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1. Income from salary Income from salary can be calculated by adding the basic salary, dearness allowance, house rent allowance, travel allowance, commission, bonus and other allowances. You can compute this income by using the TDS certificate in Form 16. After adding all these components, you now have your gross salary. From the gross salary, you have to deduct a portion of House Rent Allowance (HRA), travel allowance exemption and medical reimbursement on furnishing medical bills. 2. Income from house property Another source of taxable income is the rent received from house property. If you have only one house and even if it is self-occupied, you will be required to calculate income from house property. In most of the cases, it will be nil. 3. Income From Business and Profession Calculating income from business and profession is a challenging task and it is advisable to take the help of an expert such as a chartered accountant. To deal with the allowances/disallowances of various exp...

Income Tax Act, 1961 which came into force on 1 st April 1962 is an act to levy, administrate, collect and recover income tax in India. As per income tax act 1961, the total income of a resident Indian earned during the previous year includes income irrespective of source which is received or accrued in India in the previous year. Heads of Income under Income Tax 1961: ·         Income from Salary ·         Income from house property ·         Profits and gains from business and profession ·         Capital gains ·         Income from other sources. Income tax e-filing: Income tax e-filing is the process of submitting tax returns over internet using tax preparation software, pre-approved by relevant tax authority. If you are salaried with salary/income exceeding Rs 5 Lakhs a year, or you have to claim refund on taxes already deducted/paid, e-filing is mandatory.

Income tax refers to the tax directly paid to the Government. The Government has levied two types of taxes; Direct taxes and Indirect taxes. Direct taxes are levied on profits and income. Indirect taxes are levied on goods and services. Service tax paid in restaurants is an indirect tax. Income tax deducted from salary through TDS is a direct tax. How many types of taxes in India? Income Tax:  Every person whose income exceeds the basic threshold limit must pay income tax. It’s Rs 2.5 Lakhs for individuals under 60 years and Rs 3 Lakhs for senior citizens and Rs 5 Lakh for super seniors. Capital Gains Tax:  Capital gains tax is a tax on the gains in capital. If you sell property, bonds, shares, mutual funds, gold within a set time period, you pay capital gains tax on capital gain. Capital gain is the difference between price received on the asset and the price paid for the asset. Depending on the time frame of investment, you pay short term or long term capital gains tax. Securities Tr...

Income tax returns are deemed to be complete, only if a taxpayer verifies them. Verification of returns is mandatory for the Centralized Processing Centre (CPC) of the Income Tax Department to accept and process the returns. It is a declaration that all the details furnished by you in the ITR and its submission are made with your consent and you have given approval to the Department to process it. If you are under the impression that Filing error free ITR and verifying it is all that needs to be done, you are wrong. There is another task, as important as any and that is to check the status of your ITR. It is important to check the status of your ITR, to ensure that it has been accepted and processed by the Income Tax Department, so that it goes without any glitches. On verification, the IT Department will process the ITR. If the details furnished by you are accurate, and if no cases of non-disclosure are found, the Department determines the amount of tax refundable or recoverable from ...

Estimate taxable income: The first step is to estimate the taxable income for the year. Based on this, you will be taxed as per the income tax slab you fall under. There are several ways to reduce taxable income. Certain incomes are not eligible for deductions, while some are eligible for exemptions and deductions. This is where tax planning comes into the picture. Tax planning is a process through which taxpayers can reduce their tax liability by claiming available tax exemptions, deductions and rebates. 2. Start tax planning early: Investment is a year-long process, so is tax planning. Investment planning is necessary to optimize tax savings. There are some investments which should be made before a financial year ends, so that tax deductions and exemptions can be claimed. However, there are also investments which are eligible for tax benefits, even if made after a financial year ends but before filing income tax returns. Also, there are limits on exemptions and deductions. Knowing th...

THE SOLAR SYSTEM The sun, eight planets, satellites and some other celestial bodies known as asteroids and meteoroids form the solar system. We often call it a solar family,with the sun as its Head. The Sun The sun is in the center of the solar system. It is huge and made up of extremely hot gases. It provides the pulling force that binds the solar system. The sun is the ultimate source of heat and light for the solar system. But that tremendous heat is not felt so much by us because despite being our nearest star, it is far away from us. The sun is about 150 million km away from the earth. Planets There are eight planets in our solar system. In order of their distance from the sun, they are: Mercury,Venus, Earth, Mars, Jupiter, Saturn, Uranus and Neptune.All the eight planets of the solar system move around the sun in fixed paths. These paths are elongated. They are called orbits . Mercury is nearest to the sun. It takes only about 88 days to complete one round along its orbit. Venus...

The iron pillar at Mehrauli, Delhi, is a remarkable example of the skill of  Indian crafts persons. It is made of iron, 7.2. m high, and weighs over 3 tonnes. It was made about 1500 years ago. We know the date because there is an inscription on the pillar mentioning a ruler named Chandra.who probably belonged to the Gupta dynasty.

How wonderful it is to watch the sky after sunset! One would first notice one or two bright dots shining in the sky. Soon you would see the number increasing. You cannot count them any more. The whole sky is filled with tiny shining objects – some are bright, others dim. It seems as if the sky is studded with diamonds. They all appear to be twinkling. But if you look at them carefully you will notice that some of them do not twinkle as others do. They simply glow without any flicker just as the moon shines. Along with these bright objects, you may also see the moon on most of the days. It may, however, appear at different times, in different shapes and at different positions. You can see the full moon only once in about a month’s time. It is Full moon night or Poornima . A fortnight later, you cannot see it at all. It is a New moon night or Amavasya . On this day, you can watch the night sky best, provided it is a clear night. Do you wonder why can’t we see the moon and all those bri...

