Income Tax

tax-deduction-80c

10 Most Popular Investments options under Section 80C

Section 80C is the most widely used section for claiming Income Tax Deductions. This Section which allows a deduction of Rs. 1,50,000 can not only be used by Salaried Individuals… Read More

Tax Deductions - Featured

Download Form 12BB to claim 80C, HRA, LTA & other Deductions

Several Income Tax Deductions are allowed to Salaried Employees for certain types of Investments and Expenses. The employee is required to furnish details and evidence of such investments and expenses… Read More

tax-on-sale-of-property

Equalisation Levy @ 6% on Digital Ads from 1st June 2016

The Digital Space has grown very rapidly in the past few years and is expected to grow substantially in the next few years. The biggest beneficiaries of this rapid growth… Read More

tax-on-cars

1% Tax on Cars to be Collected at Source from 1st June

From 1st June 2016, you would be required to pay 1% extra tax to the person from whom the car is being purchased. This tax would be applicable on all… Read More

tax-on-rent-nri

Surcharge on Income Tax – Latest Rates

The Finance Act 2013 introduced the levy of Surcharge on Income Tax on various categories of taxpayers. The rate of Surcharge have been increased in the Finance Act 2016 which is applicable… Read More

checklist - 31st March

Tax Advice – 7 Things to do before 31st March 2016

The Financial year 2015-16 is about to end and the new Financial Year is about the start. In India, we follow the Financial Year for all tax purposes and Income… Read More

tds-rent

TDS on Rent @ 10% (Section 194I) if more than 1.8 Lakhs

TDS on Rent is liable to be deducted by the person making the payment if the total amount to be paid during the year exceeds Rs. 1,80,000 p.a. This limit… Read More

Section-44AD

Section 44AD: Income of Business – 8%, Profession – 50%

Budget 2016 Update: The benefit of Section 44AD has now been extended to Professionals as well. Any professional whose gross total receipts during the year are less than 50 Lakhs… Read More

tax-home-loan

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

Budget 2016 Update: Additional Deduction of Rs. 50,000 under Section 80EE has been allowed to first time home buyers. The details of this section are provided at the end of… Read More

feat- income tax efiling

What prompts the Dept to conduct Income Tax Raids, Search & Seizures

Income tax search and seizure is a drastic measure, which is held to be constitutionally valid on the ground that it aimed at fighting the social evil of tax evasion… Read More

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