Taxability of Co Op Housing Society Income Most of the People seen Taxability of Housing Society to be Nil.Which isn’t valid. By and large salary of Co-agent Housing Societies (CHS) does not fall under expense risk, but rather any pay which is business in nature should be accounted for and suitable come back with PAN […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Income tax Return form ITR-1? WHAT IS ITR 1? The ITR-1 form is one of the simplest one-page form which should be filed by individuals having an income up to Rs. 50 lakhs. However, the Income can be from the following sources:
Benefits available to senior citizens under income tax The Indian income tax laws provide certain tax Benefits available to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax 2. Higher Deduction limit under Section 80D for senior citizens under income tax 3. Higher Deduction Limit for […]
Benami Transaction and Sham Transactions Prohibition of Benami Property Transactions Act, 1988, an act promulgated to prevent and prohibit “Benami” transactions in India on 5th September, 1988. The Act, 1988 has only 9 Sections and not so effective, while preventing and prohibiting “Benami” Transactions. The Act, 1988 previously called The Benami Transactions (Prohibition) Act, 1988.
Income tax department cautions TDS deductors against quarterly filing default The Income Tax Department (ITD) today cautioned TDS deductors to adhere to the stipulated deadline of May 31 for filing their statements failing which they would invite a penalty of Rs 200 for each day of default.