Life Insurance Premium – Tax Benefits on Payment and Maturity
Life insurance is the mostly used tool for getting deduction under section 80C. Tax benefits, minimal risk and insurance benefits make it an all time favourite investment for the general public. The payment of life insurance premium is allowed as deduction under section 80C and also the bonus and maturity benefits are exempt from tax […]
Form 12BB in Excel, PDF, Word and Guide
Form 12BB in Excel Format Form 12BB in PDF Format Form 12BB in Word Format Form 12BB of income tax act is required to be filed with the employer if you want him to consider the HRA, LTA, Section 80 and interest paid on home loans under section 24 and thus deduct lower amount of […]
Accounting Entries under GST
Accounting Entries by Businesses other than those Registered under Composition Scheme The Accounts to be maintained by a normal dealer are Input CGST A/c Input SGST A/c Input IGST A/c Output CGST A/c Output SGST A/c Output IGST A/c GST Payable The person who is registered in Union Territory has to pay and thus maintain UTGST […]
Procedure for Surrender / Cancel Extra / Additional PAN Online
Each tax payer in India under the direct orders of Central Board of Direct Taxes (CBDT) is allotted a Permanent Account Number by the Income Tax Department. It’s a 10 digit unique alphanumeric number, and is compulsory for all financial transactions an individual has engaged in. Anyone can apply for PAN using Form 49A or […]
TDS from amount paid from Recognized Provident Fund – Section 192A
This section is applicable from 1st june 2015. Notwithstanding anything contained in this Act, the trustees of the Employees’ Provident Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated balance due to employees, shall, in […]
Section 44ADA – Presumptive Taxation Scheme for Professionals
From financial year 2016-17, a new Section 44ADA is introduced for presumptive income for professionals. This section is similar to section 44AD for traders. Under this section professionals such as legal, medical, engineering, architect, accountancy, technical consultancy, interior decoration or any of the profession as given in section 44AA are allowed to presume 50% of the gross […]
Section 195 – TDS on payment to non-resident
Persons responsible for deducting TDS Any person responsible for paying to a non-resident, not being a company or to a foreign company, any interest (other than under section 194LB,194LC or 194LD) or any sum chargeable to tax other than salary. If the payment made is in the nature of salary then TDS to be deducted […]
Marginal Relief on Surcharge
Surcharge is applicable on income tax if the income exceeds the specified limit. So, a minor increase in income may exceed the specified limit and increase the tax liability to a great extent. Marginal relief is available to the assessee if the amount of income tax and surcharge exceeds income tax payable on specified limit […]
E-VERIFY INCOME TAX RETURN
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. This e-verification can be done at the time of filing return or even after return filing. Penalty under Section 234F is not applicable if ITR […]
ITR-V RECEIPT STATUS
If you are filing your return electronically then you are either required to send ITR-V to Income Tax Deparment CPC within 120 days from the date of filing or e-Verify your return. The utility of checking ITR-V receipt status is very useful if you have send signed ITR-V to Income Tax Department and want to track […]