The Parliament of India enacted the Limited Liability Partnership (LLP) Act, 2008 to introduce a special corporate business vehicle to be known as LLP that allows its members to have the flexibility of organising their internal structure as a partnership and also provides the benefits of limited liability as availed by Companies. Limited Liability Partnership […]
Finance minister Nirmala Sitharaman provided a major boost to healthcare and infrastructure in Union Budget 2021. However, there was no change in Income Tax slabs this year. FM Nirmala Sitharaman has announced FDI limit in insurance increase to be increased to 74% from now existing 49%. The govt will also launch a Securities Market Code […]
Difference between House Rent Allowance(HRA) & Section 80GG for Rent Paid? & their calculations as per the Income-tax Act: An assessee who stays in a rented house can reduce tax liability by claiming exemption on HRA or deduction u/s 80GG. Let us understand the terms What is the House Rent Allowance (HRA)? House Rent Allowance […]
Who Can File ITR 1? -Resident Individuals & HUF can File this form. -Having Income from Salary or Pension, Other Income like Bank Interest, interest from IT Refund, Agricultural income up to Rs.5000/. –Income from one House Property. -Income from the above shall not exceed Rs. 50 Lakhs for filling this Form. Who can not […]
Due Dates Extended by the CBDT (CENTRAL BOARD OF DIRECT TAXES) on 24th June 2020 vide notification No. 35/2020-Income Tax 1. ITR Filing for Financial Year 2018-19: Belated or Revised ITR for Financial Year 2018-19 can be filed by 31st July 2020. The earlier date was 30th June 2020. 2. TDS Return Due Date for […]
Dont miss the deadline! Link your Aadhar Card with PAN before 30th June 2020 to avoid penalties and keep your PAN active.
1. Credit Score: Credit score is a number which calculated by various Credit Rating Agencies. Try to Improve your credit score by not defaulting any credit card payment or any EMI payment. If you delay the credit card payment, it impacts your credit card. Do not apply loan again & again. It affects your Credit […]
Tax-Free Bonds in India are issued by Government to collect money for long term projects like Construction projects, Railway projects or any other project which government may think of. Government takes the money & gives interest to investors annually. Government allows Retail Investors to invest in Tax- Free Bonds. These bonds give fixed rate of interest […]
New ITR Forms Changes for Financial year 2019-20 CBDT has issued new ITR form for Financial year 2019-20. There are few additional disclosures which a taxpayer needs to make as compared to last year. Following additional disclosures has been made applicable for Assessment Year 2020-21 in new ITR Forms 1. Deductions Details from 01/04/2020 to […]
The financial year is closing and the taxpayers generally started looking for tax saving investments significantly during February-March which can help in saving their income taxes. It will be superb if such tax savings along with it also brings good return on the investments with good lock in period that can be utilized at time […]
