Task force on Direct Tax Code to submit report by July 31: FMNew Delhi, Jul 18 (PTI) Finance Minister Nirmala Sitharaman on Thursday said that a task force on the new Direct Tax Code will submit its report by month end. The new direct tax code is set to replace the existing Income Tax...
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Individual taxpayers are now required to file income tax returns electronically with an exception of super senior citizens who can file it in paper form Here is a quick look at 7 tax rules that you will have to follow this year (FY 18 -19) while filing INCOME TAX RETURN 1. Income Tax Slabs...
Continue readingIn the recent Union Budget, the government had announced that from this year onwards in India people can file their Income Tax return with Aadhar. This step can be considered as a new way for using Aadhar in place of PAN Number in future. But the latest update regarding this amendment is seriously shocking!...
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Pre-filled forms are the kind of blessing for all the taxpayers who want to file their returns themselves. From Assessment year 2019-20, Income tax Department had introduced the system of choosing the bank account for claiming the refund. So if you want to file your return via offline utility or online utility, you need...
Continue readingIn Income under the Head “Income from House Property”, Deemed Ownership is the point you should always remember while computing Taxable income. So let’s talk about deemed ownership. As per Section 27, the following persons through not the legal owners of a property are deemed to be the owners for the purposes of the...
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A provident fund is a compulsory, government-managed retirement savings scheme used for the benefit of employees. Employees give a portion of their salaries to the provident fund and employers must contribute on behalf of their employees. The money in the fund is then held and managed by the government, and eventually withdrawn by retirees...
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This article is written by Mr. Aayush Khanna, who is CA and CMA student. He is also having YouTube channel where he is giving free classes of CA and CMA. So don’t forget to visit and subscribe is channel. Given below the link of channel: Today he will tell us how to attempt Taxation...
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The income tax return is filed every year so as to give complete detail of income earned in the previous year. Previous year means year previous to the year in which you need to file the return. For Example: At present, the previous year is 2018-19, which is from 1st April 2018 to 31st...
Continue reading1st February 2019 will always be remembered for one of the finest budget of NDA Government. This budget is the blend of economic reforms with political aspirations. This budget had shown benefits to various sectors of economy. Presented by finance minister Piyush Goyal, who is also a Chartered Accountant, had offered great relief to...
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What is Gratuity? Gratuity is a payment made by the employer to an employee in appreciation of the past services rendered by the employee. It can either be received by: the employee himself at the time of his retirement, or the legal heir on the event of the death of the employee. Taxability of...
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