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15 Income Tax resources to help you prepare & file your income tax return (ITR)

Here are the top 15 income tax related articles from RaagVamdatt.com that would prove to be very useful while you prepare and file your income tax returns.

 

1. Download latest Income Tax Return (ITR) forms for FY 2010-11 AY 2011-12

This article has the links to the latest ITR forms needed for this year’s income tax return filing (FY 2010-11, AY 2011-12)

2. 20% Discount for online income tax return preparation and filing

Get a 20% discount on preparation and filing of your Income Tax Return (ITR) online through TaxMunshi.com. ITR preparation & filing starts at just199. No upfront payment – you pay only when you actually file the return! Read the article to know how to get the discount.

3. Income Tax (IT) Return Filing – Which ITR form to use?

This article clarifies the most important question this time of the year: Which ITR form to use to file the income tax return? The forms are also available for a free download.

4. Income Tax (IT) Slabs / Brackets and rates

This article gives you the details of the most recent, currently applicable income tax slabs / brackets and the applicable income tax rates. The slabs for women and senior citizens are also covered. The article also covers some historic slabs and tax rates.

5. Calculating your income tax liability – first step to saving tax

Are you totally new to the world of income tax? Don’t know how to calculate your income tax liability, and getting confused? Ever wondered “how much income tax do I need to pay”?

Here is a step by step guide that teaches you how to calculate your income tax – while also explaining the concept of income tax slabs / brackets. There is also an illustrative example!

6. Understanding the components of your salary and their taxation

Your salary consists of many components. This article explains what each component means. It also discusses the income tax applicability of each component.

7. Saving Income Tax – Understanding Section 80C Deductions

This article explains how the deductions under Sec 80C of the Income Tax (IT) Act can help reduce your income tax liability. It also helps you decide where to invest to claim deductions under Sec 80C.

8. Income Tax (IT) Benefits of a Home Loan / Housing Loan / Mortgage

Many of us have taken home loans / mortgages to buy our house. And one of the most important motivators for going in for a housing loan is the Income Tax (IT) benefits that it entails. This article explains in detail how a home loan saves you Income Tax.

9. Income Tax (IT) treatment of House Rent Allowance (HRA)

Most of the salaried people get an allowance for taking care of the rent that they pay for their home. This is called House Rent Allowance, or HRA. HRA gets special treatment in income tax laws, and is exempt from income tax to a certain extent. Here are the rules explained in simple terms.

10. Deduction for rent paid – Section 80GG

Do you pay rent but don’t get a house rent allowance (HRA)? Don’t think you cannot get any income tax benefit. You can qualify to save tax under section 80GG of the Income Tax (IT) Act if you satisfy certain conditions.

11. Perquisite (perk) value of a company provided house

Many companies provide accommodation to their employees, which is either rent free or has subsidized rent. Such accommodation is considered a perquisite (commonly known as perk), and is taxed in the hands of the employee.

What is the value of this perk? What is the income tax on it? How is the tax calculated? Read the article to know.

12. Income tax treatment of leave travel allowance / concession (LTA / LTC)

The government wants to encourage us to travel more and explore our country, and wants to assist us. That’s why it gives a favourable income tax treatment to allowance given to us for travel. We actually get income tax benefit for tourism! Read on.

13. Income Tax (IT) benefit of an education / study loan – Section 80E

This article explains how you can save income tax under section 80E if you have availed of an education / study loan. It also tells you the nitty-gritties: what is the process, how much you can save, who can benefit from this, etc.

14. Deduction of expenses on medical treatment – Section 80DDB

Did you know that amount spent on the treatment of certain diseases is deductible from your income, thus reducing your income tax? Read on, and also download the necessary form.

15. Missed the income tax return (ITR) filing deadline of 31st July?

The deadline for filing income tax returns for an individual assessee is 31st July. In spite of your best intentions and efforts (or, out of plain laziness!), you couldn’t file your income tax return on time. You missed the due date! What happens if you do not file the income tax return by the deadline? What are your options? Read on.

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