Form 26As can be viewed/ downloaded through e-filling website incometaxindiaefiling.gov.in, internet banking or TRACES website based on the choice of the taxpayer to view his tax credit. Note:‑ For records greater than 20,000 a download request for Form 26AS as a text file needs to be submitted at TRACES by its registered users. For any […]
The income tax return season is in full swing with 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details.
To iron out the practical hindrances and issues being faced by the Industry Inc since the implementation of GST, the GST Council on July 9, 2018 had unveiled the draft of 46 proposed changes in GST law as a major step towards facilitating trade and ease of doing business.
Late fee Under Section 234F of Income Tax Act, 1961 for Filing of Income Tax Return After due due date or Late Filing of Income Tax Return is common discussion among taxpayers/tax consultants. We should analysis the section 234F of Income Tax Act, 1961.
Under the equity/debt mutual funds, you invest a fixed sum of money in a scheme either every month or quarter. When you’re investing in a particular mutual fund, the first thing you need to do to assess its returns is to know how it will be taxed. It is the post tax returns that will […]
ICAI has submitted 121 suggestions on various topics under GST to Union Minister of Finance, Shri Shri Piyush Goyal which includes suggestions on General Issues, Definitions, Classification And Exemption, Scope Of Supply, Composite And Mixed Supply, Composition Levy, Time & Value Of Supply, Input Tax Credit, Registration, Tax Invoice, Accounts & Records, Returns, Payments, Refunds, […]
The Article aims at creating awareness amongst salaried employees about various tax compliance and possible tax planning over the year. We are in the month of June wherein the last financial year (FY) 2011-12 has gotten over and due date to file Return of Income stares in the face and also it is time to submit your Investment declaration for FY 2012-13.
Section 24(b) of the Act allows deduction from income from houses property on interest on borrowed capital on Home Loan as under:- (i) the deduction is allowed only in case of house property which is owned and is in the occupation of the employee for his own residence.However, if it is actually not occupied by […]
If capital is borrowed for reconstruction, repairs or renewals of a house property), then the maximum amount of deduction on account of interest is Rs. 30,000 (and not Rs. 2,00,000).
There are a number of tax saving instruments that are covered by section 80C. The most popular ones include Bank Fixed Deposits, National Savings Certificates (NSC), Equity Linked Savings Scheme (ELSS), National Pension Scheme (NPS), Repayment of Housing Loan (principal amount), Public Provident Fund (PPF), Voluntary Provident Fund (VPF) and Insurance Preimum (most popular Online Term Plans).
