Eligible Assessee – Individual and HUF Maximum amount of Deduction – A maximum of Rs. 1,50,000 is allowed as deduction under sections 80C, 80CCC, 80CCD(1) aggregately. Deduction is allowed whether the payment is made out of income chargeable to tax or not. Deductions allowed – Life insurance premium Contribution by
If a person is engaged in shares dealing then it can result either in Business Income/Loss (chargeable under section 28 as Profits & Gains of Business or Profession) or Capital Gain/Loss (chargeable under section 45 as Capital Gain). Classification of Income It depends on facts and circumstances of each case
Section 139A(5)(c) of Income tax act states that PAN is required to be quoted on transactions prescribed by CBDT. In such case, the seller of goods/services has to collect PAN from the buyer. Rule 114B of Income Tax Rules states the transactions in which quoting of PAN is compulsory. A
From financial year 2017-18 and onwards, maximum rate of depreciation is 40%. So depreciation on printers, scanner etc is also applicable at the rate of 40%. CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `B’: NEW DELHI In The case of: ACIT v Container Corporation of India Ltd. Appeal No.
Persons required to deduct Tax – Any person (other than an individual or HUF who is not liable for audit under section 44AB) who is responsible for paying rent to a resident is required to deduct tax under this section. Individual and HUF who are not covered in this section
TDS Rate Chart as applicable for the Financial year 2017-18 (Assessment Year 2018-19) Section For Payment of Amount upto which tds not deductible Individual /HUF Others 192 Salary As per Income Tax Slab As per Income Tax Slab N/a 192A Payment of accumulated balance due to an employee under Employees
Step 1 – Go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp Step 2 – Select Challan No./ITNS 280 Step 3 – Select the type of assessee for which income tax payment being made. If you are making payment for a company then you should select (0020) Income Tax on Companies (Corporation Tax) otherwise select (0021) Income Tax
How to Check TDS Credit Step 1 – Go to https://incometaxindiaefiling.gov.in/e-Filing/UserLogin/LoginHome.html Step 2 – Enter the login details. If you haven’t registered you PAN number then you can register yourself via https://incometaxindiaefiling.gov.in/e-Filing/Registration/RegistrationHome.html Step 3 – Once you successfully logged in, then select View Form 26AS (Tax Credit) under My
One of the best way to save income tax is to utilize the deduction available under section 80C. The current maximum threshold limit is Rs. 1,50,000 for Individuals and HUF. Various investment options are available for getting deduction under section 80C but every investment have different rate of return and
The person responsible for paying interest on securities to a resident is required to deduct TDS. Tax is to be deducted at the time of payment or credit to the account of the payee, whichever is earlier. Where any amount of interest is credited to any account whether called Interest