Income Tax
Deduction for School Fees Paid u/s 80c. Section 80C of income tax act allows deduction in respect of many payments and investments made. Section 80C allows deduction for payment of Education Fees paid for the Education of Children. Any individual who has paid Education Fees of his Children is allowed to claim this deduction under … Read more
Set off and carry forward of losses under the Income tax law. Find Everything you want to know about Set off and carry forward of losses under the Income tax. In this article we cover everything related to Set off and carry forward of losses under the Income tax like – Loss from exempted source of income cannot … Read more
Income Tax Benefits for Senior citizens, Benefits for Senior Citizens under Income Tax Act. Detail of benefits for Senior Citizens under Income Tax Act for the financial year 2018-19. In budget 2018 the finance minister announced some special tax benefits for Senior Citizens. Income Tax Benefits for Senior citizens Definition of Senior Citizen- A person becomes … Read more
Notices Under Income Tax Act: Once the assessee files his return of income the income tax department scrutinizes his return and issues assessment intimations, scrutiny notices etc. This applies even if the assesses does not file his return of income. The various notices which the assessee may receive for any financial year are as follows: … Read more
TDS on Sale of Property. As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, … Read more
Restriction on Cash Transactions under Income Tax Act (Section 269ST) – Cash Transaction Rules from 1st April 2017, FAQ on Cash Receipt of Rs.2 Lakh or More w.e.f 01.04.2017 (Section 269ST). CBDT Takes Steps to discourage Cash transactions & curb Black Money. These prominently include placing restriction on cash transactions by introduction of new sections 269ST … Read more
Income of Other Persons included in our Income. Clubbing of India In India, There are certain cases when the income of other persons has to be included in our income & we need to pay tax on the same We all must be wondering how is this possible? Why is this done? Well, The Income Tax Act says … Read more
Paying Tax is better than Saving Tax!, Here we are discussed various Methods for Saving Tax in India, In this article we discussed Can Paying Tax is better than Saving Tax, How to Save Income Tax in India, Why we pay tax instant of saving of Tax, Recently we discussed “Income from House Property LTCG: … Read more
How to Tackle With Income Tax Notices. In this article you can find everything you want to know about How to tackle with income tax notices. Find details for Reasons behind getting Notice, Investments in the name of spouse, What qualifies as a high value transaction?, Non-disclosure of assets for wealth tax, Random Scrutiny, When … Read more
TDS on Rent: As per section 194 I of Income tax act 1961 ,TDS on rent has to be deducted where the aggregate amount paid or credited or likely to be paid or credited to the account of person receiving the rent exceeds Rs. 1,80,000 during the financial year. However, if you are a joint owner … Read more
Link Aadhaar Card with PAN Card by Using Income Tax New Utility: Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar, The Income Tax Department has made it easy for taxpayers to link their PAN with Aadhaar. The Income Tax Department has made it easy for taxpayers to link their … Read more
How to submit Response for Outstanding Tax Demand. Many Times We Receive Outstanding Demand Notice but we Don’t Know how to Answer or Response for that Outstanding Tax Demand Notice. After Providing Income Tax Slab Rates for AY 2020-21 and List of All incomes Exempt from Income Tax, Today we Provide How to Submit Response for … Read more