E-Tax Payment facilitates the payment of direct taxes online. If TAN/ PAN is valid, you will be allowed to fill other details of the challan like the accounting head under which payment is made, name and address of TAN, and also select the bank through which payment is to be made, etc. To pay your Income Tax dues online, first, you have...
Continue readingHouse property and Tax Planning
Property covered under income from house property basically comprises any building house, office building, godown, factory, hall, shop, auditorium, etc and/or any land attached to the building. Income from vacant land, however, is not covered under this head. It is covered under another category of income that is ‘income from other sources’. When a...
Continue readingClubbing provision
Income transferred without transfer of Assets If a person transfers income to another person, without transfer of the asset from which the income arises, then such income shall be taxable in the hands of the transferor. For example: Mr. X transferred his interest income on FD to Mr. Sharing without transferring the FD. Interest...
Continue readingHow to start investing in the stock market
Thinking of the Stock market as a beginner makes you excited as well as curious about how it works, what are the ways to invest, what are the right funds, do we need to open a Demat account, can I lose my money, or I’ll become rich quickly. A lot of questions come to...
Continue readingLower/Nil Deduction certificate
About: The concept to deduct TDS is introduced to deduct tax from the source of income so that the government can prevent tax evasion. TDS is deducted when credited in the books of accounts or make payment to the recipient whichever is earlier basis. So if a person whose income is in the taxable...
Continue readingAdvantage and Disadvantage of One Person Company (OPC)
What is One Person Company (OPC)? One Person Company (OPC) is a private company having a minimum one Director and Member whereas a public company is required to have a minimum Three Directors and Seven members. Earlier it was not possible for a single person to incorporate a Company but now as per Section 2(62)...
Continue readingDeduction under Section 80D (Medical Insurance premium)
Person Eligible for deduction under Section 80D Individuals (Resident or Non-resident) or Hindu Undivided Family (HUF) are eligible to claim deduction under Section 80D if the amount paid for medical insurance premium. Any payment made by an individual to purchase medical insurance for his/her spouse, children (dependent), Parents (whether dependent or not). Quantum of...
Continue readingTYPES OF RETURN UNDER GST
GSTR- 1 Return for outward supply Who is required to furnish Every registered person including a casual registered person. However, there are few exceptions to it which is are the following: Input service distributor (ISD) non-resident taxable person (NRTP) the person paying tax under composition scheme the person deducting tax at source the person...
Continue readingManagerial Remuneration
Total Managerial remuneration: The total remuneration payable to Directors (including all the Whole-time Directors, Managing Directors and, all other Directors) and Managers of a Public company for the Financial Year shall not exceed 11% of net profits of the company for that financial year. However, the total managerial remuneration payable to directors and managers...
Continue readingSukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a government-sponsored scheme, it is launched for the benefit of the girl child. With assured return income and tax exemptions available, this scheme is the ideal option for the parent or legal guardian of a girl child, to provide for her higher education and/or marriage and secure her financial...
Continue reading