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Due date for Income Tax Return Filing for AY 2015-16 extended to 31-Aug-2015
Due to further change in ITR form, the due date for Income Tax Return filing for the AY 2015-16 (FY 2014-15) has been extended to August 31, 2015 (it was July 31, 2015). So now due date for filing...
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TDS on premature withdrawal of EPF u/s 192A wef June 1, 2015
With a good motive of discouraging employees for pre-mature withdrawal and to promote long term savings, Union Finance Minister Arun Jaitley had proposed a tax on such early closures/withdrawal of PF...
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TDS Rates and Threshold Limit for Financial Year 2015-16
Find the table below for the TDS (Tax Deduction at source) rates and threshold limits for financial year 2015-16 or assessment year 2016-17. In this table there is complete list of the payment on which...
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How to reset Income Tax e-Filing Login Password through NetBanking?
Well changing the existing password of Income Tax eFiling account for the purpose of security is never a challenge. All you have to do is, just login with your existing credentials, visit Profile...
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Consequences of Delay/Non-Payment of TDS on Purchase of Immovable Property...
Though it’s not new, but you should know, w.e.f. June 1, 2013 a new section 194IA has been introduced where 1% Tax Deducted at Source or TDS will be levied on sale/transfer of immovable property (other...
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Cost Inflation Index (CII) for FY 2015-16 Announced “1081”
The Cost Inflation Index (CII) for the Financial Year 2015-16 (applicable for the Assessment Year 2016-17) has been announced by CBDT (Central Board of Direct Taxes) at 1081. This Cost Inflation is...
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What is Speculative Income & what is the Tax Treatment?
Income from intra-day trading is considered as speculative income and taxed as per standard slab. Section 43(5) of the Income Tax Act, 1961, deals with speculative transaction. It states that a...
View ArticleNow Set-off Loss from House Property Only Upto Rs. 2Lacs (Not Unlimited)
Financial Year 2017-18 may not be good for many home loan borrowers with the fact that now the government has reduced interest set off on home loans for rented house properties. So far the...
View ArticleTDS Rates and Threshold Limit for Financial Year 2017-18
Find table below for the TDS (Tax Deduction at source) rates and threshold limits for financial year 2017-18 or assessment year 2018-19. In this table there is complete list of the payments on which...
View ArticleInterest Penalties u/s 234A, 234B & 234C for Delay/Non-Payment of Tax
As per the Income Tax rule, you should file your tax returns within the due date, also make sure you have paid advance tax as per the schedules. If you missed to pay advance tax within the prescribed...
View ArticleTaxation rules for Bonus Issue, Right Issue & Split of Shares
The capital gains on sale of shares are taxed according to their age of holdings which determine Long Term or Short Term. Any gains made out of listed (in India) shares within 12 months of holdings is...
View ArticleCost Inflation Index for the Financial Year 2017-18 (AY 2018-19) is 272
CBDT (Central Board of Direct Taxes) notified Cost Inflation Index (CII) applicable from Financial Year 2017-18 (Assessment Year 2018-19) with Base Year 2001-02. This is in line with the amendments...
View ArticleCost Inflation Index for the Financial Year 2018-19 (AY 2019-20) is 280
The notification for the CII (Cost Inflation Index) for FY 2018-19 is issued on date 5 June, 2018. CII number is used to compute the inflation-adjusted purchase cost of an asset in order to calculate...
View ArticleBudget Snapshot 2019-20 Points to be Noted
Budget 2019-20 has brought some benefits to lower tax bracket, but overall looks unchanged. Below are quick notes for individuals to be aware of updates that might directly or indirectly affect their...
View ArticleTDS Rates and Threshold Limit for FY 2019-20 (AY 2020-21)
Find table below for the TDS (Tax Deduction at source) rates and threshold limits for financial year 2019-20 or assessment year 2020-21. Threshold limit mentioned in the table below is the limit upto...
View ArticleWhich ITR Form is applicable for you?
IT department time to time update pertinent format of ITR form which a tax payer should use to file his/her income tax return. So it is most to know what the exact form type you should be using to...
View ArticleTDS Rates and Threshold Limit for FY 2022-23 (AY 2023-24)
TDS or Tax Deducted at Source is income tax reduced/deducted from the money paid at the time of making specified payments such as rent, commission, professional fees, salary, interest etc. by the...
View ArticleCost Inflation Index for the Financial Year 2022-23 (AY 2023-24) is 331
The Central Board of Direct Taxes (CBDT) notified the cost inflation index (CII) for FY 2022-23 vide Notification No. 62/2022-Income Tax, dated June 14, 2022. The Cost Inflation Index for FY 2022-23...
View ArticleTypes of Capital Gains/Taxpayers eligible for Capital Gains Account Scheme
A seller/transferor of capital asset incurring capital gains can get relief from paying tax if such capital gain is re-invested in certain specified assets within a specified time limit under sections...
View ArticleTax Rates applicable to the Sale of various Capital Assets
Any profits or gains arising from the sale/transfer of a Capital Asset are called “Capital Gains” and are charged to tax under the head “Capital Gains”. Capital gains are classified as either “Short...
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