Investment Under Post Office Saving Schemes Offers Income Tax Benefits India Post or Department of Posts, which runs the postal network of the country, offers a number of saving schemes with income tax benefits. Using these saving schemes, investor can claim a deduction up to Rs. 1.5 lakh in a financial year from taxable income […]
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Income Tax
Important Tax Changes In 2018 That Directly Impacting Your Personal Finances
Important Tax Changes In 2018 That Directly Impacting Your Personal Finances As 2018 comes to an end, a quick run-down of the main tax changes implemented during the year would help us in our tax planning and saving efforts. Most tax changes are usually proposed in the Budget (presented in February) and they usually come […]
TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens
TDS deduction under section 194A of the Income-tax Act, 1961 in case of Senior Citizens F.No.Pr.DGIT(S)/CPC(TDS)/Notification/2018-19 Notification No. 06/2018 Government of India Ministry of Finance Central Board of Direct Taxes Directorate of Income-tax (Systems) New Delhi Notification No. 06/2018 New Delhi, 06th December, 2018 Subject :- TDS deduction under section 194A of the Income-tax Act, […]
No TDS on interest income up to Rs 50,000 in case of senior citizens, clarifies CBDT
No TDS on interest income up to Rs 50,000 in case of senior citizens, clarifies CBDT CBDT has clarified that in the case of senior citizens, no TDS is required to be deducted u/s 194A, where the amount of such income doesn’t exceed Rs 50,000 in aggregate. Are you a senior citizen and your bank is […]
How should couples claim home loan along with HRA to avail tax benefit?
How should couples claim home loan along with HRA to avail tax benefit? A couple can choose to split the rent or housing loan installment in any proportion depending on the salary structure to reduce the burden of the tax. It’s tax season time and planning your taxes must be your top priority these days. […]
New Pan Card Rules From December 5
New Pan Card Rules From December 5 There a few changes regarding the Permanent Account Number (PAN) that came into effect yesterday, i.e., December 5. The changes were notified by the income tax department through a notification dated November 19, 2018. Since PAN is an important ID proof to conduct even the most basic of […]
Income Tax Returns: Tax exemption on gratuity comes with riders
Income Tax Returns: Tax exemption on gratuity comes with riders Government employees and those employed in the organised sector receive gratuity at the time of retirement/death or on termination of services. Only those who have rendered service for continuous five years with the same employer are eligible for gratuity. Let us understand how gratuity is […]
Income Tax Rates Assessment Year 2018-19,2019-20
Income Tax Rates Assessment Year 2018-19,2019-20 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above […]
CBDT further extends date for filing Income Tax Returns and Audit Reports
CBDT further extends date for filing Income Tax Returns and Audit Reports The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Central Board of Direct Taxes(CBDT) had earlier extended the date for filing of Income Tax Returns and various […]
Extension of date for filing of Income Tax Returns and Audit Reports
Extension of date for filing of Income Tax Returns and Audit Reports from 30th September, 2018 to 15th October, 2018 The due date for filing of Income Tax Returns and Audit Reports for Assessment Year 2018-19 is 30th September, 2018 for certain categories of taxpayers. Upon consideration of representations from various stakeholders, the Central Board […]