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Income Tax - Gifts received: Gifts received from specified relatives are exempt from income tax, and there is no upper limit also. Similarly, gifts of any amount and from anyone received during your marriage are totally tax-free. Similar is the case with the gifts received under a Will or by way of an inheritance, or from a registered charitable or e...
Read MoreIncome Tax - Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...
Read MoreIncome Tax - Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing. Flying to your new place every day seems like an exciting way to live. But, even birds need a place to come to a nest of their own. Therefore, here i am […]...
Read MoreIncome Tax - 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 […...
Read MoreIncome Tax - Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction...
Read MoreIncome Tax - If a trader makes his transactions in cash on a turnover of Rs.Two Crore, then his income under the presumptive scheme will then be presumed to be Rs. 16 lakhs @ 8% of turnover. ...
Read MoreIncome Tax - Senior Citizen Savings Schemes deposits are eligible for deduction under section 80C of Income Tax Act but interest earned on deposit is taxable....
Read MoreIncome Tax - In Mumbai on Wednesday RBI Governor Raghuram Rajan said that there is a need for increase in tax exemption limit under section 80C on financial investments by individuals. Currently Section 80C allows investments up to Rs.1.50 lakh. Section 80C was introduced in place of section 88 w.e.f. 1-4-2006. Limit of One Lakh of Investment unde...
Read MoreIncome Tax - LIC’s Jeevan Sugam is a non-linked single premium plan wherein the risk cover is a multiple of premium paid by you. On maturity this plan offers a Maturity Sum Assured chosen by you....
Read MoreIncome Tax - A Parliamentary panel scrutinising the Direct Taxes Code - DTC Bill has suggested raising the income tax exemption limit to 3 lakh rupees from the present 1.8 lakhs. It has also suggested hiking of deduction on savings to 2.5 lakh rupees....
Read MoreA. Ashok Simha Reddy Vs. DCIT (ITAT Hyderabad) - The learned Counsel for the assessee has filed a chart depicting various issues arising in all of these appeals and it is seen that most of the issues are repetitive in all the years. Therefore, we are disposing of the appeals on the basis of the issues arising therefrom....
Read MoreM/s. Kodakkad Service Co-operative Bank Ltd. Vs The Income Tax Officer (TDS) (ITAT Cochin) - Admittedly, the contributions of the assessees to the Provident Fund are not a recognized Fund, the same are not eligible for deduction u/s. 80C (2) (vi) of the I.T. Act. ...
Read MoreNotification No. 45 /2020/ F. No.370142/26/2019-TPL - (07/07/2020) - CBDT notified vide Notification No. 45/2020-Income Tax dated 07th July, 2020 that Tax benefit of Section 80C will be available to the Government employee if, they contributes towards Tier-II of NPS. Benefit is notified under Section 80C (2) (xxv) Income-tax Act, 1961 (43 of 1961) raad with Nationa...
Read MoreNotification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...
Read MoreF.No. 14/6/2020-NS - (11/04/2020) - The Public Provident Fund (PPF) account/ Sukanya Sarnriddhi Account (SSA) holders will be eligible to make a single deposit each in account(s) opened in his own name and/or account(s) opened in the name of minor(s), as the case may be for FY 2019-2o till 30.06.2020 subject to the condition of maximu...
Read MoreSB Order No. 14/2020 - (31/03/2020) - The subscribers of RD/PPF/SSA Accounts may deposit the mandated due amount, if any of current F.Y. (2019-20) and April, 2020 (as the case may be) in their respective accounts till 30th June, 2020 and no penalty/revival fee shall be charged...
Read MoreG.S.R.323(E) - (18/03/2016) - Sukanya Samridhi Account may be opened by the guardian in the name of a beneficiary who has not attained the age of ten years as on the date of opening of the Account:...
Read MoreNotification No. 45 /2020/ F. No.370142/26/2019-TPL - (07/07/2020) -
Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 - (24/06/2020) -
