Income Tax Returns (ITRs)
Total 7 ITRs are notified by the Income Tax Department, which are applicable for different assessee and for their specified income.
One has to identify, which ITR form is suitable for filing his/her Income Tax Return. ITR may be different...
Saturday, July 25, 2020
Saturday, July 18, 2020
House purchaser: Do not forget to file Form 26QB
House purchaser: Do not forget to file Form 26QB
This article is for who purchase any property* (immovable viz, House) for more than or equal to Rs. 50 lakh.
Suppose,
-Mr A purchase a house (or any other immovable property) from Mr. B,
-Sale price is fixed as Rs. 50 Lakh (or more than 50 Lakh, say Rs. 2.50 crore),
-Mr. A will make the payment of Rs. 50 Lakh (or more than Rs....
Saturday, June 20, 2020
I have made donation in PM Cares Fund in May 20, can I avail deduction in FY 19-20 Income Tax Return?
Donation (including donation made to PM Cares Fund) made by individual between April 01, 2020 To June 30, 2020 shall be eligible for 80G deduction in either FY 2019-20 OR FY 2020-21.Hence, individual may assess, what option is better to get maximum tax savings...
Tuesday, March 3, 2020
5 Golden tips to increase your CIBIL Credit Score
5 Golden tips to increase your CIBIL Credit Score
First, understand - what is CIBIL & Credit Score.
TransUnion CIBIL Limited is Credit Information Company;
that takes information from Banks and Financial Institutions (FIs) on Monthly basis and;
prepares Credit Information Report...
Saturday, February 22, 2020
Birthday Rule for Senior Citizens and Very Senior Citizens under Income Tax Act.
Birthday Rule for Senior Citizens and Very Senior Citizens under Income Tax Act
Income upto Rs. 3,00,000/- is exempted under Income Tax Act for Resident Senior Citizens.
Similarly, Income upto Rs. 5,00,000/- is not taxable for Resident Very (Super) Senior Citizen.
Individual,who is of the age...
Thursday, February 20, 2020
Taxation of Gift
Taxation of Gift
Gift and Income Tax in India
As a general rule, Gift exceeding Rs. 50,000/- is taxable under - Income from other sources.
Now, what Income Tax Act says about the Gifts:-
- If you are an Individual OR Hindu Undivided Family (HUF);
- You have received any Gift (as...
Wednesday, February 5, 2020
What is NIFTY 50 and How it is calculated?
What is NIFTY 50 and How it is calculated?
- National Stock Exchange Fifty (NIFTY 50).
- NIFTY 50 is an equity benchmark index which was
introduced by National Stock Exchange (NSE).
- NIFTY 50 index is 50 well
diversified company’s stock that reflect the overall ...