Goods and Services Tax (GST) is defined as the tax levied when a consumer buys a good or service. It is proposed to be a comprehensive indirect tax levy on manufacture, sale and consumption of goods as well as services. The basic idea of this bill is to create a single, cooperative and undivided Indian market … Continue reading Importance of GST Bill & Its Quick Checklist
(UNI) If the aggregate amount paid/credited or likely to be paid or credited to a contractor or sub-contractor exceeds Rs 75,000 during a financial year, tax should be deducted at source under section 194c of Income tax Act, a top Income Tax official said. Addressing a seminar on Revised provisions on TDS here K Satyanarayana, … Continue reading TDS applicable if amount paid exceeds Rs 75,000
First time individual homebuyers can get tax deduction on interest of home loan, under newly inserted section 80EE of the Income Tax Act, applicable for assessment year 2014-15. This is in addition to tax rebate on interest payment of home loan, under section 24. Eligibility for 80EE rebate This rebate on home loan interest is … Continue reading Brief on Tax deduction on Interest of Home Loan Under Section 80EE, w.e.f. 1-4-2014
Permanent Account Number (PAN) is a unique identification value for the reason keeping track records of Income Tax Data by Income Tax Department. It is given by the Indian Income Tax Department under the supervision of the Central Board for Direct Taxes (CBDT) and is almost equal to a national identification number like voter ID … Continue reading How to apply for PAN Card
When home loan is availed against any under-construction property, the tax benefit in respect of interest can be claimed only once the building of the property is finished. The interest paid for the period prior to the economic in which the construction of the property is finished is permissible as deduction in five equal annual … Continue reading Avail tax benefit on home loan paid to bank
(UNI) Much to the relief of the salaried class, no hike has been proposed in the income tax in the Budget for 2013-14 presented by Finance Minister P Chidambaram in the Lok Sabha today. Rather, the Budget proposes a relief of Rs 2,000 to every person who has a total income up to Rs 5 … Continue reading Tax credit relief for salaried class in Budget
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