Archive | income tax return

How to claim HRA exemption for rent to parents without inviting department’s wrath

It is common for taxpayers to claim HRA exemption by paying rent to parents. But a lot of us do not know the right way to do this. Let’s understand in detail. You may have heard about a recent case law of how the income tax department refused to allow HRA exemption for rent paid by a […]

Continue Reading

ITR forms for FY 2016-17(AY 2017-18) income tax return forms for e-filing

The Income Tax Department has released the  ITR (Income Tax Return) Forms for Financial Year 2016-2017 (i.e. Assessment Year 2017-2018). These ITR forms will be applicable for your income tax return for income earned from 1st April 2016 to 31st March 2017. FY 2016-17 (AY 2017-18). The due date of submission of these ITR Forms will […]

Continue Reading

No TDS on insurance commission if total income is not taxable

Budget 2017 came as a great relief for Insurance Agents, in case their taxable income is less than Rs2.5 Lakhs. This is because now TDS will not be deducted from their insurance commission income. This amendment will be effective from 1st June, 2017. To avail this benefit, Agent is required to furnish Form 15G and […]

Continue Reading