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Home Money and Property Archive by category "Income Tax"

Notice issued by Income Tax Authorities

By Nyaaya | Income Tax, Money and Property | 0 comment | 21 July, 2020 | 1

Sometimes, you may be required to file income tax returns (ITR) in response to a notice issued to you by the income tax authorities. These are some major instances when notice can be issued to the taxpayer: If your tax return is defective If the Assessing Officer thinks that your return of income is defective,Read more

Complaints and Grievances Regarding Income Tax

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 0

If you have any income tax-related doubts or complaints, you can make use of the Income Tax Department’s tax helplines. For specific issues related to the filing of income tax returns, you can contact the help desk of the income tax e-filing portal. The Income Tax Department also issues useful tax information through booklets andRead more

Authorities under Income Tax Law

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 0

Explained below are various income tax authorities, including the governing body and income tax officers. The revenue functions of the Government of India are managed by the Ministry of Finance. Governing Body Central Board of Direct Taxes and the Income Tax Department The Finance Ministry has entrusted administration of direct taxes like Income-tax to theRead more

Penalties for not Filing Tax Returns

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 0

If you do not file your income tax returns or you delay it, then ​you will face a penalty by the Income Tax Department. Return of income which has not been submitted on or before the due date specified is called belated return.  If you don’t submit a required return of income within the prescribedRead more

Mandatory Linking of Aadhaar/PAN for Filing Returns

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

It is mandatory for all income tax taxpayers or persons who have to file income returns (even on behalf of others), to have a Permanent Account Number (PAN). Your Permanent Account Number (PAN) is a 10-digit alphanumeric identifier, issued by the Income Tax Department. Each taxpayer (e.g. individual, firm, company, etc.) is issued a uniqueRead more

Refund of Excess Tax

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

If the Assessing Officer is satisfied that the amount of tax paid by you for any assessment year exceeds the amount with which you should actually be charged, then you are entitled to a refund of the excess.1 Any excess tax you pay can be claimed as a refund. How to get your refund IfRead more

Procedure to file Revised Return

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

Electronically filing revised return (offline): Step 1: Select ITR Form For offline mode, you have to  download the appropriate ITR Form from the Income Tax Department’s e-filing portal. If you want to know which ITR Form you have to fill, read here. A pre-filled form can also be downloaded if you log in to theRead more

Revised Return

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

While filing your income tax return (ITR), ensure that you use the correct form to file it. If you use the wrong form to file your ITR, it is a defective return. You will be have to file it again. ​​​ If you have made any mistake or omission in filing your ITR, you shouldRead more

Right to Information – Tax

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The Right to Information Act 2005 (RTI Act 2005) states that all Indian citizens can access information which is under the control of public authorities.1 For example, if you want to know why your tax returns are delayed, then you can file an RTI application. If you require any information which is tax related, youRead more

Income Exempt from Tax

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

Exemptions are those incomes which are exempt from tax. In other words, they do not form a part of the total income calculated for taxation purposes. Incomes Exempt from Tax Given below are some examples of income that are exempted from tax: Agricultural income1 Any payments received from family income or income of an estateRead more

Deductions Reduced from Tax

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

A deduction is an expense that is subtracted from an individual’s gross total income to reduce the amount which is going to be taxed. Deduction can be less, more than or equal to the amount of income. If the amount deductible is more than the amount of income, then the resulting amount will be takenRead more

Financial Year & Assessment Year

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The government levies income tax on the annual income of an individual. Income tax is calculated from a period starting from 1st April and ending on 31st March of a calendar year.  The income tax law classifies the calendar year as: Previous year1: The year in which income is earned is called a previous year. Read more

Assessment/ ITR Verification

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The last step of the Income Tax Return (ITR) filing process is verification. You have to file your ITR verification within 120 days of filing the tax return. If you don’t do so, then it means that you have not filed ITR. These are the several ways in which you can electronically verify your ITRRead more

Procedure for Electronically Filing Tax (Online Filing)

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The online electronic filing (e-filing) mode is applicable only for ITR forms 1 and 4, which you can fill directly online. Step 1: Select Income Tax Return (ITR) Form For online mode, you have to directly login to the Income Tax Department’s e-filing portal and select either ITR-1 or ITR-4. If you want to knowRead more

Procedure for Electronically Filing Tax (Offline Filing)

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The offline electronic filing (e-filing) mode is applicable for all Income Tax Retun (ITR) Forms. In the offline e-filing mode, you have to fill the ITR form offline, and then submit it on the Income Tax Department website. Step 1: Select ITR Form For offline mode, you have to download the appropriate ITR Form fromRead more

How to File Income Tax Returns?

