There are various allowances exempt under Section 10 for Salaried Employees like House Rent Allowance, Leave Travel Allowance, Travelling Allowance, Uniform Allowance etc. We have already discussed the following allowances in our previous posts and in this post we would...
The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for Salaried...
As per Section 139(9), an Income Tax Return is treated as a Defective Return if any of the following 8 documents is not attached with the Income Tax Return. If the Income Tax Officer considers that the Return as a...
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...
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...
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...
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...
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...
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,...
Income Tax Rebate under Section 87A is allowed as per the following schedule for different Financial Years Financial Year Amount of Rebate Applicable only if Income is less than 2018-19 Rs. 2,500 Rs. 3.5 Lakhs 2019-20 Rs. 12,500 Rs. 5...