Request for Reissue of Income Tax Refund Online
At the time of filing income tax return, many of us claimed the refund of excess income tax paid or TDS deducted i.e. income tax paid is more than income tax chargeable on the total taxable income for the year. Depending on the option exercised by the assessee, at the time of filing of income […]
Deduction in respect of employment of new employee under Section 80JJA
Section 80JJA has been substituted by Finance Act 2016 (with effect from FY 2016-17) which provide the deduction to an employer for generating employment. Eligibility for claiming the deduction Available to that assessee: – who is required to get his books of accounts audited under Section 44AB and income include profit and gains derived from […]
Forgot to verify your income tax return? File condonation of delays in filing ITR-V
Income tax return filing process get completed once you verify your return. Verification of return can be done online (using Aadhaar one time password, EVC using net banking etc) or by sending the physical copy of ITR-V to the Central Processing Centre, Bengaluru, within 120 days from the date of filing of the return. An […]
TDS on Salary to Directors under section 194J(1)(ba)
As per Section 194J(1)(ba), any remuneration or fees or commission by whatever name called other than those on which tax is deductible under Section 192, to a director of a company shall be liable for TDS under Section 194J. Analysis of Section 194J(1)(ba) This clause will apply only in respect of payment by a company […]
Taxability of Alimony
Meaning of Alimony Any sum of money (recurring or lump sum) received from spouse after legal separation or divorce for the purpose of maintenance of spouse or child. Taxability in hand of the recipient There is no specific provision which governs the taxability of alimony under the Income Tax Act 1961. As a general principle, […]
Accounting Software or Online Accounting Application
From a number of years all applications are moving from computer to cloud. Anywhere access and its low cost has attracted users to move to the cloud. A cloud is an online platform where application and its database resides rather than on your local server or PC. Along with other applications, accounting applications are gradually […]
How Salaried and Non Salaried Person Can Save Tax
There are number of deduction available for salaried person to save income tax. Although you have to do a proper tax planning from the beginning of the financial year to avoid last minute investment. These deductions are as follows:- Investment under 80C, 80CCC and 80 CCD(1) Limit – The maximum limit of deduction is Rs 1,50,000 […]
हाउस रेन्ट अलाउंस (HRA) एग्जेम्पशन – सेक्शन 10 (13A)
क्या है हाउस रेंट अलाउंस (HRA) ? हाउस रेंट अलाउंस एक भत्ता है जो के एम्प्लायर अपने एम्प्लाइज को उनके घर का किराया चुकाने के लिए देता है । यह भत्ता एम्प्लोयी के हाथ में टैक्सेबल (कर योग्य) होता है हालांकि, आयकर अधिनियम धारा 10(13 ए) [i.e. Section 10(13A) of Income tax Act] के अंतर्गत […]
Interest for defaults in payment of advance tax – Section 234B
An assessee who is liable to pay advance tax but failed to pay such tax or tax paid by him is less than 90% of the assessed advance tax, is liable to pay interest under this section. Rate of Interest – Simple interest @ 1% per month or part of the month is payable on […]
Interest for defaults in furnishing return of income – Section 234A
An assessee is liable to pay interest under section 234A if Return is furnished after due date of furnishing return or Return is not furnished Rate of interest – 1% (simple interest) per month or part of month Period – Interest is calculated from the date immediately after due date to the date on which […]