The citizens of India are required to pay Income tax as well as other taxes as per law. 1. Some people raise the question ‘Why should I pay tax? They argue: I have to pay for my food, for my house, for my travel, for my medical treatment, for owning a vehicle not only cost…
80GG (Individual not receiving HRA) Rent paid for furnished/unfurnished residential accommodation subject to following conditions: Least of the following shall be exempt from tax: a) Rent paid in excess of 10% of total income*; b) 25% of the Total Income; or c) Rs. 2,000 per month. Total Income = Gross total income minus long term…
The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Rules, 2015 (the Rules) have been notified vide notification no. G.S.R. 529 (E) dated 02-07-2015. These Rules provide the method of determination of Fair Market Value of an undisclosed foreign asset. The declaration under Section 59 of the Act may be filed on…
80D Amount paid (in any mode other than cash) by an individual or HUF to LIC or other insurer to effect or keep in force an insurance on the health of specified person. An individual can also make payment to the Central Government health scheme and/or on account of preventive health check-up. Specified person means:…
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) ORDER New Delhi, the 1st July, 2015 S.O.1790(E)- Whereas the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015) (hereinafter referred to as…
80CCC Contribution to certain specified Pension Funds of LIC/other insurer. 80CCD Contribution to Pension Scheme (NPS) notified by the Central Government subject to following conditions: 1. Deduction under section 80CCD(2) on account of contribution made by the employer to a pension scheme is not subject to ceiling limit of Rs. 1,50,000. 2. Addition deduction of…
Electronic Filing of Income Tax Returns for 2015-16 Commences; ITR 1-Sahaj, 2 and 2A can be Used by Individuals or HUF Whose Income Does not Include Income from Business; ITR 4S – SUGAM can be Used by an Individual or an HUF Whose Income Includes Business Income Assessable on Presumptive Basis; Taxpayers Requested to…
Following deductions are available to Individual and HUF under section 80C: 1. Life insurance premium for policy: a) in case of individual, on life of assessee, assessee’s spouse and any child of assesse b) in case of HUF, on life of any member of the HUF 2. Sum paid under a contract for a deferred…
Country Dividend (not being covered under Section 115-O) Tax Treaty I-T Act (Note 3) Albania 10% 20%/10% Armenia 10% 20%/10% Australia 15% 20%/10% Austria 10% 20%/10% Bangladesh a) 10% (if at least 10% of the capital of the company paying the dividend is held by the recipient company); 20%/10% b) 15% in all other cases…
7 July 2015 – Due date for deposit of Tax deducted/collected for the month of June, 2015 7 July 2015 – Due date for deposit of TDS for the period April 2015 to June 2015 when Assessing Officer has permitted quarterly deposit of TDS under Section 192,194A, 194D or 194H 15 July 2015 – Quarterly…