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
S.No. Type of loss to be carried forward to next year(s) Profits Against which loss can be set off in the same year Profit Against which carried forward loss can be set off in next year(s) For how many years loss can be carried forward Is it necessary to submit
Residential status of an Individual Tax Planning in respect of Residential Status by Individual Residential Status of HUF Residential Status of a Firm of Association or Persons (AOP) Residential Status of Company Residential status is very important in Income Tax Act as the determination of tax liability depends much on
1) The property should be consisting of any building or land apparent thereto. Income from letting vacant land is chargeable to tax under “Income from Other source – Section 56” not under this head “Income from House Property – Section 22”. The purpose for which the building is used by
If the following conditions are satisfied, then value of sweat equity shares will be taxable in the hands of employee in the year in which the shares are allotted or transferred to employees. (i) The security involved is either specified security or sweat equity shares. (ii) Such security is allotted
Specified Employees The following person shall be considered as specified employees: – An employee who is a director of company. An employee being a person who has substantial interest in the company i.e. who is the beneficial owner of equity shares carrying 20% or more of the voting rights in
Computing taxable value in case of rent free accommodation or accommodation provided at concessional rate When accommodation is provided by the Government Case I – When unfurnished accommodation is provided Taxable Amount = License Fees – Rent actually paid by employee Case II – When furnished accommodation is provided The
This section is inserted in budget 2018 and is applicable from financial year 2018-19. When a senior citizen receives interest on deposits with a bank a co-operative bank a post office then he is allowed a deduction of such interest up to maximum limit of Rs. 50,000. Also note that