Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...
Income Tax : Learn how tax harvesting helps offset capital gains tax by selling loss-making investments. Optimize your tax savings and maintain...
Income Tax : In this article, we provide a brief overview on certain tax-saving checklist for taxpayers in India to ensure that taxpayers take ...
Income Tax : Explore the legal boundaries of tax avoidance, recent rulings, and the evolving jurisprudence in India with key cases like Vodafon...
Income Tax : Discover the tax benefits for senior and very senior citizens for FY 2022-23, including higher exemption limits, interest deductio...
Income Tax : Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code...
Finance : Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from p...
Income Tax : Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of...
Income Tax : Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ...
Finance Act 2020 has made significant changes in the way dividend was taxed in India, up to the Financial year 2019-20 dividend was liable to be taxed at the time of distribution by the company u/s 115-O @ 20.56% (effective rate). Dividend income in the hands of the shareholders was exempt, except for resident individual […]
In wake of the Covid-19 pandemic, the Indian Government gave a much-needed breather to the taxpayers by extending the March 31st deadline for paying income taxes till June 30th. People are worried and perplexed as to what this extension means and what to do about it. There’s nothing to worry and hopefully this blog will […]
2 OPTION FOR TAX PLANNING-F.Y.-20-21 -Option-I–Old Regime i.e old tax rates with all investment benefits, allowances -Option-II-New tax regime with new rates without investment benefits ,allowance AGENDA- OPTION I (OLD RATE) What is Tax Planning Tax Planning For Retirement Plans Calculation of Gross Total Income Tax Saving Deduction Allowance Available Calculation of Net Taxable Income […]
The Finance Bill, 2020 has come up with a lot of benefits for small and medium taxpayers in such a way that, even those earning Rs. 7.25 Lacs a year need not shell out a single rupee of tax provided they make some eligible investments.
TAX SAVINGS INVESTMENTS AND WEALTH MANAGEMENT Why to save taxes..?? -Do you feel that you are paying too much tax? -Have you ever thought of saving tax? -Planning your taxes properly can help you save a lot of money. -Income Tax laws appear so complex that people are scared to deal with their taxes. Why won’t […]
Everyone is looking out for ways to legally save taxes. Tax savings tips helps you plan your taxes effectively. Are you the one looking for ways and means to save taxes? I do understand it is complicated to understand taxes but here I share some awesome and easy tax saving tips. Investment in Life Insurance: […]
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.
Income Tax Return A.Y 2020-21- Few Important Points -Electricity bill exceeding 1 lac, details required to be filed in Return. -In ITR-4, details required to be mentioned if one crore or more deposits in current account. -Cash and bank details in detailed if Return filed u/s 44AD, 44ADA, 44AE. -Standard deductions upto Rs.50000/- -A person, […]
Act before March-end, so that you don’t have to regret in July! So many clients put their palms on their head, when it is the time to pay taxes and file return, in July. Taxes have already fired at them, they have done nothing to save themselves against the tax shots.
Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]
