Taxation scheme is used by the government to encourage or discourage certain economic decisions. Here are few examples like reduction in taxable personal income by the amount paid as interest on home loans results in greater construction activity thus developing the infrastructure of the economy and generating more job opportunities which leads to the overall … Read more
In this article, we will discuss only about how to calculate the accrued interest on Kisan Vikas Patras. If anyone wants to know about nomination, maturity value, maturity period, encashment, premature encashment go to the KISAN VIKAS PATRAS main article. Note: Kisan Vikas Patras (KVPs) have discontinued w.e.f 1.12.2011 The following chart will help you … Read more
It is a well-known fact that every country has a right to charge its citizens with taxes. However, there are certain situations when even a non-Resident person is eligible to pay taxes in a country. Under the Indian Income Tax Law, here are those 8 concrete situations. Who is NRI – Check Residential Status Situation … Read more
As you all know that PAN is required for large banking transactions, property transactions, loans, TDS/TCS transactions and for other various income and expense payments. But you require PAN card immediately to quote on various transactions then there is problem for us. As if you are going to apply new PAN today, you have to wait … Read more
In simple words PAN card is an identity in the eyes of Income Tax Department. It contains all necessary information which Income Tax Department needs. In this article we will cover all aspects of PAN like what is PAN, How to apply, Who is liable to apply etc. Please ask if you have any queries … Read more
The aggregate amount of deductions u/s 80C, 80CCC and 80CCD (1) is restricted to Rs. 1,50,00 vide Sec. 80CCE. However, deduction u/s 80CCD (1B) ( in respect of deposit by the assessee in the pension scheme upto maximum of Rs.50,000) and u/s 80CCD (2) (in respect of contribution by Central Govt/employer to the pension scheme) … Read more
For people are who are not regular to the IT Department’s website or are visiting the website after a long period of time, they must be facing a situation where they are being asked to verify their accounts. There is no need to panic or consult a tax expert, because this step is a simple … Read more
Some assesse find very difficult to find out the valuation of perquisites for income tax return. So we cover here all the perquisites to help you for calculating or valuation of perquisites. All the perquisites which covered here under the new rules for A.Y. 2014-2015/ F.Y. 2013-2014 along with the amendment rules. Please check the … Read more
The term double taxation relief is an initiative launched by the Government of India, which allows a person to escape the clutches of being taxed twice for the same income. This incident mainly takes place for non-resident Indians, where they first pay taxes on income generated in India and then are once again required to … Read more
Tax is an important source of income for the Indian Government through which it tries to fulfil its budget expenses for the coming year. There are millions of people who fall under the tax bracket and who pay tax whenever their taxable income exceeds the minimum exemption limit. In addition to these earlier there were … Read more
Updated: Last Date for Linking of Aadhar Card with PAN has been extended up to 31-03-2019 – Check Here The Government of India has extended the deadline to link PAN card and Aadhaar Card to bank accounts. The new deadline for existing bank accounts holders is 31st March 2018. For users who have recently opened … Read more
For a country like India, Voter ID card serves as an important document of identification. Irrespective of whether you are buying a new sim card or buying a house, Voter ID card is a must. The Election Commission of India (ECI) has recently simplified the process to register for Voter ID cards by taking the … Read more
Income Tax Department has extended the due date for filing of income tax return (ITR)/Tax Audit Report for the assessment years 2017-18 (Finanican Year 2016-17) from 31st October 2017 to 7th November 2017. The notification has not yet published by the department. Income Tax Department has tweeted about it. The order no. F.No.225/270/2017/ITA.II has also … Read more
Rates of Depreciation under Companies Act 2013 Depreciation Rate Chart – as per part “C” of Schedule II of Companies Act, 2013 after making following assumptions: The useful life to computer depreciation of the asset has been taken as per Part C of the Schedule II The residual value of an asset has been taken … Read more
In this article we will discuss about incometaxindiaefiling.gov.in registration and login procedure. You can also check the procedure about of to get new password in the case of forget password on incometaxindiaefiling.gov.in. When it comes to handling information based websites such as http://incometaxindiaefiling.gov.in/, it is important that people are well aware of the registration and … Read more
Today everyone in the economy wants to save himself from paying taxes or to decrease their tax liabilities. Now to save tax paying in Indian economy the Income Tax Act grants many deductions which a person can claim at the time when he/she is filing Income Tax Return. These deductions are for all type of … Read more
The government of India has tried to lower the burden on small businesses as well as the professionals. The incentive of presumptive income has also been provided to the professionals under the act. Let’s have a look on the presumptive income scheme as provided to the professionals in this article. As per section 44ADA, if … Read more
There are a lot of tax compliances which are to be done by every business. The businesses which are having high turnover have to do all these compliances but the small business can opt for the presumptive schemes. In this article, we will discuss about one of the presumptive scheme i.e. Sales for businesses with … Read more
Income tax department has started a mission to deactivate the PAN cards of the people, as according to law one person could hold one PAN only. Sometimes one person may hold more than one PAN. Recent Update on 5-8-2017: Over 11 Lakh PAN Deactivated – Check Your PAN Activated or Not Here The income tax … Read more
How to calculate advance tax: Advance tax calculation is very simple as every layman can do it without difficulty. First of all, you should know that advance tax is paid in installments as we have discussed in previous article. Secondly, you should know that are you liable to pay advance tax, if yes, then this … Read more