income Tax – Individuals & Residents (/s/residential-status/)
Know about the income tax on residential status & it's importance, determination for status of Resident,
Non-Resident & Resident Not Ordinarily Resident & its taxability.
87. 7th Pay Commission – Latest News (/s/7th-pay-commission-latest-news/)
7th Pay Commission Latest News, Updates, Pay Matrix. Know 7th Pay Commission Calculator,
Allowances and fitment factor. Latest News, Highlights and Summary
88. UTIITSL – PAN Card, Mutual Fund & Other Services (/s/utiitsl/)
UTIITSL is one of the largest Financial Service Providers of India and provides technology and outsourcing
services. Read this article to know about UTIITSL PAN, Mutual Funds and other offered services.
89. HDFC IFSC Code Search (/s/hdfc-ifsc-code-search/)
HDFC Bank IFSC code search. Locate HDFC bank branch using IFSC. Transfer funds using NEFT, RTGS
and IMPS using HDFC IFSC search code
90. Axis Bank IFSC Code Search (/s/axis-bank-ifsc-code-search/)
Axis Bank IFSC code search. Locate Axis bank branch using IFSC. Transfer funds using NEFT, RTGS and
IMPS using Axis Bank IFSC search code
91. Explanatory Guide to Section 269SS and 269T (/s/section-269ss-269t/)
Section 269SS and 269T deal with the cash payment and repayment of loans and deposits. Both the
sections were introduced to curb the black money. Read more about this on penalties & exceptions.
92. SBI IFSC Code Search (/s/sbi-ifsc-code-search/)
State Bank of India IFSC code search. Locate SBI bank branch using IFSC. Transfer funds using NEFT,
RTGS and IMPS using SBI IFSC search code
93. PAN Card Status Online – Check your PAN Application Status Online (/s/pan-card-status/)
A step wise guide for how to check your PAN application status online?. Read more about Tracking based
on acknowledgement number and Name and Date of birth.
94. Know your Permanent Account Number (PAN) (/s/know-your-pan/)
Lost your PAN Card or do not have it with you? No, worries! Read this article to know your PAN /
Permanent Account Number by Date of Birth & official name registered on the UIDAI website.
95. Wealth Tax India (/s/wealth-tax/)
Wealth tax is imposed on the richer section of the society. The intention of doing so was to bring parity
amongst the taxpayers. Know more about Who is Liable to pay wealth tax? what are the charges ,
components of Wealth Tax
96. Pune Property Tax (/s/pune-property-tax/)
It is the(PMC),(PCMC) [based on the location of property], that assesses a property to give it a value and
levy tax on a person’s real or personal property in Pune. Read more about the tax calculation and various
 methods of payments
97. Savings Account – Bank Deposits (/s/savings-account/)
Savings accounts are designed to encourage more savings, unlike current accounts which allow unlimited
transactions and do not offer any interest. Know more about Interests, Benefits and Tax Implications
98. How to Open a Post Office Savings Account ? (/s/post-office-savings-account/)
The post office savings account is a deposit scheme provided by the post office departments throughout
India, which provides a fixed interest rate. It is a beneficial scheme for individual investors who wish to
earn a fixed rate of interest by investing a significant portion of their financial asset
99. SFT – Statement of Financial Transaction (/s/sft/)
SFT / Statement of Financial Transaction under Section 285BA is a report of specified financial
transactions by specified persons including prescribed reporting financial institution. Read this article to
know more about SFT Rules, Forms, Due Dates, Remedies & consequences.
100. How to Open NPS Account in HDFC? (/s/hdfc-nps-account/)
The National Pension Scheme was launched by Government of India in January 2004 to provide market-
linked returns to pensioners. Initially the scheme was meant to serve only government employees.
101. Summary of Penalties Under the Income Tax Act (/s/income-tax-act-penalties/)
A timely and consistent paying of taxes and filing of returns ensures the government has money for public
welfare at any point of time. To make sure that taxpayer does not default in paying taxes or disclosing the
information, there are several penalties prescribed under the Act
102. Form 10C – Eligibility, Benefits, Attestation, Documents (/s/form-10c/)
Form 10C When in employment, an employee has a pension fund for securing the retirement age. In case
of change of employment, the employee can carry forward the same account for pension. Therefore to
avail the benefits he employee files a Form 10C.
103. NREGA – National Rural Employment Guarantee Act (/s/nrega/)
This article states about the Objective of the NREGA / National Rural Employment Guarantee Act,
Features, Funding the Implementation of the Act and about its roles & responsibilities.
