Income Tax

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

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 Advice – 7 Things to do before 31st March 2019

The Financial year 2018-19 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

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

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

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

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 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

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

exemption-service-tax

11 useful Income Tax Deductions for 2019-20

The Income Tax Act provides for various income tax deductions which can be claimed at the time of filing of income tax returns. The total taxable income (after reducing the… Read more