1. Under the Income Tax Act, an HUF is a separate entity for the purpose of income tax return. 2. The same tax slabs are applicable to HUF as to individual assessee. 3. You can not transfer your own assets/money into HUF. 4. If you have ancestral property and earning some income from this property, then it is better to transfer this asset to HUF and save tax up to exemption limit applicable to individual.
Corporate Assessee:- In case you have to deposit appellate fees, copying charges or other miscellaneous payments, tick box 0020, thereafter tick box ‘300 Self Assessment Tax’ under ‘Type of Payment’ and fill up the amount to be paid in ‘Others’ column under ‘Details of Payment’.
Understand the penalty provisions of section 272BB of the Income Tax Act for non-compliance with section 203A provisions.
Understand the penalty for non-compliance with PAN provisions. Learn about the implications of section 272B of the Income Tax Act and the amount of penalty payable.
Understand the penalty provisions of section 272AA of the Income Tax Act and its connection with section 133B. Learn about the consequences of non-compliance.
In this Article we update you about the Income tax slab rates applicable to different types of taxpayers such as Individual, HUF, Partnership Firms, AOP/BOI, Co-operative Society, Local authorities, Domestic as well as Foreign Companies, etc for assessment year 2020-21 i.e. financial year 2019-20. Articles compiles Income Tax Rate Chart for Financial Year 2019-20 after […]
The penalty provisions of section 272A of the Income Tax Act covers various penalty like failure to answer the questions or failure in furnishing several information / returns / statements etc. The provisions of section 272A are taken up and explained in the present article. Applicability of provisions of section 272A of the Income Tax […]
Understanding the penalty under section 271J of the Income Tax Act for professionals providing incorrect information in reports or certificates.
With the cascading cost of living, renting an accommodation is a major financial outflow for an individual. However, the same rented accommodation can help save some tax for salaried employees. In current salary packages, employees receive house rent allowance (HRA) to meet the cost of renting an accommodation. A salaried employee staying in a rented house can claim a tax exemption towards the HRA received, subject to the limits specified in this regard.
Any person making payment to a non-resident (not being a company) or a foreign company is required to furnish payment information in Form 15CA and Form 15CB. In case such person fails in furnishing the information in Form 15CA and Form 15CB, then he would be liable to pay the penalty under section 271-I of […]
