Save tax by Creating a HUF? However, if the Income Tax Act, 1961 provides legal opportunities to save Income tax, it will not be prudent if you are not taking benefits of such HUF provisions.If you are a born Hindu or a Sikh or a Buddhist or a Jain,
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.
Non-Filing of the Income Tax Return – Consequences 31st March’ 2018: The last date for Income Tax return u/s 139(4) for Financial Year 2015-2016 & 2016-2017. Many people have a query that what will happen if we do not file the Income Tax Return by the aforementioned deadline. There are many benefits of filing the […]
194IB – effects on Landlords and Tenants Finance Act 2017 dropped a bomb on the normal rent paying individuals in the form of section 194IB where an Individual & HUF paying a monthly rent of Rs. 50000 or above has to deduct the TDS at the rate of 5% from the total rent payment during […]
TDS on 7.75% GOI Savings (Taxable) Bonds, 2018 The government of India introduced 8% Savings (Taxable) Bonds, 2003 in 2003. Under the existing law, the interest received by the investor is taxable. Further, the payer is liable to deduct tax at source under section 193 of the Act at the time of payment or credit […]
ITR will not automatically fetch income tax notice in case of mismatch in Form 26AS Budget 2018 has proposed to remove the existing system of income tax return assessment where a return filer would be automatically sent a notice if his/her Form 26AS details did not match with the income declared in the return.