104. RBI – Reserve Bank of India (/s/rbi-reserve-bank-of-india/)
What is Reserve Bank of India, Establishment, Objectives, Organisation Structure, Functions, Policies,
Legal Framework, RBI Publications, Payment Systems
105. Permanent Retirement Account Number – PRAN (/s/pran-card/)
The article give information on Permanent Registration Account Number generated for subscribers of the
New Pension Scheme. It provides details of documents required for applying for PRAN. It also helps
understand the types of accounts available to PRAN subscribers
106. PFRDA – Pension Fund Regulatory and Development Authority (/s/pfrda/)
PFRDA is a pension regulator and work towards its promotion and development. It is a Central
autonomous body and is a quasi government organisation and has executive, legislative and judicial
powers similar to other financial sector regulators in India such as Reserve Bank of India (RBI), Securities
107. National Pension Scheme Account with State Bank of India (SBI) (/s/sbi-national-pension-scheme-
account/)
The NPS is a social security scheme launched by the central government of India. This article discusses
how to open an NPS account with SBI
108. Bank Current Account – Meaning, Advantages and Disadvantages (/s/current-account/)
Current bank accounts are very popular among companies, firms, public enterprises, businessmen who
generally have higher number of regular transactions with the bank. The current account includes
deposits, withdrawals, and contra transactions. Such accounts are also called the Demand Deposit
Account
109. How to Open an SSY Account with State Bank of India? (/s/sbi-sukanya-samriddhi-account/)
This article is a brief understanding on what is Sukanya Samriddhi Yojana, who can open an SSY account,
Key features of such account and the steps involved in opening an SSY account with SBI
110. Opening a PPF Account With SBI (/s/sbi-ppf-account-opening/)
The article lists the features of the PPF product and steps procedure on how to open a PPF account with
SBI; alongwith the important points to be noted while opening a ppf account.
111. Opening a PPF Account in ICICI Bank (/s/icici-ppf-account-opening/)
 The article lists the features of the PPF product and steps procedure on how to open a PPF account with
ICICI; alongwith the important points to be noted while opening a ppf account.
112. Pradhan Mantri Jan Dhan Yojana (PMJDY) (/s/pradhan-mantri-jan-dhan-yojana-pmjdy/)
This article contains a detailed discussion about the scheme of Pradhan Mantri Jan Dhan Yojana
introduced by the Government of India in 2014. Know about PMJDY Online Scheme, documents required
for opening an account, benefits and much more.
113. Voter ID – How to apply voter id online, Eligibility, Documents required (/s/voter-id/)
A Voter ID Card is a photo identity card issued by the Election Commission of India to all Indian citizens
eligible to vote. Voter ID card also know as EPIC or election card is an identity proof of the voters. Read
more about voter id card.
114. 7th Pay Commission – Overview & Highlights (/s/7th-pay-commission/)
Pay Commission is an administrative system or mechanism appointed by Government of India to
examine, review and recommend desirable and feasible changes to salary and its structure. Read on for
the highlights of the 7th Pay Commission.
115. e-Tax Payment – Pay Tax Online in India (/s/e-tax-payment/)
Paying tax online have been made easy with the e-tax payment option. The bank should be authorized by
the department to process the tax payments and the taxpayer should have a net banking account. if not
the payment can be made at the bank.
116. www.uidai.gov.in – UIDAI Portal ( Unique Identification Authority of India ) (/s/uidai/)
UIDAI - the article gives a detailed understanding of the role and functioning of the www.uidai.gov.in /
Official Aadhaar Website. It explains how one can have information changes on the Aadhaar or link other
accounts to Aadhaar.
117. Form 67 – Claim of Foreign Tax Credit (/s/form-67-claim-foreign-tax-credit/)
Form 67 for claim of Foreign Tax Credit has to be submitted online of the return of income is filed
electronically. This form has to be filed before due date of filing return of income under Section 139(1)
118. Health and Education Cess – Budget 2018 (/s/budget-2018-health-education-cess/)
In order to fund the education and health proposals announced in Budget 2018, ‘Secondary and Higher
Education cess’ was discontinued and ‘Health and Education Cess’ was introduced at 4% on tax
119. Income Tax Exemptions for Political Parties (/s/income-tax-exemptions-political-parties/)
Political parties in India do enjoy certain income tax benefits. For the definition of political parties,
conditions for claiming income tax exemption etc read on.
