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Tax Exempt Allowances in Salary Schedule S in ITR2

The ITR-2 form for AY 2014-15 requires taxpayers to give a detailed break-up of tax-exempt allowance in schedule S.  Schedule S is for filling the salary income in ITR2. This article explains the changes in filling Schedule S in ITR2 this year. What is Schedule S of...

What to Verify in Form 26AS?

Verify your Form 26AS, all income tax articles insist and rightly so. But what to verify is question that we have come across in our discussions. This article gives an for an individual an overview of Form 26AS, why is it important, how to view it and what information...

Understanding Form 12BA

For person earning income from Salary , documents Form 16, and Form12BA  are provided by employer which has details about his salary, perquisites and tax deducted at source(TDS) by his employer. These are used while calculating Tax liability and filing Income Tax...

Understanding Form 16: Tax on income

In our earlier article Understanding Form 16: Part I and Understanding Form 16: Chapter VI-A Deductions we had found the Employee’s taxable income after deductions from Gross Salary and adding income from other sources. In this article we shall understand the...

Understanding Form 16: Chapter VI-A Deductions

In our article Understanding Form 16:Part 1 we had looked at the Details of Salary paid and how the Gross Salary is calculated. In this part we have described the part of Form-16 Chapter VI A Deductions which deals with deductions under Chapter VI-A of Income tax act...
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