Budget 2019 Direct Taxation New section 80EEA has been inserted to provide deduction with respect to interest paid on the self occupied property upto Rs. 1,50,000/- subject to the fulfilment of following conditions: i. Loan has to be sanctioned by… Read More
TAX COLLECTED AT SOURCE
The Income Tax Department has mandated the tax to be collected at source on certain transactions at the at a certain specified rate.The provisions of the tax collected at source are governed by section 206C of the Income Tax Act.… Read More
Things to Consider While Making Tax saving Investments
BUDGET 2019 HIGHLIGHTS
Individuals having income upto Rs. 5 lakh are no longer required to pay taxes. Standard deduction provided to salaried employees earlier Rs. 40,000 has now been raised to Rs. 50,000/- Threshold limit for TDS deduction u/s 194I has been raised… Read More
Recent Amendments in Income Tax Laws
In this article we will discuss the recent amendments which have been made applicable with effect from 1st April 2018: Basic Tax Exemption limit is Rs. 2,50,000/- for non Senior citizens. After that, up to 5 Lakh, Tax rate… Read More
Suspect Agricultural Income
As the Agricultural income is exempt from income tax, the Income Tax Department feels that many individuals have misreported their income as agricultural income in order to evade tax. According to the sources, the income tax department has issued notices… Read More
TDS on rent in excess of Rs. 50,000
Section 194-IB have inserted in the Income Tax Act, by the Finance Act, 2017, widening the scope of TDS by giving the responsibilty of Tax deduction to individuals also who pay a rent over Rs. 50,000 from June 1, 2017.… Read More
Income From Other Sources
The taxpayers often ignore various incomes while filing their income tax returns. Such other incomes fall under the head ‘Income From Other Sources’. The taxpayers sometimes ignore those income unknowingly their taxability or sometimes knowingly hide these incomes to reduce… Read More
Income Tax Refund
There is a good news for lakhs of taxpayers, the income tax department will now issue the refunds in a short period of time of 7-10 days because of its latest technology and aadhaar based ITR verification. The income tax… Read More
Income Tax Department will take action against taxpayers violating the Rs. 2 lakhs limit
The income tax department has recently warned taxpayers involved in violating the cash transaction limit of Rs. 2 lakh or more and said that the receiver of the amount will penalized with an equal amount as penatly. The income tax… Read More