The Tax Audit season has started and it’s the time when the Assessees rush to their Chartered Accountants (CA) to get their Tax Audit done in time and CA’s work overnight to get the audits of their clients done in time. In this article we have summarized some of the general provisions related to the Tax Audit U/s 44AB.
The government has introduced a composition levy under the GST law which provides a simple and easy taxing mechanism for small taxpayers to keep up with GST Compliance. Under this GST composition scheme, a small business having a turnover of less than 100 lakhs can enrol for this composition levy and can pay tax at a predetermined fixed rate on the basis of their turnover. Small taxpayers enlisted under the GST composition scheme need not file monthly GST returns or pay monthly GST payments. In this write-up, we will discuss the implication of composition scheme for restaurants.
To bring Uniformity and to give deductors sufficient time in filing of TDS Statement CBDT has vide Notification No. 30/2016 Dated: 29.04.2016 has revised due date for filing above referred TDS statements for Government and non-governemnt deductors wef 01.06.2016 to as follows :-
Section 80TTA is introduced with effect from April 01, 2013 and will apply from AY 2013-14 and onwards. Section is introduced to provide deduction to an individual or a Hindu undivided family in respect of interest received on deposits (not being time deposits) in a savings account held with banks, cooperative banks and post office.
Article discusses Benefits under Income Tax and Profession Tax Act Available to Disabled or Handicapped Persons. Income Tax Act Provides Deduction Under Section 80DD, Section 80DDB and Section 80U and also provide indirect tax benefit under section 64 of the Income Tax Act to Disabled / Handicapped Persons.
Financial independence is important when you are planning for retirement. But, you should also plan for the free time that you will get. Many people have no idea what life’s going to be like once they retire. It can be the most rewarding experience or the most disastrous one. You need to think about the financial side of retirement, but mental and emotional changes can be far more devastating than monetary issues.
We all think that we are eligible for Interest Deduction U/s. 24(b) up to Rs. 2,00,000/- on home loan taken for Self Occupied property. But many taxpayers are not aware that in some cases the deduction of Housing Interest on Self Occupied Property is available only upto Rs. 30,000/- instead of Rs. 2,00,000/-. In this article we have discussed Such provisions.
The Public Provident Fund is the darling of all tax saving investments. You invest in it and you get a deduction on your income. Besides, the interest you earn on it is tax-free. Since it is a scheme run by the Government of India, it is also totally safe.
Section 80C for Investment in Residential House Property and for payment of Principal amount – The Equated Monthly Installment (EMI) that you pay every month to repay your home loan consists of two components – Principal and Interest. The principal component of the EMI qualifies for deduction under Sec 80C.
A question which is coming in the mind of Taxpayers nowadays is do Rebate of income-tax under section 87A as available from FY 2013-14, also available for FY 2015-16 and subsequent years. One more question which comes to mind is amount of Rebate Available, i.e is it Rs. 2000/- or Rs. 5000/- for Financial Year 2015-16?
