Income Tax, Wealth Tax and Direct tax Code Related News

  • Mar
  • 30
  • 2015

FAQs on Income from house property

Added In Income Tax
​Is rental income from sub-letting chargeable to tax under the head Income from house property? ​ Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income received by a tenant from sub-letting cannot be charged to tax under the head “Income from house property”. Such income is taxable under the head Income from other sources.​

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  • Mar
  • 30
  • 2015

10 lesser known Income Tax Deductions

Added In Income Tax
We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions which taxpayers tend to forget to claim while filing there Income Tax Return.

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  • Mar
  • 30
  • 2015

Income tax Calculator for Financial year 2015-16

Added In Income Tax
Please find attached the Excel file containing Income Tax calculator as modified by Finance Bill 2015 presented on 28th February 2015. The above Income Tax calculator contains the rate of tax for last 19 financial year (i.e Financial year 1997-98 to 2015-16) and income tax calculator for last 9 years (i.e Financial year 2006-07 to 2015-16).

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  • Mar
  • 30
  • 2015

Deduction U/s. 80U for disabled persons

Added In Income Tax
The Income Tax Act, 1961 provides deduction u/s. 80 in pursuance of which an individual (Indian citizen and foreign national) who is resident of India, and who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/- and in case of severe disability to the extent of Rs. 100,000/-.

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  • Mar
  • 30
  • 2015

Declaration Format for Claiming Deduction from Salary for F.Y. 2014-15

Added In Income Tax
DECLARATION- I, declare that the above statement is true to the best of my knowledge and belief. In the event of any change that may occur during the year pertaining to the information given in the form, I undertake to inform the same to the company. Income Tax liability arising due to failure, if any, for not making / not intimating payment / investment made or proposed to be made by me and / or any wrong declaration would be my responsibility.

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  • Mar
  • 30
  • 2015

Section 80E- Education Loan– The Mantra to Save Tax

Added In Income Tax
The deduction under section 80E is available to an individual if following conditions are satisfied: 1. Deduction available only to Individual not to HUF or other type of Assessee. 2. Deduction amount: – The amount of interest paid is eligible for deduction and moreover there is no cap on the amount to be deducted. You can deduct the entire interest amount from your taxable income. However there is no benefit available on the repayment of principal amount of the loan.

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  • Mar
  • 29
  • 2015

Foreign Remittance: TDS u/s 195: Case Law Analysis 2015: Series 2

Added In Income Tax
1. News story subject to royalty:(Agence France Presse vs. ADIT [2015] 167 TTJ 149 (Delhi – Trib.)) The assessee an International News Agency was having its headquarters in France. AFP had been distributing its text news and photos connected with news in India through various Indian News agencies, viz., Press Trust of India and IANS. There were two categories of payments received by assessee from India one for transmission of news and the other for transmission of news photos.

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  • Mar
  • 29
  • 2015

Let’s “Plan” New Financial Year by following “Jai Hanuman”

Added In Income Tax
Arjuna, Hanumanji has been bestowed with a variety of names such as Ram Bhakt, Pawan Putra, Anjani Putra, Maruti, etc. On the 1st of April the new financial year will begin. On this auspicious occasion of Hanuman Jayanti if one learns the principles of Hanumanji and changes are made in life and in following the tax laws then progress is going to happen in all aspects of life of a Taxpayer.

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  • Mar
  • 29
  • 2015

Ambiguity in Application of Section 234A of Income Tax Act, 1961

Added In Income Tax
Interest under section 234A of the Income-tax Act, 1961 (hereinafter the Act) is charged in case of default in furnishing return of income by an assessee. The interest is charged at the specified rate on the amount of tax payable on the total income, as reduced by the amount of advance tax, TDS/TCS, any relief of tax allowed under section 90 and section 90A, any deduction allowed under section 91 and any tax credit allowed in accordance with the provisions of section 115JAA and section 115JD of the Act.

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  • Mar
  • 28
  • 2015

TDS- New RPU & FUV Version 1.5 for Form 24G Statements from FY 2005-06 onwards

Added In Income Tax
Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.5 for the Form 24G Statements from FY 2005-06 onwards released  New Form 24G Return Preparation Utility (RPU) and File Validation Utility (FVU) Version 1.5 can be downloaded from the following link :- https://www.tin-nsdl.com/form-24g/form24g-download.php Steps to download and install Form 24G Preparation Utility

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