FORMS, RETURNS & DUE DATES UNDER INCOME TAX The due date for filing ITR depends on the type of person along with the ITR form applicable to them. Also, whether an audit is required or not, further varies the due date. Generally, the due date for most of the ITR forms is 31st July of …
What is logic behind Forming a Hindu Undivided Family to Save Tax ? The main reasons for joining the Hindu Undivided Family to save money on taxes is to lawfully obtain an extra Permeant Account Number (PAN) card. Because the Family’s income is not taxable in the hands of any single individual, the Hindu Undivided …
Complete understanding U/s 80EEA- Housing for All Budget 2019: Introduction in the 2019 Budget, Section 80EEA allows first-time home buyers to save an additional Rs 1.50 lakh per year on home loan interest expenses If they buy a ‘affordable property. The deduction u/s 80EEA is in excess of the INR 2,00,000/- maximum allowed u/s 24. …
All About of National Pension Scheme (NPS) The National Pension Scheme can be a central government social security initiative. The pension program is hospitable workers in the general public, the private sector, and even in the unorganized, with the exception of soldiers. This Scheme encourages people to regularly occupy a position during a …
Best Tax Saving Instruments in India The best investment schemes for savings taxes are three common choices for people seeking stable, reliable, and fixed returns on their investments to save tax. Three such investment alternatives that are taxable of the Income Tax Act and that offer a permanent return are fixed bank deposits, post office …
Complete Overview of Tax Residency Certificate (TRC) What is the Tax Residency Certificate (TRC)? With effect from 1st April 2013, A person residents of India who receive income from countries with whom India has a Double Taxation Avoidance Agreement can acquire a tax residence certificate from the Department of Income Tax. The above provision can …
Decoding of Leave Travel Allowance (LTA) Key takeaways of Rules, Exception with Calculation of Leave Travel Allowance (LTA) Leave travel Concession Leave Travel Concession is the part of the overall Cost of Company (CTC) of an employee. An employee may claim exemption U/S 10(5) of the Income Tax Act, 1961, also known as the Leave …
INCOME TAX DEDUCTION UNDER SECTION80C-80U TO INDIVIDUALS, HUF Income Tax Deduction The income Tax deduction is a decrease in tax liability from the gross taxable income. Tax deductions are reduced from total income, also known as adjusted gross income. As per the provision of the income tax act, 1961 the amount of tax deductions varies …
Key takeaways on Taxable, Non-taxable & Partly Taxable Allowances What is Allowances? The allowance shall be the monetary benefit provided by the employer to the employee over and above the daily salary. These benefits are given to offset the costs that may be incurred in order to facilitate the discharge of the service, for …
Taxation on Income from Equity and Debt Mutual Fund Under section 10(35) of the Income Tax Act, 1961 1. Equity Mutual Fund The equity mutual fund is a kind of mutual fund scheme in which a substantial proportion of the assets under administration is primarily invested in stocks including the equity stock market. They …