Taxinfo.inFeb 28, 20187 minIncome Tax Slab for Financial Year 2018-19 and 2019-20Click here for Income Tax Slab for Financial Year 2019-20 (Assessment Year 2020-21) Income Tax Slab for Financial Year 2018-19 (Assessmen...
Taxinfo.inFeb 26, 20181 minAssessment as a Firm – Section 184A partnership firm will be assessed as a firm in Income Tax Act if the following conditions are satisfied Partnership is evidenced by an...
Taxinfo.inFeb 25, 20182 min8 mistakes people do while filing Income Tax Return (ITR)Now a days many people file their own Income Tax Return (ITR) in lieu of taking service of CA or tax consultant. But a number of persons ...
Taxinfo.inFeb 22, 20181 minReceipts without Considerations – Section 56(2)If an individual or HUF received any money/property without consideration If the amount of money received without consideration exceeds r...
Taxinfo.inFeb 22, 20181 minMeaning of Relative for Section 56(2)Gift received from a relative is not taxable in hands of the recipient under section 56 of Income Tax Act. The persons who are considered...
Taxinfo.inFeb 18, 20181 minMode of Taking or Accepting Loans, Deposits – Section 269SSA person shall not take any loan or deposit or specified sum from any person otherwise than by an account payee cheque or account payee b...
Taxinfo.inFeb 17, 20183 minJoint Life Insurance PolicyLife insurance policy is an indispensable aspect of sound financial planning. Any person who is an earning member of their family should ...
Taxinfo.inFeb 17, 20182 minRelief when salary or family pension has been received in arrears or in advance – Section 89(1Relief is allowed under section 89 to a salaried person when Salary or family pension is received in advance Salary or family pension is ...
Taxinfo.inFeb 11, 20182 minAlternate Minimum Tax (AMT) on Assesses other CompanyApplicability Alternate minimum tax under this section is applicable on all assesses other than company. Also this section doesn’t apply ...
Taxinfo.inJan 30, 20183 minTaxability in special cases under House PropertyCase 1 – Computation of Income of a house property which is self occupied for residential purposes Case 2 – Computation of Income of a ho...
Taxinfo.inJan 29, 20181 minComputation of Income under House PropertyA) Fair Rent XXXB) Municipal Value XXXC) Higher of A or B XXXD) Standard Rent XXXE) Expected Rent (Lower of C or D) XXXF) Actual Rent XX...
Taxinfo.inJan 26, 20181 minDeduction of municipal tax paid in computing annual value from House PropertyAny taxes levied by any local authority in respect of the house property is to be deducted from the gross annual value, if the following ...
Taxinfo.inJan 26, 20184 minGross Annual Value of House PropertySection 23 – Income from house property is taxable on the basis of annual value. Even if the property is not let out during the year or l...
Taxinfo.inJan 8, 20187 minNational Pension Scheme – Section 80CCDNational Pension Scheme (NPS) is launched with the objective of providing retirement income to the government employees on 01st January 2...
Taxinfo.inMay 26, 20155 minEquity Linked Saving Scheme (ELSS)Equity Linked Savings Scheme, commonly known as ELSS, is a diversified, open-ended, equity-oriented mutual fund scheme. In ELSS, 80% of t...