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

​​​​​​You can file the Income Tax Return Form with the Income Tax Department in any of the following ways1: Submitting the return in a paper form (offline) to the income tax office Submitting the return electronically under digital signature Electronically transmitting the ITR data under electronic verification code Electronically transmitting the ITR data, and laterRead more

Filing Tax Returns

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 2

Filing tax returns is a detailed and long-drawn process. Some legal aspects to keep in mind are: Step 1: Initially, for filing an Income Tax Return (ITR), you need to find out what category of taxpayer you are. This involves calculating your taxable income based on standard tax rates. There may also be certain taxRead more

Time Limit for filing Tax Returns

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

For the financial year of 2019-20, the Income Tax Return (ITR) general filing deadline is November 30, 2020. The deadline to file belated and/or revised tax returns for the previous financial year of 2018-19 is July 31, 2020. You can find other important due dates and income tax timelines for the year 2020 in thisRead more

Income Tax Returns or Forms (ITR)

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

An Income Tax Return (ITR) is a form through which the details of income earned by a person in a financial year, and taxes paid on such income are communicated to the Income Tax Department. Depending on the nature and status of income, different ITR forms are prescribed for different classes of taxpayers.1 Every taxpayerRead more

Who has to File Income Tax?

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

It is mandatory for every person to pay Income-tax. Income tax law defines the term ‘person’1 to include: Individual. For example, a salaried employee etc. Hindu Undivided Families (HUF). For example, a HUF including the joint family of Mr Rakesh, Mrs Rakesh and their sons pays tax as a separate entity. Association of persons orRead more

Tax Rates

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

​​​The rates of income-tax and corporate taxes are available in the Finance Act passed by the Parliament every year. You can also check your tax liability and calculate the amount of income tax you have to pay by using the free online tax calculator available at the Income Tax Department website. The Budget 2020 hasRead more

Calculating Taxable Income

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

The Income Tax Department taxes you based on your income from the categories given below1. Gross total income is the total income calculated based on these categories. It is from this amount that deductions are made. Income from Salary  Income from salary is taxable in India. Salaried income which is taxable consists of: Salary dueRead more

What is Income Tax?

By Nyaaya | Income Tax, Money and Property | 0 comment | 15 July, 2020 | 1

Income tax is a tax levied by the Government of India on the income of every person. The Income Tax Act, 1961, covers legal provisions regarding the collection of income tax. ​ There are some important points you will need to keep in mind to understand income tax, such as: Persons filing Tax It isRead more

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Nyaaya - India's Laws Explained
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Andhra Pradesh

Girl Child Protection Scheme

The Girl Child Protection Scheme is aimed at preventing gender discrimination by empowering and protecting rights of girl children through direct investment from the State Government. It provides a number of incentives to promote the empowerment of the girl child:

  • In case of a single girl child she is entitled to receive Rs.1.00 lakh after completion of 20 years of age.
  • In case of two girl children, both of them are entitled to receive Rs.30,000/- each, after completion of 20 years age.
  • Both “single girl child” and “two girl children” are entitled to receive Rs1,200/- per annum as scholarship from 9th class to 12th class (including ITI course) during their period of study, as a benefit under the scheme.

More information on this scheme can be found here.

Bangaru Thalli Scheme

Bangaru Thalli is a welfare scheme for girls launched by Government of Andhra Pradesh. The scheme supports the family of a girl from her birth till her graduation. All the Below Poverty Line white card holders are eligible for the scheme.

Details of the scheme can be found in the Andhra Pradesh Bangaru Thalli Girl Child Promotion and Empowerment Act, 2013.

Assam

Manjoni Scheme

Under this scheme, Rs. 5000 is deposited by the State Government at the time of the birth of a girl child and the girl would get the matured value of this fixed deposit when she turns 18. In order to be eligible for this scheme, the girl child must be born in a Government hospital and the family should have adopted the two child norm.

More information on this scheme can be found here.

Bihar

Mukhyamantri Kanya Suraksha Yojana

Under this scheme the girl child gets financial assistance from her birth till graduation amounting to a total of Rs. 51,000. The funds will be dispersed over a period of time upon attaining a certain age and completion of certain prerequisites:

  • At birth: Rs 2000
  • Age 1 upon issuance of Aadhar card: Rs. 1000
  • Age 2: Rs. 2000
  • Passing 12th grade: Rs. 10,000
  • Graduation: Rs. 25,000

These benefits are available to only 2 girls in a family and residents of Bihar. Girls coming from financially weaker backgrounds will be given priority. To apply to this scheme, the parents can visit the anganwadi centres, fill the application form and submit the necessary documents to the anganwadi workers.

