Income Tax

How to create HUF Capital and put Money in HUF Account?

How to create HUF Capital and put Money in HUF Account?

In our exclusive coverage of HUF’s, we have previously explained How HUF’s help in saving taxes and how to create a HUF and in this article we would be focussing on How to create HUF Capital by putting money in HUF. Recommended Read:- How to save taxes by forming a HUF How to create a HUF How to create HUF […]

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How to start HUF & create HUF Deed?

How to start HUF & create HUF Deed?

In our previous article, we focussed on how a HUF can be used to save taxes legally and we have received a tremendous response for the same from our readers who have also requested for an article on How to create HUF & HUF Deed. Recommended Read: How to save taxes legally by forming HUF Creation of HUF HUF stands […]

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Save Tax by forming HUF: Benefits & Drawbacks

Save Tax by forming HUF: Benefits & Drawbacks

A very effective and legal way advised by chartered accountants to save tax is HUF i.e. Hindu Undivided Family. In India there are many families which are undivided and the incomes earned by such families are joint income as compared to Individual Incomes. As these are joint incomes and not Individual Incomes, these incomes cannot be taxed in the hands […]

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Download Form 16B Online from TRACES Website

Download Form 16B Online from TRACES Website

Form 16B is a TDS Certificate which reflects that the amount deducted as TDS on Property by the Buyer has been deposited with the Income Tax Department. At the time of sale of immovable property, the buyer is required to deduct TDS on Property @ 1% from the amount he has to pay to the seller. This amount is then […]

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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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