Form 16B is required in those cases where you bought an immovable property for a consideration in excess of Rs. 50 lakhs and you have deducted TDS @1% while making payment to the vendor. For deducting TDS from your payments you are required to issue certificate in Form 16B to the person from whose payment TDS has been deducted. Form 16B has to be downloaded from trace portal … [Read more...] about How to download form 16B – TDS certificate for sale of property U/s 194IA
Income tax
Income tax slab rates for AY 2015-2016 – Financial Year 2014-2015
Financial minister Mr. Arun Jaitley has presented union budget in parliament for the financial year 2014-2015. In this budget he has not changed the income tax rates and kept the earlier rate in place but basic exemption limit has been hiked by Rs. 50000. Now the earlier income tax rates as applicable to AY 2014-2015 will also be applicable to assessment year 2015-2016 but the … [Read more...] about Income tax slab rates for AY 2015-2016 – Financial Year 2014-2015
TDS on Property Sale in India – Section 194IA
Mr. P Chidambaram has introduced section 194IA in the budget 2013-2014. With the introduction of section 194IA, TDS at the rate of 1% is to be deducted on sale of property transactions by the buyer while paying consideration money to seller. Section 194IA is applicable with effect from 1st of June 2013. Section 194IA states that, TDS at the rate of 1% is to be deducted from … [Read more...] about TDS on Property Sale in India – Section 194IA
IT declaration – Proofs to be submitted to your employer
Every month your employer will deduct tax from salary and deposit it to the government account based on your IT declaration submitted to them. While calculating tax, your employer consider those declared investments and expenses that are specifically either tax exempted or on which deductions are allowed under IT Act. At the beginning of the year or while joining the company … [Read more...] about IT declaration – Proofs to be submitted to your employer
Tax deduction, exemption and rebate – what is the difference
Are you confused between income tax deduction, exemption and rebate? These terms are used to describe different benefits that a tax payer or assessee gets under Income Tax Act 1961. Let use try to understand the difference between tax deduction, exemption and rebate. Tax Exemption Assessee has to pay tax based on the income that he or she generates. Based on it's type … [Read more...] about Tax deduction, exemption and rebate – what is the difference
Documents required while filing income tax return
Filing income tax return does not require anyone’s assistance or help if you know the right procedure to do it. You need to give yourself plenty of time to work through the tax forms and documents, and then you will have confidence in filing IT return. If you have decided to file your Income Tax return with the help of a professional then you just need to bring all the … [Read more...] about Documents required while filing income tax return
5 income tax documents an individual should be aware of
When it comes to IT return preparation, there are certain relevant documents which everyone at the year end will be searching for. Even hiring experts to prepare your IT return require you to produce these documents. To do it right, we suggest you to collect all relevant documents before the due date of filling. Here is a quick guide to help you understand 5 tax documents that … [Read more...] about 5 income tax documents an individual should be aware of
What are the taxable heads of income in IT act
As per IT act, total income of a person is to be classified under five different heads for the purpose of charging tax. Although there is only one tax, rules for calculating it are different based on these heads of income. One person can get taxed under all these heads if he is incurring those types of income as specified in IT act. To compute it under each of these heads, … [Read more...] about What are the taxable heads of income in IT act
Income tax benefits for senior citizens in india
Our Income Tax act identifies a person as senior citizen if he or she is 60 years of age or more at any time during the financial year or previous year. Earlier this limit was 65 years, now recently government of India has reduced it to 60 years. Government of India has also introduced another concept called super senior citizen. As per Income Tax act, if a person is 80 … [Read more...] about Income tax benefits for senior citizens in india
Use the right Indian income tax return form – ITR
ITRs are prescribed forms of IT department through which a tax payer should file his yearly IT return. You can not file your IT return in any other format. Based on your IT status and income, different IT Return forms are prescribed by IT department. Till date, IT department has prescribed 8 ITRs out of which you have to choose one IT Return Form. You have form ITR 1, ITR 2, … [Read more...] about Use the right Indian income tax return form – ITR