Central Gujarat Chamber of Tax Consultants has submitted a letter to Hon’ Finance Minister of India on 19th July 2018 requesting Extension of Due Date in respect of filing ITR by to 2 Months i.e. 30.09.2018 and 30.11.2018 respectively. Earlier a letter was also written by Karnataka State Chartered Accountants Association to Extend Income Tax […]
Arjuna (Fictional Character): Krishna, 31st July 2014 is near and many taxpayers are hurrying up for filing income tax returns. What are the points to be considered before filing income tax returns?
Tax Deducted at Source (TDS) is one of the modes of collecting income tax in India at the very source of income, governed under Indian Income Tax Act of 1961.
Basic conditions that need to be satisfied to check if an Individual is a resident in India are as follows:- 1) The person must be India in the previous year for a period of 182 days or more 2)The person is in India for a period of 60 days or more during the previous year and 365 days or more during 4 years immediately preceding the previous year.
What is Form 16A and how is it different from Form 16? If you are not a salaried employee and work as a professional for an organisation and earn fees, then the certificate that shows TDS details deducted while making payments to you is Form 16A.
As the Financial Year of 2012-13 is about to end, most of the employees get busy with their income-tax planning, increment calculation etc but if they are wishing to avail Home Loan, Personal Loan or any other loan from Financial Institutions and are NOT regular in filing Income Tax Returns
Finance Act, 2017 inserted a new Section 234F for levy of Late Filing Fee on belated returns. The newly inserted section has become applicable w.e.f. 01.04.2018 and therefore belated returns filed for AY 2018-19 onwards would be governed by the provisions of this Section.
Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property. Hence, rental income received
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.
As we are in the middle of the financial year , it is time to start planning your tax saving strategies. A house can also be used to reduce the tax liability to a certain extent. Under Section 24 of the Income Tax Act, deduction in respect of interest paid up to Rs 1.5 lakhs (2 lakh from AY 2015-16) per annum on a home loan is allowed.
