Income Tax

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

AppleMark

Cap Gain Exemption if Construction not completed in 3 years

The Income Tax Act provides for tax exemptions on long-term capital gains earned from the transfer of a capital asset if the sale proceeds are invested in a house property within the… Read More

Income-tax-scrutiny

Reasons for Issue of Income Tax Scrutiny Notice

What is Scrutiny Assessment ? Scrutiny assessment refers to the examination of an income tax return by giving an opportunity to the assessee to substantiate the income declared and the expenses, deductions… Read More

income-tax-form-13-tds

Standard Deduction in Income Tax for Indians

A Standard Deduction is basically a deduction allowed in Income Tax irrespective of the expense incurred or the investment made by the Individual. No Disclosures/ Investment Proofs/ Expense Bills are… Read More

Form-15G

Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit & Recurring Deposit

Form 15G & Form 15H are self-declaration forms required to be furnished by the Assessee to his Banker for Nil Deduction/Lower Deduction of TDS on Interest on Fixed Deposit/ Recurring… Read More

Tax-Benefit-Life-insurance

Tax Benefit for Life Insurance Premium and Maturity Amt

Life Insurance Premium is a premium which is paid by a person for insuring the life of the person insured. In case any mis-happening happens to the life of the… Read More

feat - tax-benefit-mutual-funds

Various Tax Benefits of Mutual Funds in India

A Mutual Fund is a fund which primarily collects money from the public and then invests the same in specified securities on behalf of its investors. Mutual Funds can broadly… Read More

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