Goa

MAMTA scheme for girl child

With a view of improving the female sex ratio of the State, under this scheme an amount of Rs. 10000/- will be paid to all the mothers who deliver a girl child  (maximum 02 deliveries) in a registered medical institution. Eligible mothers can apply to the Child Development Project Officer through the local Anganwadi Centre with a copy of the Birth Certificate within 45 days from delivering the child. The benefits are directly credited to the declared Bank Account.

There is an online application for this scheme. More information on this scheme can be found here.

Gujarat

Kunwarbai Nu Mameru Yojana

The Ministry of Women and Child Development of Gujarat has launched a scheme called Kunwarbai Nu Mameru Yojana that offers financial assistance of Rs. 10,000 to only one girl of a family. However, this scheme has been started specifically for the welfare of Scheduled Tribes and Scheduled Castes girls. Only those with an annual income limit of Rs. 1,20,000 (Rural areas) and Rs.1,50,000 (Urban areas) are eligible for this scheme.

More information on this scheme can be found here.

Haryana

Laldi Scheme

The Ladli Scheme of Haryana is meant to provide benefits to biological parents who have no son (biological or adopted) but only daughters. This scheme is only available to those who are either domicile of Haryana or working for the State government, whose gross annual income of the family does not exceed Rs. 2,00,000.

The pattern of this scheme is similar to the Old Age Samman Allowance scheme for the families having only girl children. The enrolment of families under this scheme commences from the 45th birthday of the mother or the father whoever is older of the two till their 60th birthday i.e. for 15 years (Thereafter they will be eligible for Old Age Samman Allowance). The rate of allowance provided is Rs. 1,800 per month.

More information on this scheme can be found here.

Himachal Pradesh

Indira Gandhi Balika Suraksha Yojana

Under this scheme, the families adopting family planning methods after the birth of the first female child will be given a sum of Rs. 25,000 and those adopting family planning methods after the birth of two female children will be given a cash of Rs. 20,000.

The health department of the Himachal Pradesh government also provides free of cost transportation either through taxi or ambulance for carrying pregnant women to the nearest hospital for delivery.

Beti Hai Anmol Yojana

Under this scheme, for all the families lying below the poverty line in Himachal and having one or two girls, a sum of Rs. 5100 will be deposited in the name of girls at the time of their birth. Moreover, to help in the education of such girls, scholarships ranging from Rs. 300 to Rs. 1500 will be given to them from class I to class XII.

More information on this scheme can be found here.

Jammu and Kashmir

Ladli Beti Scheme

Under this scheme, financial assistance of Rs. 1000 per month is made by the Government from the birth of the girl child / account opening date for the next 14 years. For this, zero balance accounts have already been opened in the Jammu and Kashmir Bank in respective localities. This is only applicable to girls born on or after 1st April 2015, and whose parental income is less than Rs. 75,000 per annum.

More information on this scheme can be found here.

Jharkhand

Ladli Lakshmi Yojana

Under this scheme, the State government offers a girl child from families below poverty line benefits of Rs. 1,80,600. An amount of Rs. 6,000 will be deposited annually into the girls account till she turns 5 years old. Further amounts will be added upon completion of higher education, marriage and so on, along with monthly allowances of Rs. 200 for girl students.

Karnataka

Karnataka Bhagyashree Scheme

With the idea of raising the status of girl children and promoting their birth in the country, the Karnataka government has come up with the Karnataka Bhagyashree Scheme. The scheme provides financial assistance to the girl child in families that lie below the poverty line through her mother or father who is subject to the fulfilment of certain conditions.

The government of Karnataka offers the following benefits to the eligible candidates of this scheme-

  • The girl child gets a health insurance cover of upto Rs. 25,000 per month
  • The child gets an annual scholarship of Rs. 300 to Rs. 1,000, depending upon her age upto 10th standard
  • The parents get Rs. 1 lakh in case of accident and Rs. 42,500 in case of natural death of the girl child.
  • On completing 18 years of age, the parents of the girl child would be paid Rs. 34,751.

Along with this, there are certain interim payments such as annual scholarships and insurance benefits that the beneficiary can avail upon continued fulfillment of the eligibility criteria. The grant of such facilities promotes the birth of girl children in economically weaker families and raises their status within the society.

Kerala

Education Assistance to Women Headed Families

The scheme proposes to extend a helping hand to these families by way of providing financial assistance to the education of children by the State government.

More information on this scheme can be found here.

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