120. IFSC Code Search (/s/ifsc-code-search/)
What is IFSC, How to find IFSC Code, How to transfer funds with IFSC, Types of fund transfer, NEFT,
IMPS, RTGS & Online Banking SMS. Benefits of IFSC Code, Accurate, Error-free, Secure.
What is MICR, How to find MICR, Difference between IFSC and MICR, FAQs on IFSC
121. Charitable Trusts and NGO – Income tax benefits (/s/charitable-trusts-ngo-income-tax-benefits/)
Charitable Trusts and NGOs in India enjoy certain tax benefits in the form of income tax exemptions
subject to certain conditions. This article discusses these exemptions and the conditions laid down for
claiming them
122. Tax on Income from Patents – Patent Box Regime (/s/patent-tax-treatment/)
Patent Box regime was introduced by Finance Act, 2016 under Section 115BBF to levy income tax from
patents developed and registered in India at 10%. Read this article to know about patent taxation &
treatment in India.
123. Filing Income Tax Returns – Common Mistakes (/s/return-filing-mistakes/)
The article helps understand the various mistakes a taxpayer tends to make while filing a tax return. It also
highlights the consequences some mistakes might have.
124. Retrospective amendment and retrospective tax (/s/retrospective-tax/)
The Finance budget comes up with amendments some being prospective some being retrospective. Ever
wondered what exactly is a retrospective amendment. And are these amendments welcome to taxpayers.
Read on..
125. Dividend Distribution Tax (/s/dividend-distribution-tax/)
Dividend Distribution Tax (DDT) is the tax imposed by the Government on domestic companies which pay
dividends to their investors.
126. Pradhan Mantri Rojgar Protsahan Yojana Scheme- Benefits, Eligibility Criteria (/s/pradhan-mantri-rojgar-
protsahan-yojana/)
Pradhan Mantri Rojgar Protsahan Yojana (PMRPY) Scheme is for incentivise employers for generation of
new employment, Government of India will be paying the 8.33% EPS contribution of the employer for the
new employment. In Textile Sector rest 3.67% EPF contribution will also be borne by Government
127. Equalisation Levy (/s/equalisation-levy/)
Details the taxation of digital advertising and online business marketing. The tax is withheld at the time of
payment. Gives the rate and consequences of non-compliance
128. Centralised Communication Scheme 2018 (/s/centralised-communication-scheme/)
Pursuant to Instruction No. 01/2018 dated 12th of February, 2018 on conduct of electronic assessment
proceedings,this Scheme has been notified by the CBDT
129. Different Types of Return Forms (/s/return-types/)
Different types of forms which a taxpayer can file. Difference between the forms and the consequences of
delay in the filing of forms.
130. PAN Card – What is PAN, Eligibility, How to Enrol & Download PAN (/s/pan-card/)
PAN / Permanent Account Number is an unique identification number assigned to all taxpayers in India. It
acts as the primary key for storage of information & is shared across the country. Know more about PAN
eligibility, documents required, structure, enrollment & much more.
131. TDS Challan Correction Procedure – Offline , Online in Traces (/s/tds-challan-correction/)
Now that you have paid tax deducted to the account of Central Government, what if there is any
inadvertent mistake while making payment. Know more
132. Intimation under Section 143(1) of the Income-tax Act (/s/section-143-1-it-act/)
Income tax department carries out a preliminary assessment of all the returns filed and sends an
intimation to taxpayers under 143(1). Know more
133. Unexplained Cash Credit ( Section 68 ) – Tax Treatment of Cash Credits (/s/unexplained-cash-credits/)
Credit of any sum to the taxpayer requires to be offered to tax unless it is specifically exempted as per tax
provisions.Know more about Section 68 on unexplained cash credit & its treatment.
134. Aadhaar Card – Eligibility, Documents, Application, Status, Verification & e-KYC (/s/aadhaar-card/)
All you need to know about Aadhaar card. How to enrol for Aadhaar, details of Baal Aadhaar, eligibility for
Aadhaar, documents required, verification, steps to edit/update your, Aadhaar card status.
135. VPF ( Voluntary Provident Fund ) (/s/voluntary-provident-fund/)
VPF ( Voluntary Provident Fund )is the voluntary fund contribution from the employee towards his
provident fund account. It also belongs to EEE category.
136. CBDT’s Central Action Plan for 1st Quarter of FY 2018-19 (/s/cbdt-action-plan-fy-2018-19/)
The CBDT has very recently come up with the Central Action Plan for the first quarter of the Financial Year
(FY) 2018-19. Read on for the Key Result Areas..
