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Posted On:  2 years ago


Basic Knowledge of Income Tax for beginners - FAQ

In this article we will discuss about the general FAQs related to income tax i.e. what is income tax on whom it is levied, how to pay the income tax, if it is applicable on you or not, whether each income generated is liable for tax or not.

article author CA Chirag Chauhan

Posted On:  2 years ago


Income from house property – Rental Income Taxability, Composite Rent, Let out property and Interest benefit on Loan. - FAQ

The article provides an overview about the various provisions of income tax act applicable to persons having income from house property. The benefit of home loan interest which is deductible from the house property income the benefit of the self occupied. Below are some FAQs on Income from house property.

article author CA Chirag Chauhan

Posted On:  2 years ago


Save Tax by Additional deduction under National Penstion Scheme

How Can an Individual Assessee claim Additional deduction under NPS scheme for saving tax

article author CA MANISH BINDAL

Posted On:  2 years ago


GLANCE AT BURNIG LEGAL ISSUES TO SET OFF IN THIS BUDGET!

With the budget round the corner, the consultants are busy making representations whether it be related to rectification of apparent mistakes in the notifications or whether it be related to amendments desired in particular sectors. There is a huge wish-list of assessees operating in respective sectors but whether the pleas of the assessees will be heard by the Modi-led government or not is the talk of the town. We make an attempt to highlight certain legal issues that have catched fire of litigation and that need to be set off as early as possible.

article author CA PRADEEP JAIN

Posted On:  2 years ago


The Union Budget: How it is made?

The finance ministry’s do annual exercise of printing of Budget documents during the last week of February with the ritual of celebrating ‘Annual halwa ceremony’ at the press located in the basement of the North Block. After this ceremony, officials and staff directly associated with the Budget making and printing are required to stay in the

article author One Roof Consultant

Posted On:  2 years ago


NACH (National Automated Clearing House) a new method to invest in SIPs:

This article will you detail regarding the new method to invest in SIP. SIP is a method of investing a fixed sum, regularly, in a mutual fund scheme. SIP allows one to buy units on a given date each month, so that one can implement a saving plan for themselves. An SIP is generally preferred for an equity scheme and can be started with as small as Rs 500 per month. From March, ECS (electronic clearing service) mandates used for doing Systematic Investment Plan (SIP) will be replaced by National Automated Clearing House (NACH) a new system of clearing. National Payments Corporation of India (NPCI) has implemented NACH. All new mutual fund SIPs will have to be registered using NACH.

article author One Roof Consultant

Posted On:  2 years ago


New Process to Sign ITR V with Digital Signature Certificate at Income Tax Site

This article will help you to solve out with the new issues faced at the time of signing with digital signature certificate on income tax site. Taxpayers have recently faced problems in using the Digital Signature Certificate for Signing through browser at the time of uploading their

article author One Roof Consultant

Posted On:  2 years ago


Missed to Submit Investment / Deduction Proof to Employer? You can Still Claim Deduction while Filing your Tax Returns and get Refund

It is been common for salaried class people to delay in Investment as the cash flow is always the issue. Most of Employer demands Proof of Investment before December and in some case you can submit proof till February end.

article author CA Chirag Chauhan

Posted On:  2 years ago


80G: Deduction relating to donations under income tax act 1961

Most of the individuals donate money for cause but fail to claim deduction. The article gives detailed information about the various donations specified in Sec. 80G which are eligible for deduction up to either 100% or 50% with or without restriction as provided in Sec. 80G. 80G deduction not applicable in case donation is done in form of cash for amount over Rs 10,000. The individual must

article author One Roof Consultant

Posted On:  2 years ago


Deduction under section 80C of Income Tax Act - Specified investment / Expenses

Investing in various securities then also not satisfied as tax is increasing along with income. Proper investment will help you deduct your tax. This article will help out for investing in proper way. Deduction under 80C is related to deduction that an individual can deduct from his gross taxable income in order to reduce his tax liability by investing in specified investment. Section 80C was introduced on 1st April 2006 which replaces the section 88 with more or less the same investment mix available in section 88. It is applicable to individuals and HUF. An assessee can get deduction under section 80C upto a maximum

article author CA Chirag Chauhan

Posted On:  2 years ago


Different style of lending by banks and RBI monitoring

This will article will enlighten you on What is Sole banking ? Why banks insist on Sole banking ? What is difference between consortium and syndication ? What are different ways in which banks lend ? How RBI monitors in case of consortium ?

article author CA Nikesh Sheth

Posted On:  2 years ago


Professional Tax Rate State wise in India

Professional Tax Is subject matter of State in India. Each State decide Professional Tax amount depending upon gross amount of Income / Salary. Following is the State wise List of Professional Tax Applicable in India. Profession tax, or tax on employment, is levied by a state under article 276 of the Constitution. The amount paid, as Profession Tax, is however exempted while calculating the taxable income of the employee.

article author CA Chirag Chauhan

Posted On:  2 years ago


Missed to Submit HRA declaration to Employer? You can claim HRA at the time of Filing Returns and get Refund from Income Tax

HRA (house rent allowance) means is the amount paid by the employer to employee for the rent of the resident house of employee it is a part of salaries. The decision of how much to pay HRA is depends on the employer. The amount of such HRA is deductible under section 10(13A). The amount of deduction allowed under this provision is least of the following:

article author CA Chirag Chauhan

Posted On:  2 years ago


HRA House Rent Allowance Section 10(13A) - under the Income tax act 1961

HRA (house rent allowance) means is the amount paid by the employer to employee for the rent of the resident house of employee it is a part of salaries. The decision of how much to pay HRA is depends on the employer. The amount of such HRA is deductible under section 10(13A). The amount of deduction allowed under this provision is least of the following:

article author CA Chirag Chauhan

Posted On:  2 years ago


Leave travel allowance section 10(5) under the Income tax act 1961

We go on travel with our families; if we can get tax benefits, why waste it. This article on leave travel allowance is focused on the taxability and some other interesting points which a salaried employee must keep in mind. Have you claimed LTA? Leave Travel Allowance (LTA) is the most common type of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. An LTA is the remuneration paid by an employer for Employee’s travel in the country, when he is on leave with the family or alone. Amount from LTA is tax free. Section 10(5) of the Income-Tax Act, 1961, which provides for the exemption and outlines the conditions subject

article author CA Chirag Chauhan

Posted On:  2 years ago


Section 80GG: Deduction for Rent Paid

Section 80GG provides for Deductions for House Rent paid, provided that a deduction for payment of House Rent has not been claimed under any other section of the income tax act.

article author Sumit Gupta

Posted On:  2 years ago


Tax provisions for Salaried Employees

Tax planning for salaried employees, Tax provisions for salaried employees, How salaried employees can save their taxes ? How salaried employees can plan their tax better ??? This article provide all and important provisions of taxation of salary Income

article author CA Nikesh Sheth

Posted On:  2 years ago


Procedure for Change in Object Clause as per Companies Act’ 2013

Procedure for Change in Object Clause as per Companies Act’ 2013

article author CA Pratik Anand

Posted On:  2 years ago


Why to invest in National Saving Certificate ?

Know all about National saving certificate and what are tax benefits of investing in National Saving certificate. How to invest in national saving certificate ?, How national saving certificate are safe and secured investment ?

article author CA Nikesh Sheth

Posted On:  2 years ago


How Stock market behaves during budget

This budget is very very very unique and game Changer !!! It is most running rumors or humors that move around stock market, but they are present for all budgets. I have complied last four years data, which again reinforces 'long term investment is better'

article author CA Nikesh Sheth