Income Tax

How to file Revised TDS Return?

How to file Revised TDS Return?

TDS Return is required to be filed with NSDL by the person deducting the TDS at regular intervals. After submission of the form, if the deductor realises that there is some error or some new details are required to be added, he can file a Revised TDS Return for updating the existing return We have earlier explained the procedure for […]

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TDS on Property Sale @ 1% under Section 194IA

TDS on Property Sale @ 1% under Section 194IA

The Indian Finance Minister P. Chidambaram while announcing the Budget 2013-14 introduced TDS on Property @ 1% on all Immovable Property Transactions over Rs. 50 Lakhs under Section 194IA. Reason for Introduction of TDS on Property P. Chidambaram while introducing TDS on Property said that Transactions of Immovable Property are usually undervalued and under-reported. Almost half of the Transactions don’t even […]

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TDS Return Filing Online: Due Date and Procedure for Filing

TDS Return Filing Online: Due Date and Procedure for Filing

TDS Return is required to be filed by the assessee who has deducted the TDS. TDS Returns are required to be filed after specified intervals and details to be furnished in these returns include fields like TAN No., TDS Payment, amount deducted, type of payment, PAN No. etc. Recommended Read: Procedure for deposit of TDS Payment online TDS Return Form […]

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Surcharge on Income Tax on Income above Rs 1 Crore

Surcharge on Income Tax on Income above Rs 1 Crore

The Finance Act 2013 introduced the levy of Surcharge on Income Tax @ 10% on all categories of taxpayers earning income above Rs 1 Crore. Earlier this was levied only on Companies but now Surcharges on Income Tax is levied on everyone who has income above Rs. 1 Crore. However, the rates of Surcharge on Income Tax vary for different […]

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Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different […]

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Income Tax on Rent earned by NRI’s in India

Income Tax on Rent earned by NRI’s in India

A Large No. of NRI’s settled abroad now own property in India and many of them have even given such properties on Rent. In this article, we would be focusing on the levy of Income Tax on Rent received by NRI’s in India by giving such property on Rent. Recommended Read: When is a person considered as Non-Resident for Income […]

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Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs: Rates for Financial Year 2013-14 (A/Y 2014-15)

Income Tax Slabs Rates for Financial Year 2013-14 i.e. A/Y 2014-15 and Financial Year 2014-15 i.e. Assessment Year 2015-16 are the same. The Income Tax Slab can be divided in the following categories:- A.INDIVIDUALS & HUF For Male Individuals below 60 Years of Age and HUF For Female Individuals below 60 Years of Age For all Senior Citizen above 60 […]

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Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Section 87A: Income Tax Rebate of Rs 2000 for Income below 5L

Income Tax Rebate under Section 87A was introduced by P. Chidambaram while presenting Budget 2013 and this Income Tax Rebate is applicable from Financial Year 2013-14, or in other words from Assessment year 2014-15. P. Chidambaram while announcing the Budget 2013 introduced an Income Tax Rebate of Rs. 2,000 for people earning income below Rs. 5 Lakh. It is important to […]

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Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

Tax Audit under Section 44AB above Rs 1 Crore/ Rs 25 Lakh

An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1 Crore (Limit increased wef 1st April 2012) or The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25 Lakhs (Limit increased wef 1st April […]

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Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB: Deduction for Treatment of Specified Disease

Section 80DDB provides for Income Tax Deduction under Chapter VI-A for payment of medical treatment of a person suffering from a specified disease. The deduction under Section 80DDB is allowed only to Individual and HUF’s. Moreover, this deduction is only allowed to those Individuals and HUF’s which are resident in India for that year. (Recommended Read: Residential Status for the […]

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