137. Notices Issued Under the Income Tax Act (/s/income-tax-notice/)
The article gives a basic understanding of the most commonly issued income tax notices issued by the
department. The reasons why the notice is issued and the timelines till when the notice can be issued.
138. OLTAS – Online Payments & Refunds (/s/oltas-payments-refunds/)
A brief understanding of how OLTAS can be used for making tax payments online and also on how it can
be used for understanding the status of refund dues
139. OLTAS TDS Challan Status Enquiry (/s/oltas-tds-challan/)
This article gives a detail understanding on how the status of a challan can be found out either by a
taxpayer or by the banks. Read on
140. Securities Transaction Tax (STT)- Applicability, levy and collection, income tax implications (/s/securities-
transaction-tax-stt/)
STT is a direct tax levied on every purchase and sale of securities that are listed on the recognized stock
exchanges in India. Governed by the STT Act
141. Online Tax Accounting System (OLTAS) (/s/oltas-online-tax-accounting-system/)
Online Tax Accounting System (OLTAS)- detailing the background, features and advantages of OLTAS
142. TDS Challan ITNS 281 – Pay TDS Online with e-Payment Tax (/s/tds-challan-itns-281/)
 Challan ITNS 281- the article lays out the purpose of the challan along with the process of generating it. It
gives the online and offline methods of generating the challan. Know more about Challan ITNS
background, compliance, filing process & status check.
143. Kisan Vikas Patra – Eligibility, Features, Interest Rates & Returns (/s/kisan-vikas-patra/)
Kisan Vikas Patra is a certificate scheme that doubles a one time investment in a period of approximately
118 months. Read on to know more.
144. Atal Pension Yojana – APY Scheme Eligibility & Benefits (/s/atal-pension-yojna/)
Atal Pension Yojana / APY scheme aims to provide pension benefits and social security to the people
working in unorganized sector with a minimum contribution per month. Read on to know about APY
Online Scheme, eligibility and benefits.
145. Pradhan Mantri Awas Yojana – Application Procedure (/s/pradhan-mantri-awas-yojana/)
Pradhan Mantri Awas Yojana ( PMAY ) aims to provide housing at an affordable price to the weaker
sections of the society. Read on to know more about Pradhan Mantri Awas Yojana .
146. Section 14A and Rule 8D of the Income Tax Act (/s/section-14a-rule-8d/)
The article gives an understanding into Section 14A and Rule 8D of the Income Tax Act. A detailed
understanding has been given through illustrations for better understanding.
147. Bitcoin Tax Calculator (/s/bitcoin-tax-calculator/)
Bitcoin Tax Calculator
148. Aadhaar PAN Linking Deadline – Latest News & Updates (/s/aadhaar-linking-deadline/)
Linking PAN with Aadhaar has now become compulsory. But the govt has exempted a few class of
individuals from it, subject to certain conditions.Read this article to know about the Applicability and
Exemptions
149. Who is an Assessing officer? How do you find your assessing officer? (/s/income-tax-assessing-officer/)
An Assessing Officer (AO) is an income tax officer who has jurisdiction to make assessment of a taxpayer
(assessee) who is liable to tax under the Act. Read on to know how to find your AO.
150. How to Link Aadhaar with Post Office Schemes, PPF, NSC, KVP (/s/link-aadhaar-post-office-schemes-
ppf-nsc-kvp/)
Aadhaar number needs to be produced mandatorily if you want to open a post office account or invest in
the National Savings Certificate. Learn more here...
151. How to Link Aadhaar with Insurance Policies – Online & Offline (/s/link-aadhaar-insurance-policies/)
Linking of Aadhaar with insurance policies has been made mandatory by the government. To learn how to
do so, read our in-depth article...
152. Link Aadhaar Card to Ration Card – Online & Offline Procedure (/s/link-aadhaar-ration-card/)
Ration cards are used by the individuals to get subsidized food. The government has made it mandatory
to link Aadhaar to ration card for authenticity.
153. Link Aadhaar with LPG Connection – Online, Offline, SMS (/s/link-aadhaar-lpg-connection/)
Linking of Aadhaar with LPG connection is necessary for receiving the benefit of LPG subsidy. Learn more
about this in our in-depth article...
154. How to Link Aadhaar with UAN and PF (/s/link-aadhaar-uan-pf/)
Every salaried individual needs to update their Aadhaar details and link it to their PF and UAN account.
how do you do it? Learn more here...