The time when Aryabhata, a mathematician and astronomer, wrote a book in Sanskrit known as the Aryabhatiyam. He stated that day and night were caused by the rotation of the earth on its axis, even though it seems as if the sun is rising and setting everyday. He developed a scientific explanation for eclipses as well. He also found a way of  calculating the circumference of a circle, which is nearly as accurate as the formula we use today.

The rivers originate from the mountains and flow from the plain to rift valley when it drains its water into the sea or any other watercourse either they form estuary or delta. Delta is formed by the sediment of the river that is brought by river, whereas those rivers have tidal tendencies form estuary where it meet the sea. Here, we are giving brief note which will be helpful for understanding the differences between difference between Estuary and Delta. Difference between Estuary and Delta Basis Reason Meaning Estuary  is an area where salt water of sea mixes with fresh water of rivers. Delta  is a low triangular area of alluvial deposits where a river divides before entering a larger body of water. Types Estuary : Coastal plain estuaries; tectonic estuaries; bar-built estuaries; and fjord estuaries. Delta:  Arcuate or fan-shaped; Cuspate; and Bird's foot. Formation Estuary : It is formed by a tidal bore, which ablates the riverbed and carries the silt out to sea. Delta:  When ri...

He earth is called the blue plane t . More than 71 per cent of the earth is covered with water and 29 per cent is with land. Hydrosphere consists of water in all its forms. As running water in oceans and rivers and in  lakes , ice in glaciers, underground water and the water vapour in atmosphere, all comprise the hydrosphere. More than 97% of the Earth’s water is found in the oceans and is too salty for human use. A large proportion of the rest of the water is in the form of ice sheets and glaciers or under the ground and a very small percentage is available as fresh water for human use. Hence, despite being a ‘blue planet’ we face a shortage of water!! Oceans Oceans are the major part of hydrosphere. They are all interconnected.The ocean waters are always moving. The three chief movements of ocean waters are the  waves , the tides and the ocean currents . The five major oceans are the Pacific Ocean, the Atlantic Ocean, the Indian Ocean, the Southern Ocean and the Arctic Ocean, in orde...

The earth is the only planet which has life. Human beings can live here because the life sustaining elements of land, water and air are present on the earth.The surface of the earth is a complex zone in which three main components of the environment meet, overlap and interact. The solid portion of the earth on which we live is called the Lithosphere . The gaseous layers that surround the earth, is the Atmosphere , where oxygen, nitrogen, carbon dioxide and other gases are found. Water covers a very big area of the earth’s surface and this area is called the Hydrosphere . The Hydrosphere comprises water in all its forms, that is, ice, water and water vapour. The Biosphere is the narrow zone where we find land, water and air together, which contains all forms of life.

The biosphere is the narrow zone of contact between the land, water and air. It is in this zone that life, that is unique to this planet, exists. There are several species of organisms that vary in size from microbes and bacteria to huge mammals. All the living organisms including humans are linked to each other and to the biosphere for survival.The organisms in the biosphere may broadly be divided into the plant kingdom and the animal kingdom. The three domains of the earth interact with each other and affect each other in some way or the other. For example, cutting of forests for fulfilling our needs of wood, or clearing land for agriculture may lead to fast removal of soil from slopes. Similarly earth’s surface may be changed due to natural calamities like earthquakes. For example, there could be submergence of land, as happened in the case of Tsunami recently. Parts of Andaman & Nicobar islands were submerged under water. Discharge of waste material into lakes and rivers makes...

The earth is surrounded by a layer of gas called the atmosphere. This thin blanket of air is an integral and important aspect of the planet. It provides us with the air we breathe and protects us from the harmful effects of sun’s rays. The atmosphere extends up to a height of about 1,600 kilometres. The atmosphere is divided into five layers based on composition, temperature and other properties. These layers starting from earth’s surface are called the troposphere, the stratosphere, the mesosphere, the thermosphere and the exosphere. The atmosphere is composed mainly of nitrogen and oxygen, which make up about 99 percent of clean, dry air. Nitrogen 78 per cent, oxygen 21 per cent and other gases like carbon-dioxide, argon and others comprise 1 per cent by volume. Oxygen is the breath of life while nitrogen helps in the growth of living organisms. Carbon dioxide, though present in minute amount, is important as it absorbs heat radiated by the earth, thereby keeping the planet warm. It ...

He solid portion of the earth is called the Lithosphere . It comprises the rocks of the earth’s crust and the thin layers of soil that contain nutrient elements which sustain organisms. There are two main divisions of the earth’s surface. The large landmasses are known as the continents and the huge water bodies are called the ocean basins . All the oceans of the world are connected with one another. Are all the land masses connected with one another? The level of seawater remains the same everywhere. Elevation of land is measured from the level of the sea, which is taken as zero.The highest mountain peak Mt. Everest is 8,848 metres above the sea level. The greatest depth of 11,022 metres is recorded at Mariana Trench in the Pacific Ocean. Continents There are seven major continents. These are separated by large water bodies. These continents are – Asia, Europe, Africa, North America, South America, Australia and Antarctica. the greater part of the land mass lies in the Northern Hemis...