Don’t rush to file your ITR Don’t rush to file your ITR” highlights the risks of filing your Income Tax Return (ITR) too early, especially before Form 26AS and AIS (Annual Information Statement) are fully updated. What Can Happen If You File Early Mismatch risk: TDS and income details in your return may not match …
Choosing Between the New Tax Regime & Existing Old Regime In case Salaried Taxpayers, They Choose the old regime at the beginning of the FY and inform the employer; can change choice when filing the return. & In case Non-Salaried Taxpayers, They Choose the regime when filing the tax return; once opted out of the …
Overview on partition of a Hindu Undivided Family: Income tax Section 171: Above Section deal with the definition of the partition of HUF & deals with the Income tax applicable provisions of assessment related law after Hindu Undivided Family partition. So a transaction may be treated as severance of status under Hindu Law, However not …
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 …