155. Link Aadhaar with Voter ID – Online, SMS, Phone, Offline Procedure (/s/link-aadhaar-voter-id/)
It is mandatory by law to link Aadhaar with Voter ID. You can do it through different steps at your own
convenience. Learn more here...
156. Mortgage Caclulator (/s/mortgage-calculator/)
Use ClearTax Mortgage Calculator to calculate your monthly mortgage payment & how much you can
afford. Estimate your monthly payments and see the effect of adding extra payments.
157. Gratuity Calculator (/s/gratuity-calculator/)
Calculate total gratuity payable to you by ClearTax Gratuity Calculator. Know about gratuity, eligibility,
formula, benefits & FAQs.
158. PF Calculator – Calculate EPF, Employee’s Provident Funds Online (/s/pf-calculator/)
Calculate the amount of money you will accumulate on retirement via ClearTax PF Calculator. Know about
PF/ EPF benefits, interest rates & how to transfer EPF money online.
159. Income Tax Raid, Search and Seizure – What, When, How (/s/income-tax-raid/)
An income tax raid otherwise called the search and seizure operation by the income tax department is one
of the crucial weapons that the Income tax department possesses to check black or unaccounted money.
Read more on w
160. Savings Calculator – Calculate your Wealth Accumulated (/s/savings-calculator/)
Plan your future wealth accumulated with ClearTax Savings Calculator. Know about benefits of calculating
your savings & get to know how much you should save for your/ family future.
161. Form 60 – Submit this if you do not hold a PAN (/s/form-60/)
PAN is mandatory for various transactions. You can still enter into certain transactions without a PAN by
just submitting Form 60. Read more..
162. Budget 2018: Impact on the Salaried Class (/s/budget-2018-impact-salaried-class/)
Budget 2018 has not announced any changes in tax rates and slabs for individuals. However, the standard
deduction of Rs 40,000 has been reintroduced in lieu of transport and medical allowance.
163. Budget 2018: Impact on Senior Citizens (/s/budget-2018-impact-senior-citizens/)
Union Budget 2018: For the senior citizens, the finance minister has announced an increase in the interest
income exemption limit on fixed deposits and tax benefits in healthcare.
164. Union Budget 2018 Highlights: Key takeaways from Union Budget 2018 (/s/union-budget-2018-
highlights/)
Budget 2018 highlights: No Change In Income Tax Slabs, Reintroduction of Standard Deduction, Benefits
for Senior Citizens & Corporates etc
165. Budget 2018 – Get Live Updates on India Union Budget 2018 (/s/union-budget-2018-live-updates/)
Union Budget 2018 live Updates: Complete coverage of Indian Union Budget 2018 with live updates,
news & expert analysis. Get insights on trending budget 2018 expectations like aam, education, income
tax & rail budget
166. How to Link Aadhaar with Bank Account (/s/link-aadhaar-to-bank-account/)
The article discusses the step by step process about Aadhaar Seeding online & offline i.e, linking
your Aadhaar card to your bank account
167. BUDGET 2018 – What can we expect? (/s/budget-2018-expectations/)
Parliamentary Affairs Minister Ananth Kumar further said that the budget session of the parliament is
expected from January 29 to April 6,2018.
168. How to Link Aadhaar with Mobile Number (/s/link-adhaar-to-mobile/)
This article talks about the ways to link your Aadhaar with Mobile number. Read on for step by step
process to link aadhaar to mobile number.
169. How to Check Income Tax Refund Status Online? (/s/check-status-income-tax-refund/)
An income tax refund is due to a taxpayer if he has paid taxes higher when compared to his actual tax
liability, the status of refund can be checked either.
170. EMI Calculator : Home Loan, Car Loan, Personal Loan in India (/s/emi-calculator/)
EMI Calculator Online - Calculate your Equated Monthly Installments for any kind of loan with ClearTax
EMI Calculator. Check your car, home, education and personal loan.
171. AS 22 Accounting for Taxes on Income (/s/as-22-accounting-on-income-taxes/)
AS 22 Accounting for Taxes on Income explained including applicability, scope, consolidation process,
disclosures required, subsidiaries excluded, differences with IND AS 110
172. PAN Card for Individuals (/s/pan-card-application-online-india/)
We discuss the importance of PAN card for individuals and also mentioned about the NSDL India Online &
Correction of Application.
