Those who have reached maximum of their tax saving on their own can rely upon their family for further tax savings. Use your parents and parents-in-law’s low taxation rates in saving income tax in legitimate way. We can do this by giving away portion of our funds to parents or parent- in-laws as a gift […]
Read more "Save Income Tax through parents!"SEBI introduced one selling mode for companies by name ‘OFFER FOR SALE” in short we can call this as OFS. What is OFS: OFS facilitates the promoters of an already listed company to sell or dilute their existing shareholdings through an exchange based bidding platform. For example, very soon SAIL will come out with OFS […]
Read more "OFFER FOR SALE (OFS)-INDIAN STOCK MARKET- FOR LAYMAN"An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily, if in the previous year, The Person is carrying on business and his Total Sales/Turnover exceeds rupees one crore (from 1.4.12) The Person is carrying on Profession, and his Gross Receipts exceeds rupees twenty five lakhs (from 1.4.12) The Due […]
Read more "TAX AUDIT U/S 44AB – Share/Stock/Commodity TRANSACTIONS- APPLICABILITY"Section 87 A of the Income Tax Act, 1961 was introduced in Finance Act, 2013 to give benefit to low income group of people whose net total income is less than Rs. 5,00,000/-. The rebate under this section is available to resident individuals from A.Y. 2014-15 and financial year 2013-14. The rebate available is maximum […]
Read more "Income Tax Rebate under section 87A from financial year 2013-14"Tax Deducted at Source (TDS) is nothing but tax paid in advance on behalf of the payee and credit for the same can be claimed by the payee at the time of filing the income tax return. TDS is deductible if interest paid is exceeding Rs.10000 per annum in case of banks and Rs.5000 per […]
Read more "What is Form 15G/ H and who can use these forms"Soon Minors can open bank account and operate it independently. The Reserve Bank of India on 20.05.2014 issued guidelines allowing minors above 10 years to operate bank accounts independently in order to promote financial inclusion and bring uniformity in opening of such accounts in banks. So we can expect competitive calls from banks for this […]
Read more "10 YEAR OLD MINOR CAN OPEN BANK ACCOUNT IN INDIA"There are three types in individual category: Below 60 years 60 years and above but below 80 years 80 years and above Income Tax Slab for Individuals who are below than 60 years of age Taxable Income Tax Rates Income up to 2 lakh NIL Income From 2 Lakh to 5 Lakh 10% on income […]
Read more "Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)-individuals"TDS Rates Chart for F.Y. 2014-15 A.Y. 2015-16 Section Payment Nature Payment in excess of TDS Rate-indivi TDS Rate for Others 194A Interest from a Banking Company 10000 10% 10% 194A Interest other than from a Banking Co. 5000 10% 10% 194C Contractors (including Sub-Contractor) 30000 (per payment) or Rs.75000 per annum 1% 2% 194D […]
Read more "TDS Rates Chart for F.Y. 2014-15 A.Y. 2015-16"There are separate ITR for the assessees in India to file according to the following classification: ITR 1 (Sahaj) : To be filled up by individuals with salary, pension, rental income from one property, tax-free capital gains and income from interest. ITR 2 : To be filled by individual and HUFs with salary, pension, rental […]
Read more "Know your correct ITR form and verify 26AS before filling the IT return"If a person receives Gifts (either in cash or in kind) from any person, gift tax is to be paid by recipient of gift. Such income would be taxable in the year in which the gift is being received and taxable under head income from other sources. After adding the value of Gift so received […]
Read more "Income tax on Gifts/Gift tax in india"
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