Benefits of Filling Income Tax Return (ITR) on time
Under Income Tax Act, various person are required to file their income tax return within prescribed time limit i.e. due date. If the assessee failed to file income tax return before the due date then he shall be liable for the followings :- Penalty under Section 234F Penalty under section 234F is levied from Financial […]
Rent,Repairs,Insurance etc. – Section 30
The following expenses are allowed as deduction from income of Business or Profession:- + Amount spent on repairs to the premises. + Amount paid for land revenue, local rates and municipal taxes subject to Section 43B. + Insurance Premium paid for covering risk of damage of premises. + Rent paid for the premises. + Amount […]
i2ifunding.com – Leading Peer to Peer Platform in India
Peer to Peer lending (P2P) concept although new to the Indian investors and borrowers, gaining popularity at a rapid pace. The complex and time consuming processes by banks and strict conditions is increasing the interest of common people in it. The loan is in nature of unsecured personal loan and can be taken for purpose of house […]
TDS Return – Due Date, Penalty and Forms
TDS Return Filing Due Date (Applicable from 1st Quarter of 2016-17) Quarter Last Date for Filing Return 1st April to 30th June 31st July 1st July to 30th September 31st October 1st October to 31st December 31st January 1st January to 31st March 31stMay TDS Return Filing Due Date (Applicable upto 4th Quarter of 2015-16) Quarter […]
Complete Guide for Persons who Receives Form 15G or Form 15H
Form 15G or Form 15H are the declaration forms by the assessee stating that no tax is payable by them and thus no TDS should be deducted from payments to them. The form can also be submitted through electronic process and it is mandatory for the payer to accept the electronic generated form. The payer […]
Co-ownership – Section 26
Meaning of Co-owner – When the property is owned by two or more person, they are known as co-owners. Taxability If their respective shares are definite and ascertainable then the income from House Property shall be calculated as per the general provision and then apportioned amongst each co-owner as per their definite share. However, deduction under […]
TDS – Practical Guide with Examples
What is TDS? TDS stands for Tax Deducted Source. In TDS system, persons responsible for making payment for specified services such as commission, brokerage, professional consultancy etc are required to deduct a fixed percentage from the amount. Such deducted amount (which is called TDS) have to be deposited to the Government by the Deductor (person […]
Fringe Benefits
Fringes benefits taxable in case of all employees: – (1) Interest free or concessional loans from employer Taxable Value = Maximum outstanding monthly balance X Rate charged p.a. by SBI on similar loans on 1st day of the relevant previous year – Interest actually paid by employee or any of his household members. Maximum outstanding […]
Form 15G and Form 15H – Comprehensive Guide
What is Form 15G and Form 15H Difference between Form 15G and Form 15H Examples to understand who can submit Form 15G and Form 15H When to File Form 15G/15H What if TDS already deducted Download Form 15G/Form 15H in Pdf, fillable Pdf, Word or Excel Formats Filled Sample Forms Submitting Form 15G/15H online Penalty […]
Taxability of Salary
Salary is taxed on due basis or receipt basis, whichever is earlier. Therefore if any advance salary is received which is related to forth coming periods, then it is chargeable to tax in the year of receipt. Arrears of salary are taxable in the year of receipt, if not charged to tax in any earlier […]