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…

Many investors started dealing in the security market in the financial year 2020-21 due to lockdown. They must have dealt with short term, long term, intraday & F&O transactions through the year. There was a rapid increase in the customer base of broker and trading volume too. We are in the month of March, Hence,…

Table of Content Income Tax Slabs for Individuals in FY 2020-2021 Income Tax Slabs for Senior Citizens in FY 2020-2021 Income Tax Slab for Super Senior Citizens in FY 2020-2021 Income Tax in India is imposed and collected by the Government of india. Tax can be categorised into two parts- Direct Tax and indirect Tax….

Table of Content What is TDS Rates? In the case of a person other than a Company TDS Rates applicable where the person is resident in India TDS Rates applicable where the person is not resident in India TDS Rates applicable where the Company is a Domestic Company TDS Rates applicable where the Company is…

Content: Who is responsible to deduct TDS under section 194O? What do you mean by E-commerce, E-commerce operators and participants? What is the point of deduction of TDS u/s 194O? At what rate TDS has to be deducted u/s 194-O? What are the exceptions to the section 194O? Whether the TDS is to be deducted…

Table of Content 6 pillars of Union Budget 2021-22 Income under head salaries Profits and gains from business and profession Income under the head capital gain Return of Income TDS/TCS Provisions Provisions regarding Charitable/Religious Trust Provision Related to deductions Assessments and Appeal Other Provisions The Union Budget 2021 was Presented by The Finance Minister ,…

Content: Introduction Legal provisions Conclusion  Introduction: In GST regime as well as in the previous regime, ITC on exempted supply of goods or services shall be reversed and not qualified for availment. One of the exempted supplies is sale of shares/mutual funds. The provisions relating to ITC reversal on such supply are as follows: Legal…

Table of Content What is Tax Audit Applicability of Tax Audit What information/ books of accounts are required for a tax audit ? Purpose of Tax Audit Process Of Tax Audit Report Filing Due Date For Filing Tax Audit Penalty for Filing Tax Audit Report How and when tax audit report has to be furnished?…

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