Which is a better option: Stock or Mutual Fund ? Over 1 crore of new Demat accounts was opened in the previous year. Just 49 lakh demat accounts were opened in 2019 in order to bring that into perspective. There is no doubt that interest in equities has spiked with the financial markets back to …
Income Proof with KYC becomes Compulsory for INR 10,00,000/- investments in small savings schemes. Govt of India has now made it Compulsory for those investing over INR 10,00,000/- in post office schemes to provide proof of source of funds. It has also brought all investments in post office schemes under stricter Combating the Financing …
How to Calculate Income Tax Liability in India: A Comprehensive Guide Introduction If you are filing ITR for the first time, it can be really overwhelming to understand the ITR form and the different terms used. As simple as it may get, you can get jumbled if you do not know which field to use …
IS FILING OF NIL STATEMENT OF FINANCIAL TRANSACTIONS IS COMPULSORY: In case there is no reportable transaction, No statement of financial transactions (i.e., Form No. 61A) is required to be filed. Tax Dept Reporting Entity Identification Number (ITDREIN) is compulsory only if there are any reportable transactions. No Tax Dept Reporting Entity Identification Number is …
Summary of Deductions U/S 80C, 80CCC, 80CCD & 80D SECTION 80 DEDUCTION SECTION DEDUCTION ON ALLOWED LIMIT (MAXIMUM) FY 2018-19 80C INVESTMENT IN PPF – EMPLOYEE’S SHARE OF PF CONTRIBUTION – NSCS – LIFE INSURANCE PREMIUM PAYMENT – CHILDREN’S TUITION FEE – PRINCIPAL REPAYMENT OF HOME LOAN – INVESTMENT IN SUKANYA SAMRIDHI ACCOUNT – ULIPS …
INCOME TAX BENEFIT ON INVESTMENT IN STARTUPS U/S 54GB Section 54GB of the Income Tax Act exemptions on capital gains from the sale of residential property if the proceeds are invested in startup firm equity shares. This exemption was created to provide assistance to an individual or HUF that want to establish or start a …
Condonation of delay in filing Form 10-IC for Assessment Year 2020-21 for concessional rate of tax at 22% Finally, a big relief to the domestic companies who opted for concessional rate of tax at 22% for AY 2020- 21 but could not file/forgot to file Form 10- IC on or before the due date of …
Income Tax Assessment issues of Private Hospitals, Nursing Homes etc. Auditing Requirement for Private Hospitals, Nursing Homes etc When an entity’s total income for the previous year exceeded the maximum amount not chargeable to income tax in respect of the following entities (without taking into account the exemptions available under the provisions referred to against such …
Taxpayers Charter under the Income Tax Act Taxpayer Charter Prime Minister Narendra Modi launched Taxpayers Charter under income tax Act on August 13, 2020, it pledges to protect income taxpayers’ privacy and confidentiality while also lowering the cost of complying with tax regulations. The income tax department’s commitments to income taxpayers, as well as what the agency …
3.59 Cr online-file-income-tax-reurns submitted till date (Press Release, Ministry of Finance dated December-16-2021) As on December-15-2021 For the AY 2021-2022, No of 3.59 Cr Income Tax Returns (ITRs) have been filed on the new e-filing portal of the income tax Dept. Number of Income Tax Returns submitted filed per day has crossed Six lakh & …