173. Direct and Indirect Taxes in India (/s/direct-indirect-taxation-india-explained/)
The article discusses the two different categories of taxes- Direct and Indirect taxes, and Goods and
Services Tax (GST) as an Indirect tax.
174. Capital gains can be invested multiple times to buy a new residential house property. (/s/invest-multiple-
capital-gains-on-buying-new-house-property/)
Income Tax allows exemption on the long term capital gain if you invest in a new residential property
subject to certain conditions.Now recently ITAT Delhi has allowed multiple-year exemption
175. CBDT: No TDS on GST Component (/s/no-tds-on-gst/)
 CBDT has clarified that if GST on services has been indicated separately in the invoice, then no TDS on
GST component will be deducted.
176. Do NRI need to disclose foreign bank account information in tax returns ? (/s/nri-need-disclose-foreign-
bank-account-information-tax-returns/)
It is not mandatory for NRI to disclose the detail of their overseas bank accounts while filing return in
India.In case of refund,they should mention the bank account held by them in India.
177. Intimation u/s 143(1) – Reasons & Responding to Notice u/s 143(1)(a) (/s/received-notice-mismatch-
income-form-1616a-heres-need/)
Letter of Intimation u/s 143(1) & Responding to Notice u/s 143(1)(a) - A step-by-step guide on how to reply
to a income tax notice on mismatch in return income with Form 16/16A.
178. Second Phase of Operation Clean Money: 5.56 Lakh New Taxpayers Identified for Scrutiny (/s/second-
phase-operation-clean-money-5-56-new-taxpayers-identified-scrutiny/)
Income Tax Department launched the second phase of Operation ‘Clean Money’ on 14th April,2017 to
detect the flow of black money into the banks after demonetization. During this phase, 5.56 lakh new
persons have been iden
179. How to e- verify your return using Demat Account (/s/e-verify-return-using-demat-account/)
After you have successfully filed your income tax return, the next step is to verify it. The Income Tax
Department starts processing your return when it is verified.You can e-verify using demat account number
180. Update on Sec 269ST – Clarification on the repayment of Loan Instalments in Cash (/s/update-sec-269st-
clarification-repayment-loan-instalments-cash/)
You can repay your loan amount to any HFC (Housing finance company) or NBFC (Non-banking finance
company) in cash provided each loan instalment is less than Rs 2 lakh.
181. Aadhaar Mandatory for PAN application from 1st July,2017 (/s/aadhaar-mandatory-pan-application-ist-
july2017/)
Aadhaar has to be quoted mandatorily while applying for PAN. If you do not have Aadhaar but has applied
for it, then you can also quote your 28-digit enrolment id.
182. Know About Form 16C and Challan 26QC for deducting TDS on Rent (/s/know-form-16c-challan-26qc-
deducting-tds-rent/)
individual/HUF not covered under tax audit are also required to deduct TDS @ 5% if the payment of rent is
Rs 50,000 or above.TDS deducted should be paid within 30 days from the end of the month in which tax
is deducted.
183. How to E-verify your Income Tax Return using Bank Account (/s/e-verify-income-tax-return-using-bank-
account/)
E-verification of the return is done by generating Electronic Verification Code(EVC). EVC is a 10 digit
alphanumeric code which is sent to registered mobile number. EVC can be generated using bank account
184. Do I Need to Pay Tax on Dividend Income? (/s/how-dividends-taxable/)
Dividend received from an Indian company is exempt from tax, whereas the dividend received in excess of
Rs 10 lakhs is taxable.
185. Running a Business : Be Careful about claiming Payments made to Relatives (/s/payment-made-to-
specified-persons-relatives-under-section-40a2/)
Section 40A(2) gives power to the income tax officer to disallow any expense if payment is made to
specified persons and he considers it to be excessive in regard to fair market value of goods or services
provided
186. What to do if you have two PAN (/s/what-to-do-if-you-have-two-pan/)
Every person should possess only one PAN number. It's illegal for a person or company to have two
PAN.You can apply for surrender of PAN Offline & online
187. How to Apply for PAN Card ? – Online Pan Application (/s/how-to-apply-for-pan/)
NSDL website & UTIITSL website have been authorized by the govt.to carry out PAN transactions on
behalf of the Income Tax Department. Read this article to know how to apply for PAN Card & how to
make changes or corrections in your Permanent Account Number.
188. Tax Planning Under MAT (/s/tax-planning-under-mat/)
Know about MAT (Minimum Alternative Tax) which is tax payable under Income tax Act. Check out the
concepts of MAT & how to calculate MAT.
