Meaning:- HUF means a Hindu Undivided Family and for the purpose of Income Tax, It is an entity separate from its members. Although an HUF is governed by Hindu Law Board , even Jains, Sikhs and Buddhists can form an HUF. An HUF has a separate PAN and the Return of Income of an HUF […]
The Income Tax Act,1961 provides for a deduction for interest paid on Loan taken for educational Loan for Higher Studies under section 80E. Since Higher Studies are very expensive , this section aims to reduce the burden on the taxpayer by providing a deduction from his Taxable Income. Eligibility:- Only an individual Taxpayer can claim […]
Tax Audit under section 44AB of Income Tax Act,1961 Meaning of Tax Audit :- An audit means the verification of books of accounts by an independent auditor and expressing an opinion on the financial statements drawn with respect to those books of accounts. Several statutes provide for the audit of books of accounts. […]
Introduction:- India is a developing economy. The speed of business is increasing day by day. As a result of this the volume of transactions is increasing at an equal speed. But along with these growth sectors there runs a parallel economy of corruption and money laundering. These sectors hinder the growth of the economy as […]
Purpose of TDS The main purpose of TDS is to minimize the tax evasion. Through TDS the government can collect the tax at an early stage weather wholly or partially. Some people intentionally tend to evade tax by not disclosing their incomes on the other hand some people cannot show their taxable income due […]
The Indian Tax system is divided into two types, namely Direct Taxes and Indirect Taxes. Direct taxes are the part of the earnings which a person directly pays to the government. On the other hand, indirect taxes are paid by the consumers of goods and services in addition to the price of such goods and […]
TDS is applicable on sale of property. As per the Union Budget 2013 TDS is to be deducted on sale of property when the consideration exceeds Rs. 50,00,000. This provision is applicable to all the transaction being entered into from 1st June 2013. The TDS has to be paid on the entire amount and not […]
Direct Tax Simplified and New Income Tax Regime as an option to the old regime the old regime. Income Bracket (INR lakh) Tax Rate (per cent) Below INR 5,00,000 5,00,000 – 7,50,000 Exempt 10% 7,50,000 – 10,00,000 15% 10,00,000 – 12,50,000 20% 12,50,000 – 15,00,000 Above 15,00,000 25% 30% In the new tax regime, substantial […]
