How to save on tax in a particular year is the most frequent question inside the minds of a taxpayer. But, usually, people make last-minute preparations for meeting the requirement of section 80C or 80 CCD of the Income Tax Act,1961. The answer to such a question is making preplans on saving tax rather than…
TDS (Tax Deducted at Source) is the sum which is taken away from the income of a person by a specified deductor and deposited to the Income Tax department. Section 192 of the Income Tax Act,1961, talks about the deduction of TDS on salary income by employers. In this blog, we will talk about TDS On…
The new rule 18AB of Income Tax Rules applies to all those bodies having approval under sections 80G and 35(1) of the Income Tax Act, 1961. These section allows tax deductions for donors. The filing of a Statement of Donations received during the previous financial year (in Form 10BD) is mandatory by the income tax…
Well, to begin with, we all know that according to the Motor Vehicle Act, 1988, the registration of a leased motor vehicle should always be in the name of the lessee and not the lessor. But this was not so according to the Income Tax Act, 1961 for claiming depreciation of assets. Over here, the…
A scheme for presumptive taxation got introduced which is Section 44ADA which provides an easy as well as simple method of taxation for small professionals. The section offers a scheme of presumptive taxation of both profits and gains from professions which are mentioned under Section 44AA(1) of the Income Tax Act, 1961. There was a…
Income tax is one of the most important aspects of financial planning. To save taxes, you must keep track of your income and investments and prepare ahead of time to get life insurance, a term plan, or any other tax-saving investment. The Income Tax is not the only source of revenue for the government. It…
Do you have to change cities to relocate your business? While relocating you may want to sell the old house or the property related to your business. Further, you may also have to sell any other Capital Assets. While filing for your Income Tax, you will have to pay Capital Gains Tax for the profits…
One of the most crucial components of financial planning is Income Tax. To save tax, you must maintain track of your income and investments and strategically plan to purchase life insurance, a term plan, or any other tax-saving investment. The Income Tax is not the government’s only source of revenue. It also collects indirect taxes…
TDS on payments made to non-residents is always a difficult matter. The income tax regulations for residents and non-residents (NRIs) differ slightly. Section 195 of the Income Tax Act, 1961 (the Act) specifies tax breaks for non-resident Indians (NRIs). This section discusses the tax rates and deductions applicable to everyday commercial transactions with a non-resident. In…
Many salaried and retiring taxpayers have filed their Income Tax Return (ITR) and are obliged to make certain mistakes due to the lack of proper knowledge of tax laws, which is difficult however for even tax professionals. In this article, we will discuss revenue as part of a tax return but most taxpayers do not…