189. Can You Save Tax by Transferring Money to Wife’s Account? (/s/can-you-save-tax-by-transferring-money-
to-wife-account/)
Find out if you can save tax by transferring money to wife’s account. Check out how is the income from
such transfer treated from income tax standpoint.
190. How to Respond to a Defective Return Notice? (/s/how-to-respond-to-a-defective-income-tax-return-
notice/)
Check out how should you respond to a defective income tax return notice and revise your income tax
return in response to the notice
191. How to Respond to a Demand Notice from Income Tax Department? (/s/how-to-respond-to-demand-
notice-from-income-tax-department/)
A step by step on how to respond to a demand notice from Income Tax Department. Check out where can
the details of the demand be accessed.
192. Basics of Income Tax for Beginners (/s/income-tax-basics-for-beginners/)
Here is the simplified guide on income tax basics for beginners. Know about terms like tax year, salary,
deductions, medical expenses, heads of income.
193. How to request for a refund reissue? (/s/how-to-request-for-refund-reissue/)
A step by step guide with screenshots on how to make a refund reissue request from the income tax
department. Check out what does refund unpaid mean.
194. Tax Communication between Assessing Officer and Taxpayer Goes Online (/s/tax-communication-
assessing-officer-taxpayer-goes-online/)
E-proceeding link has been added on the e-filing website to reduce human interface in the process.
195. Section 44AD – Presumptive Scheme to be opted for atleast 5 years (/s/section-44ad-presumptive-
scheme/)
Know about the new condition that has been added to presumptive income under Section 44AD. Check
out the additional conditions to opt for presumptive scheme
196. Income Tax Slab for Financial year 2018-2019 (/s/income-tax-slabs/)
Income Tax Slabs & Tax Rate in India for FY 2018-19 & 2019-20 : Budget 2019 Updates - For AY 2019-20,
income tax liability has increased by Rs 4,125 for the highest income tax slab assuming total income of Rs
20 lakh, and Rs 1,125 and Rs 125 respectively for middle and lower Income Tax slabs
197. How to Link Aadhaar Number to PAN Card ? (/s/how-to-link-aadhaar-to-pan/)
A guide with screenshots on how to link aadhar to PAN Card/ Permanent Account Number. Compulsory to
provide both Aadhaar & PAN Crad pannumber while filing Income Tax Return ( ITR ) .
198. How to Apply for Aadhaar card (/s/how-to-apply-for-aadhaar-card/)
Learn the procedure on how to apply for Aadhaar Card and check status of allotment of Aadhaar Card
Online.
199. Did you Receive Intimation under section 245 of the Income Tax Act? (/s/intimation-under-section245-
income-tax-act/)
Find out why you have received intimation under section 245 of income tax act. Know how to respond to
the Assessing Officer regarding this intimation.
200. Landlord’s PAN Mandatory for HRA Exemption (/s/landlord-pan-card-mandatory-for-hra-exemption/)
Income Tax Department has made PAN card mandatory for HRA Exemption. Find out what to do in case
your landlord doesn't have PAN.
201. Can you claim both HRA & deduction on home loan interest? (/s/claim-hra-deduction-home-loan-interest/)
Find out whether you can claim both HRA & deduction on home loan interest? See if you can avail house
property-related tax benefits to lower taxable income.
202. HRA – House Rent Allowance – Exemption Rules & Tax Deductions (/s/hra-house-rent-allowance/)
Details for what is HRA, how is tax exemption from HRA calculated. Check whether you can claim HRA
and Deduction on home loan interest as well?
203. Revised rules related to Submission of Form 15CA and Form 15CB (/s/form-15ca-15cb-under-rule-37bb/)
Check out the rules revised by income tax department relating to the preparation & submission of Form
15CA and Form 15CB which are effective 1st April 2016.
204. Filing Form 10E is Mandatory to Claim Relief under Section 89(1) (/s/filing-form-10e-claim-relief-section-
89-1/)
 to claim relief for arrears salary received, you will have to file form 10E. This is a step by step guide to file
form 10E. This form is required to be filed on Income Tax Website before filing your income tax return.
205. Income Tax on winnings from Lottery, Game Shows, Puzzle (/s/taxes-on-lottery-puzzles-game-shows/)
Find out which taxes on Lottery, crosswords and game shows are applicable on the prize money received.
Check for TDS applicability.
