Income Tax

Are you expecting fee concession or scholarship for your children's education? Or wish to take a loan from Govt agencies? Or want to apply for a pension scheme? In all these and many more occasions, you may be asked submitting income certificate that issued by an authorized Govt official. Let's check what are the aspects lying on this important document; start from its definition what is Income Certificate, purpose, how to get it, who will issue, validity, application forms etc..

Thinking how to maximize tax benefits! It's quite natural among salaried employees seeking ways to reduce taxes. Income Tax (IT) department allowed various tax exemptions and benefits for salaried employees classified under expenditure, savings, social activities, and individual economic growth. To claim all these tax benefits, employee should submit relevant details to her / his employer in a standard format - Form No. 12BB published by Central Board of Direct Taxes (CBDT).

SBI Online Income Tax Return Filing Service - SBI e-File provides a convenient method for filing online IT return service at no cost to its customers. This FREE service brought in association with an e-Return intermediary (ERI) approved by the IT Department. If you pay a nominal charge Rs. 150/-, all salaried customers can avail Bank Assisted e-filing services. When you file your returns early ie., prior 31st July, you can avoid paying interest on self-assessment tax and faster refund if any.

It is an ambition to everyone having own house. Some people utilizes their savings while others get loan from banks to achieve this. If you are a salaried employee, it's always advisable to get a home loan from a reputable bank preferably from nationalized bank. Why people mostly depend on bank loans to build a house? Reduction on income tax is one of the main advantages of constructing house by taking home loan. If both husband and wife are salaried individuals, they will inquire about the chances to incorporate the spouse as co-applicant.

Form 16 certificate also known as TDS certificate is a financial statement issued by an office of a salaried employee that contains earnings, deductions and “Income Tax" or "I-T” paid to the Government. This Form-16 certificate (TDS Certificate) must be issued to every employee who comes under “Tax Deducted at Source - TDS”, by his / her employer in the end of each financial year.