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
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
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
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
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
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
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
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
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
Provisions of this page applicable for F.y 2016-17 (Assessment year 2017-18) Persons for whom it is mandatory to file Income Tax Return The following persons are mandatorily required to file income tax return Company Firm (In Income Tax Act Firm means a Partnership Firm, Sole proprietor firms are considered as