Breaking News
Loading...
Share It

Sunday, 10 May 2020


Tax Saving Investments is a vital piece of one's life as they offer tax reasoning under the Income Tax section 80C or 80CCC. Attributable to the utility of these ventures, an ever-increasing number of individuals regularly need to contribute. Be that as it may, it ought to be considered that the ventures have low returns and various risks related to different speculations.

Thursday, 7 May 2020


Deduction for Medical Insurance Premium Under Section 80D. Section 80D gives deduction to an individual or a Hindu unified family towards medical insurance premium and preventive health registration or commitment to Focal Government Health Plan (CGHS) or any plan told by the Focal Government on the health of the assessee, his family, guardians or individuals from the HUF.

Saturday, 2 May 2020


Many individuals procrastinate whilst it comes to submitting their income tax returns, particularly folks who are filing their tax returns for the first time. All character taxpayers having a total income of more than Rs. 2.5 lakh (Rs. three lakh for senior residents and Rs. five lakh for brilliant senior residents) are required to report the earnings tax returns on or earlier than the due date. Even if it isn't always obligatory for you, filing a "Nil Return" can help you set matters on the record. The following are a number of the suggestions to ensure which you are filing your tax return effectively and in a hassle-unfastened manner.

Friday, 1 May 2020


A person's gross all out income is the aggregate of income under five distinct heads determined dependent on the tax laws. One of these heads is 'income from house property'. This head incorporates lease earned from building or land appurtenant thereto which is chargeable to tax. 

Thursday, 30 April 2020


New section115BAC is embedded in Income Tax Act by the Finance Act 2020 and it is pertinent w.e.f first April 2020 and will be appropriate on Individuals and HUFs for evaluation year 2021-22 and resulting appraisal years. Under this section taxpayers i.e Individuals and HUFs has an option to pay the tax based on concessional piece rates subject to certain conditions. The new income tax chunk rates according to section 115BAC are as per the following:

Monday, 27 April 2020


How to do Income Tax Calculation for FY 2020-21? Which Tax Structure to Select?

As per budget 2020, you cannot claim any tax deduction or exemption if you plan to opt new tax structure. So, as an individual tax payer if you opt for the new tax regime with reduce tax rate you need to forgo all tax breaks available today. Fortunately, you have option to continue with old tax structure. Salaried person can switch between old and new tax structure.

Friday, 24 April 2020


The CBDT or Central Board of Direct Taxes has notified a new format for Form 16. This requires the break up of the Tax-Exempt Allowances paid to the employee and also of all tax breaks claimed by them. In the previous format allowed the companies to give consolidated figures or break-up in different formats for both, thereby leaving some ambiguity regarding their individual composition.