To earn the most is the dream of every person but the only thing which everyone wants to avoid is TAXES, which are levied according to the norms of running acts in the current period. Let’s talk about the INCOME TAX ACT, 1961, which is currently applicable in our country, there are a lot of…
In this hard time of pandemic where everyone is concerned about their health and wellbeing, what could be better than getting the tax deduction on the premium paid for the same. Yes, Income Tax Act, 1961 provides a deduction under section 80D in respect of health insurance premium. Sec 80D provides deduction of expenditure on:…
What is the meaning of Standard Deduction under the Income Tax Act? Standard deduction is a fixed deduction of 50,000 allowed from the gross salary in order to arrive at the taxable salary. This tax benefit can be claimed irrespective of actual amount spent under: Transport allowance Medical allowance Table of Content What is the…
Introduction Section 194IB is introduced under Finance Act 2017, which states that TDS will be deducted, if rent payment exceeds Rs 50,000 per month or part of the month is made. If Salaried person is paying rent more than Rs. 50,000 per Month and claiming HRA then he is also required to deduct and pay TDS…
The process of converting OPC into private or public/ Conversion of private into OPC has been simplified. This can be done by filing eForm INC-6 on the MCA Portal. eForm INC-6 is required to be filed pursuant to the provisions of Section 18 of the Companies Act, 2013. Table of Content Purpose of filing eForm…
Concept of deemed owner Under section 27 of the Income Tax Act,1961 In Case an individual transfers any house property to his/her spouse and is not connected to an agreement to live apart or minor child (does not include married daughter) without any adequate consideration then such individual known as Deemed Owner of such house…
Section 80C is one of the most popular sections amongst taxpayers as it allows to reduce taxable income by making tax saving investments. The maximum deduction allowed under this section is 1,50,000 every year. This section allows deduction for investment made in PPF, EPF, LIC premium, Equity linked saving scheme, principal amount payment towards home…
Introduction Employee who receive salary from employer and who resides in rented houses, can claim the House Rent Allowance to reduce the amount of taxes (it may be partially or wholly). Table of Content: Introduction – HRA Meaning of House Rent Allowance Calculation of House Rent Allowance Did we pay rent to parents to save…