Life Insurance can provide Tax Benefits to you! Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family or dependents. Life insurance provides an essential financial shield for the family in the unfortunate […]
Need to know about TAN What is TAN Number? TAN number is a specific number allotted for Deduction/ Collection of TDS and payment of same into Govt A/c by a person, who is making payment in relation to a business purpose/ transaction. The TAN No provides a unique Identification to Tax Deductor / Collector and […]
Assessees receive notices for missing Advance Tax payments Income tax authorities have turned the heat on taxpayers who have missed paying Advance Tax as the department makes a year-end dash to meet budget targets. The authorities have started issuing show-cause notices asking assessees to explain why any advance tax installment was missed.
Section 44AA and 44AB: A Quick View Most of the people are very much confused about the maintenance of books of accounts and audit requirement thereof. There are many misconceptions about the legal requirement for books of accounts Under Section 44AA and 44AB as per the income tax act. The books are not mandatory required […]
Converting company to LLP is a transfer,hence taxable, rules I-T Appellate Tribunal A new tax ruling of Converting company to LLP threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganize themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) — a structure that […]
Section 80CCD – National Pension Scheme There are 770 lakhs registered individual taxpayers as per CBDT (Central Board of Direct Taxes). Individual Taxpayers always in worries about the burden of Direct Taxes. There are numerous provisions under the income tax act 1961 which provide the Tax relief to the different type of assessee whether by […]