Insurance premium paid by an individual to ensure the life of family members can be claimed as tax deduction under section 80C of IT act. Family members mean spouse or any child of the individual. Child can be dependent or independent on such individual or married or unmarried or minor or major. To get eligible for tax deduction under section 80C of IT act, such amount … [Read more...] about Insurance premium paid to ensure family member’s life – Section 80C
ITRV – Address and Time limit of sending your ITRV to Income tax Office
After filling your income tax return online you will be able to download ITRV of your IT Return. In case you have not downloaded or taken a print of your ITRV then you can select the option of “my account” and then under my account select “My returns/form”. Click on the selected assessment year and download acknowledgement copy of your tax return. It will ask you for a … [Read more...] about ITRV – Address and Time limit of sending your ITRV to Income tax Office
How to e-file Your income tax return
E-filing of income tax return is easy like paying electricity bills online or using net banking facility. You just need to have the right details to fill up the form that is required to be filled with IT department. In the first step you need to gather all the details that are relevant for efilling of your income tax return. Following things will be required for an … [Read more...] about How to e-file Your income tax return
What is efilling in income tax
Efilling means electronic filling of your income tax return via internet to the tax authority. Submitting your IT return by e-file or in paper format at IT office are the only two options available in India. Efilling in India is faster, safer and will speed up the process of getting refund. All companies registered in India and business persons having turnover of Rs. 1 Crore … [Read more...] about What is efilling in income tax
Transfer of movable property to employee is taxable
Any movable property transferred by the employer to employee directly or indirectly is taxable in the hand of employee. If such movable property is transferred to any member of his/her household then also this provision will be applicable and the value of such movable asset will be treated as perquisite in the hands of employee. How to derive value of the movable … [Read more...] about Transfer of movable property to employee is taxable
Capital Gain Tax on Sale of your House Property in India
Capital gain tax on house property arises only when you sale your building or house property to some one else for a consideration. If you have held this building for more than 3 years then you will be paying tax at the rate of 20.6% on such capital gain as it will be treated as long term capital gain (LTCG). If the building is held for less than 3 years then it will be … [Read more...] about Capital Gain Tax on Sale of your House Property in India
Car expenses paid by employer to employee is taxable
Income tax liability on the employee’s car expenses are derived based on the purpose and ownership of the car. Followings are the provisions of income tax to calculate taxable amount of perquisite in the hands of employee. Car is owned by the employee and expenses are met by employer Where the car is owned by the employee and expenses are met by employer, we have to see … [Read more...] about Car expenses paid by employer to employee is taxable
How salary of MP, MLA and Judges are taxable in India
Any income can be taxed under the head salary only if there is an employer and employee relationship between the payee and payer. If such relationship does not exist then income will not be taxable under the head salary. Member of Parliament and MLA are elected by the public from their respective constituency. They are discharging their respective constituency functions, so … [Read more...] about How salary of MP, MLA and Judges are taxable in India
Starting One person company (OPC) in India
Till last year, it was not possible to form a private limited company without two subscribers or shareholders. With the introduction of new Companies act 2013, an individual can set up companies alone without taking another subscriber or shareholder. With this new concept, small entrepreneurs can set up a one person company (OPC) without sharing their profits with another … [Read more...] about Starting One person company (OPC) in India
Form 12B – Furnishing salary details to the present employer
As per income tax rules, an employee has to submit his previous employment's salary details to the present employer if in between the financial year he has joined the company after leaving another company (i.e. former employer). Such salary details are to be submitted in form 12B to the present employer. Following details are to be presented in form 12B; Previous … [Read more...] about Form 12B – Furnishing salary details to the present employer