Table of Content Eligibility Who cannot opt for the composition scheme Conditions and restrictions for composition levy (Rule 5) Registration under Composition Scheme Intimation for opting the scheme Validity of Composition Scheme GST rates for composition levy Bill of supply and GST payments Returns to be filed for Composition Scheme Holders On 1 July, 2017…
Nirmala Sitharaman, Finance Minister in her press conference on Atmnirbhar Bharat announced various direct tax-related measures and other measures in the amid of COVID-19. As per the press conference announcements, the measures related to direct taxation are as follows: Due Date of Income Tax Return For FY 19-20 Particulars Due Date Extended Due Date Due…
Table of Content What is Income Tax Refund? Eligibility for Income Tax Refund How to get Income Tax Refund in India Interest on income tax refund How to check refund status? What to Do If Refund is Not Processed? What is Income Tax Refund? We often come across the term ‘tax refund’. What does it…
Table of Content What does set-off of loss means? Intra-head Set Off Exception of Intra-head set-off Inter-head Set-Off Exception of Inter-head set-off Carry forward losses and set-off Order of set-off of losses What does set-off of loss means? Set off of losses means adjusting the losses of current year or previous year against the profit…
Table of Content What is Clubbing of Income Circumstances of clubbing Income of Minor Child {Section 64(1A)} Income of Son’s Wife {Section 64(1)(vi)} Income of Hindu Undivided Family from property converted by individual {Section 64(2)} Transfer of Income without transfer of assets (Section 60) Transfer of revocable Asset (Section 61) Exception from clubbing Frequently Asked…
Table of Content What is House Property? Types of House Property Self-Occupied House Property Let-out house Property Inherent house property How to calculate taxable income from House property Calculation of Gross Annual Value of Property Deductions under Income from House Property Deduction Under section 80EE Deduction Under section 80EEA For repayment of borrowed money Under…
Page content Cash Movable property as Gift Immovable Property as Gift Other Exempt gifts In today’s scenario, the custom of sharing gift is in much trend. While exchanging such gifts, a question arises whether we have to pay the Tax on same. Gifts are taxable as per Income tax act, 1961 under Section 56(2)(x) and…
Table of Content Tax Planning Tool Interest Rate Under Sukanya Samriddhi Account Closure / Withdrawal of Sukankya Samriddhi Account With the motive of upliftment of girl child status in the society, the Sukanya Samriddhi Yojana was launched by GoI as a part of Beti Bachoa Beti Padhao in 2015 under the Ministry Of Women And…
Table of Content Who can open PPF Account? Interest Rates on PPF Deposits in PPF How to make Withdrawal from PPF Loan against PPF Repayment of Loan and Interest of PPF Account Tax benefits of investment in PPF Public provident fund was introduced in INDIA in 1968 to mobilize small savings in form of an…
Table of Content Eligibility for Availing deduction on education loan Amount of deduction on Education Loan Period of deduction for Claiming Tax Benefit on Education Loan Is deduction of Education Loan available for foreign studies? The section 80E of the Income Tax Act, 1961 deals with the provision for deduction of tax on educational loans….