Written on Sep, 26, 2015 by in

When The Tax Audit (Under Section 44AB) Is Compulsory? Tax audit is compulsory in the following cases:- If the gross turnover or receipts of a business firm exceeds Rupees One Crore. If the gross turnover or receipts of a professional firm exceeds Rupees Fifty Lakhs. Truck operators and person engaged in specified businesses declaring their income at an amount less …

Written on Sep, 26, 2015 by in

DEDUCTION IN RESPECT OF DISABLED PERSONS (U/S 80U) DURING FINANCIAL YEAR 2014-15 The deduction is allowed to an individual suffering from any disability as defined in Indian Income Tax Act. Deduction of Rs.50000/= is allowed for partial disability. Deduction of Rs.100000/= is allowed to a person suffering with severe disability. The assessee must furnish a certificate from an authority as …

Written on Sep, 25, 2015 by in

INCOME TAX RATES (SLABS) FOR FINANCIAL YEAR 2015-16 (ASSESSMENT YEAR 2016-17) For Male Individuals below 60 years (Resident of India) INCOME   TAX RATES   UP TO 250000 0 250001 TO 500000 10% 500001 TO 1000000 20% 1000001 and above 30% Notes: Add: Education Cess @ 2% on Income Tax Payable Add: Secondary & Higher Education Cess @ 1% on …

Written on Sep, 23, 2015 by in

FORM 26AS is a wonderful boon for Income Tax Department and for the tax payers. With the help of Form 26AS we can view all the detail relating to income tax paid, TDS deduction, refund, and transaction relating Annual Information Report etc. If you have Form 26AS and you find that all taxes are shown in this form then there …

Written on Sep, 21, 2015 by in

The facility of e-Payment is provided to the tax payers by the income tax department making payment through internet banking or credit card or debit card. To make e-payment of tax is mandatory for all persons whose accounts are to be audited under section 44AB and all companies. Nowdays the facility of payment of income tax through internet banking, is …

Written on Sep, 20, 2015 by in

MANDATORY OF E-FILING OF INCOME TAX RETURN E-filing of income tax return is mandatory in the following cases:- Any individual and HUF who is having income more than 5 lakh. Any individual and HUF who wants to claim the refund of income tax. Any individual and HUF who is covered in Tax Audit under section 44AB irrespective of any income. …

Written on Aug, 01, 2015 by in

Sukanya Samriddhi Yojna is a wonderful scheme for girl child. As we know in India the most people feel that the girls are burden on them. It is very bad thinking of the society.It is beautiful gift of God and one has to accept it with great regard. One must know that after she attains the age of maturity, helps …

Written on May, 02, 2015 by in

Deduction under section 80TTA of Indian Income Tax is allowed for interest on saving bank accounts subject to the following conditions:- Deduction of interest from saving bank is allowed to the Individual and Hindu Undivided Family only. The Deduction is allowed only for interest on saving bank account with any bank including co-operative bank and post office. Interest received from …

Written on May, 02, 2015 by in

DEDUCTION IN RESPECT OF DONATIONS OTHER THAN POLITICAL PARTIES UNDER SECTION 80G:-  Deduction of donations is allowed to any assessee under Indian Income Tax Act who has made donation to the notified institutions or associations. Donation is divided in two parts for the purpose of claiming the amount of donation from taxable income of assessee as under:- 100% deduction is …

Written on May, 02, 2015 by in

Who can claim the deduction for rent paid? :- Deduction for rent paid under section 80GG is allowed to following persons:- Any assessee who is self employed can claim this deduction from his/her income. Any person who is employed or salaried person but not receiving House Rent Allowance from his/her employer. Conditions to avail the deduction in respect of rent …