Section 80G Deduction for donations towards Social Causes Various donations specified under section 80G of the Income-tax Act, 1961 are eligible for deduction up to 100% or 50% with or without any restriction. From Financial Year 2017-18 any donations made in cash for more than Rs 2,000 will not be allowed as deduction. The donations for more...
Continue readingDeduction Under Section 80EE,80D,80DD
Section 80EE Deductions on Home Loan Interest for First Time Home Owners Deduction under section 80EE is available in Financial Year 2017-18 if the loan has been taken in the financial year 2016-17. The deduction is available only to an individual having only one house property on the date of sanction of the loan. The value...
Continue readingForm 26AS
About: Form 26AS includes information regarding tax deducted at Source(TDS) on income by deductors, details of tax collected at source(TCS) by collectors, Advance tax paid by the assessee, Self-assessment tax payments, Regular assessment tax deposited by the assessee (PAN holders), Details of the refund received by the assessee during the financial year, Details of...
Continue readingForm 16
Form 16- Basics Form 16 is a certificate of Tax Deducted at Source(TDS) from salary. It is issued by an employer and it contains the information which is required to file an Income Tax Return(ITR). An Employer shall issue Form 16 every year on or before 15th June of the next year, immediately after...
Continue readingCapital Gains Exemption under section 54 of the Income Tax Act,1961
Introduction The Income Tax Act,1961 classifies capital assets into two types: short-term capital asset and long-term capital asset. Section 54 of the Income Tax Act, 1961 provides an exemption in the case of Long term capital gain (LTCG) on the transfer of residential house property if certain conditions are satisfied by the assessee. It...
Continue readingTCS: Tax Collected at Source
What is TCS? TCS is an abbreviation for Tax Collection at Source. The provision of TCS is governed by section 206C. TCS is one of the Models of collecting Income-tax from the taxpayer, where the seller will collect tax from the buyer and will pay the same to the government. TCS Rate Section Particulars...
Continue readingRefund Status and its Resolution
What is a refund? A taxpayer who has paid higher taxes to the government in the previous financial year than their actual liability is required to file their income tax return to get eligible to claim the refund of the excess amount paid by the assessee. The excess tax paid by the assessee is...
Continue readingVivad se Vishwas Bill, 2020
This bill is Inspired by the success of the SabkaVishwas Scheme which reduced several disputes. Its objective is to collect taxes and reduce litigation. A complete waiver of interest and penalty of the taxpayers is being offered under this scheme, who pay their taxes, in dispute, on or before March 31, 2020. Who is...
Continue readingCapital Gains
Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head ‘Capital Gains’. Capital asset means – Property of any kind held by an assessee whether or not connected with his business or profession. Any securities held by a Foreign...
Continue readingUDYOG AADHAR
Udyog Aadhar is known as Aadhaar for Business. It’s a twelve-digit Unique Identification Number Provided by the Government of India through the Ministry of Micro, Small and Medium Enterprises, for small and medium enterprises in India. Number A recognition certificate is also provided by Government along with Unique identification Number Udyog Aadhaar scheme was launched...
Continue reading