Tag Archives: Income Tax updates

Planning for housing Loan?

You can generally seek a first time housing loan for buying a house or a flat, renovation, extension and repairs to your existing house. Most banks have a separate policy for those who are going for a second house. Please remember to seek specific clarifications on the above-mentioned issues from your commercial bank.

Tax planning for Minors

 The festival of Christmas is being celebrated all over the world very joyfully. In this festival Santa Clause make exchange of gifts to all. Children enjoy the festival very joyfully.    All religion teaches same spiritual thoughts. All people should live and let others live happily and peacefully. To teach good thoughts is the only […]

Starting New Business? Follow the Laws!

1. First of all, one should decide the constitution of the business, for e.g. Proprietorship, Partnership, LLP, Company etc. If one has to start Partnership Firm, then will have to take registered Partnership Deed according to Indian Partnership Act. To Start Company or LLP, one has to get registered under Companies Act. Further now, as […]

Presumptive Taxation U/S 44AD Simplified

Presumptive Taxation U/S 44AD Simplified Businesses have been grown over the period of time due to general growth of the economy and varied other reasons. But at the same time various numbers of business and service providers, irrespective of their area of operations, earning substantial income are outside the tax net as Presumptive Taxation.

Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial-year 2013-2014

Procedure and criteria for selection of scrutiny cases under compulsory manual during the financial-year 2013-2014 Certain categories of cases or returns shall be compulsorily scrutinized: a) Where value of international transaction as defined u/s 92B of IT Act exceeds Rs.15 crores. b) Where addition in an earlier assessment year on the issue of transfer pricing […]

What happens if you miss the deadline to file tax returns?

What happens if you miss the deadline to file tax returns? It’s the time when tax returns filing is priority in mind of every taxpayers . Individuals having salary income whose total income exceeding Five Lac mandatory to file efile their income tax Retuns . The due date for salaried people had been extended to […]