Income Tax Guide - KSK Business and Tax Consulting

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Income Tax Guide

Introduction to Taxes

Learn about the basics of Income Taxes. Know about the revised Income Tax slabs and rates. What is TDS and residential status

Income tax basics
How to file ITR?
Financial Year vs Assessment Year
Common ITR filing mistakes

Types of Income

How to deal with different types of incomes

Salary Income, Income from business and profession, Income from other sources. Learn how different incomes attract income taxes

Salary Income
Relief Under section 89(1)
Dearness Allowance
Is Stipend Taxable?
HRA, LTA
Allowances
Taxation of ESOPs
Taxation of perquisite in respect of car
Understanding CTC

Tax Savings

Learn about various deduction available for savings taxes such as 80C, interest, rent payments and more. Also understand tax saving schemes

Overview of deductions
Deduction on interest on education loan (Section 80E)
Deduction on Interest (80TTA)
Deduction for senior citizen (80TTB)
Deduction on Rent paid (80GG)
Deduction on tuition fees (80C)
Deduction on electric vehicle (80EEB)
Deduction for disabled individuals (80U)
Deduction on pension funds (80CCC)
Deduction under 80DD
Deduction for cooperative society-80P
Deduction on interest on home loan- 80EE
Deduction for interest paid on Home Loan- 80EEA
Donations Eligible Under Section 80G and 80GGA
NPS- Sec 80CCD(1B)
Deductions for Medical Insurance- 80D
Senior citizen savings scheme ( SCSS )
NPS – 80CCD

Tax Payments

Learn about advanced taxes, 234C, 234 and self assessment Tax which includes Challan 280 and Section 87A

How to calculate Advance Tax?
Section 234C
Section 234B

Retirals

Gratuity, leave encashment, PPF, NPS, Voluntary retirement and pension and Superannuation fund

Exemption on Gratuity

Allowances
Transport Allowance
Taxation of ESOPs
Taxation of perquisite in respect of car
Understanding CTC

Income Tax Returns

Understand all the ITR forms such as ITR 1, ITR 2, ITR 3, ITR 4, ITR 5 and various types of ITR notices to avoid while filing ITR

Which ITR should I file?
ITR 1
ITR 2
ITR 3
ITR 4
ITR 5
Penalty for Late filing of Returs
Belated Return
Penalty for Belated Return
How to check e-file of previous year tax Returns
Defective Return
New ITR Forms
Top 5 Income Tax Notices
Intimation under various Acts
Section 143(1)
Documents required for ITR
Due Date for Tax Filing

Income & TDS of NRI

How taxation applies to individuals with NRI status and what are the tax implications for NRI. How can NRIs save taxes while filing

NRI Status & NRI Taxation
Tax Implications for NRIs
Equalisation Levy
Revised Rules for 15CA, 15CB
TDS on Rental Property owned by NRI