The interest from fixed deposits are fully taxable. It comes under the head “Income from Other Sources” while filing income tax return.
Every individual who is earning has to file return of income tax as per the income tax act, 1961. There are various rules and regulations to do the same in proper manner.
Any individual who is residing and working in India but belongs to any other country will have to pay tax under the income tax act, 1961.
GST Basics - SGST, CGST, UTGST, IGST, framework of GST in India, goods and services covered under GST, goods and services that have been excluded from the GST.
Difference between TDS in Income Tax and TDS in GST - Deductor, deductee, rate of tax, registration, credit, certificate, interest & late fees
Post Office Fixed Deposit is an investment that can be deposited in post office to earn interest. The time period for these fixed deposits are one year, two years, three years and five years.
This document certifies the amount that is deducted as tax deduction at source during the sale of a property. This amount is deposited by the buyer to the income tax department.
The tax audit is conducted to ensure that the taxpayer has provided complete and true information regarding his income, deductions and taxes.
Under section 54 of the Income Tax Act, it is stated that if the seller of a residential property acquire another property from that amount he or she gets benefits in capital gains tax.
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