Category Archives: Income Tax

Ten most important changes in Income­ tax which will apply from 1st April 2017

Ten most important changes in Income­ tax  which will apply from 1st April 2017
With the passage of the Finance Bill on Wednesday, the Lok Sabha has completed the budgetary exercise for 2017­-18. The tax

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Save tax under section 80C using ELSS fund

Save tax under section 80C using ELSS fund
As You aware that this is the last month of the financial year sees investors rushing to save tax by investing in tax saving instruments. You can

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All about House Rent Allowance to save tax

All about House Rent Allowance to save tax
House Rent Allowance (HRA) is a common component of their salary structure. Although it is a part of the salary, HRA, unlike basic salary, is not entirely

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Is your single premium life insurance policy eligible for tax benefits?

Is your single premium life insurance policy eligible for tax
benefits?
Life insurance doesn’t necessarily mean that you have to keep paying the premium every year. There are single premium life insurance (SPLI) policies as

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Section 80P (4) of Income Tax Act 1961

Section 80P (4) of Income Tax Act 1961
A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961.

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How to Prepare Statement of Financial Transactions

How to Prepare Statement of Financial Transactions
Section 285BA of the IT Act 1961 requires specific reporting persons to furnish statement of financial transaction. Rule 114E of the Income Tax Rules, 1962 specifies that the

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