206. Handbooks on Taxation for Individuals, Freelancers, Traders & Investors (/s/tax-handbooks/)
Download the Tax Handbook for individuals, freelancers, Traders & Investors. Use the guide to find out
How to Deal with Taxes?, How Taxes work etc.
207. Getting ESOP as salary package? Know about ESOP Taxation (/s/taxation-on-esop-rsu-stock-options/)
Understand how ESOP is taxed and find out the instances where it is taxed. Read about key terms
involved in ESOP taxation.
208. Income Tax Rebate Under Section 87A (/s/income-tax-rebate-us-87a/)
Find out Who can claim Income Tax Rebate u/s. 87A for FY 2017-18 and FY 2016-17. Know how to claim
section 87A rebate in ClearTax Software.
209. How to Respond to a Notice Issued for Non Compliance or Non Filing of Returns? (/s/income-tax-notice-
to-file-returns-compliance-form/)
Did you receive an Income Tax Notice to file returns? Here's the step by step guide to submit the
compliance form online at Income tax department website.
210. How to add i-SIP URN number in Axis Netbanking (/s/how-to-add-i-sip-urn-number-in-axis-netbanking/)
Here is a Step by step guide on how to add i-SIP URN number for mutual fund investments in your Axis
netbanking. It is a secure way to invest in mutual fund
211. RBI Issues Rs 500 Note in a New Series (/s/rbi-issues-rs-500-note-in-a-new-series/)
Now your bank notes in a new design
212. RBI Issues Rs 2,000 Note in a New Series (/s/rbi-issues-rs-2000-note-in-a-new-series/)
Now your bank notes in a new design
213. Currency Note Demonetization – All You Need to Know (/s/new-currency-notes-all-you-need-know/)
The government has introduced measures to stop circulation of black money. Here's what you need to
know.
214. Top 5 Income Tax Notices & How to Avoid Them (/s/top-5-income-tax-notices-how-to-avoid-them/)
Here are the top five reasons why income tax notices are issued and ways on how to dodge them.
215. Investment Declaration Guide (/s/guide-to-form-12bb/)
A comprehensive guide on investment declaration and submission of Form 12BB.
216. List of Pages related to Notices and Intimations (/guide/notices-and-intimations)
Know Notices and Intimations about Income Taxes on ClearTax
217. How to deal with Income Tax Notice under section 143(2) (/s/notice-under-section-143-2)
Get help from ClearTax if you have received a notice under section 143(2) (for scrutiny of tax return) from
the income tax department.
218. Requesting for a Refund Reissue (/guide/how-to-make-a-refund-reissue-request)
Guide to requesting for a refund reissue
219. Checking my Refund Status (/guide/checkincometaxrefundstatus)
Quickly check your Refund Status using this guide
220. Understanding Income Tax Notices (/guide/income-tax-notices)
A notice from the IT department is not always a bad thing. Keep calm and read this guide first!
221. Create Rent Receipts for HRA easily — ClearSave by www.cleartax.in (/save/rent)
Create rent receipts to submit as investment proof. Rent receipts for HRA. Create rent receipts to submit
to HR/Payroll. Save income tax on rent.
222. House Rent Allowance (/Salary/hra-house-rent-allowance)
Salaried individuals who live in a rented house can claim House Rent Allowance or HRA to lower taxes.
This can be partially or completely exempt from taxes
223. Income Tax Calculator by ClearTax (/paytax/TaxCalculator)
Free Income Tax Calculator for Assessment Year (AY) 2015-16. An online tax calculation tool that tells you
how much Income Tax you owe to the Income Tax Department with just a few clicks!
 224. Can you claim both HRA and deduction on home loan interest? (/Guide/claim-hra-interest-on-home-loan-
deduction)
You can enjoy both the tax benefits if the employer provides you with an HRA component as part of your
salary and you are paying your home loan off
225. Landlord's PAN required for HRA exemption (/Guide/ask-for-landlords-pan)
Ask for your landlord's PAN if you are taking a house on rent and making a payment exceeding Rs 8,333
per month
226. Income Tax Slabs | Income Tax Rate for 2017-2018 and 2016-2017 (/Guide/income-tax-slabs)
Income Tax slab tax rates for FY 2016-17 & FY 2017-18. The Income tax slab determines how much you
will pay in taxes.
227. How to view your Form 26AS? (/Guide/TaxCredit)
This guide explains the Tax Credit Statement or Form 26AS
228. Paying Income Tax that is due (/Guide/HowToPayIncomeTaxDue)
A step-by-step guide to understanding how to pay income tax that is due

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