Tips and tricks for solving tax related problem
The income tax liability of a person can be calculated on the basis of income tax slab for the relevant assessment year. So, income tax for the current assessment year can be calculated on the help of income tax slab for assessment year (A.Y.) 2019-20. It is really important to know the correct slab otherwise … Read moreIncome Tax Slab For A.Y. 2019-20
Taxability of gifts and its exemption ruless is an important topic in Income Tax. The term “Gift” is very well known to all. In general terms, the gift means a presentation to any nearest and dearest one on the eve of any occasion. It may be either in cash or in kind. However, in a … Read moreTaxability of Gifts: Gift Tax and Its Exemption Rules
The term “Dividend” is very well known to us. It is a payment made by the companies to its shareholder out of its profit or reserve. But what is the tax on dividend income? Is the dividend income taxable in the hands of taxpayers? What is the rate of tax on the dividend? All the … Read moreTax on Dividend Income in India
Hello Taxpayers! The return filing period for the Assessment Year 2019-20 is knocking the door. You are all busy to ensure the fulfillment of the required amount of tax deduction right now. Some of you are busy to make proper tax planning to reduce tax liability. For example, payment of the final advance tax before … Read more18 Mistakes You Should Avoid While Income Tax Return Filling. A.Y. 2019-20
The term “HRA” stands for House Rent Allowance. It is allowance paid by the employer to the employee for the purpose of payment of rent for accommodation. It is also a part of the salary structure of an employee. However, the amount of HRA is not fixed. It depends on various criteria. The main point … Read moreHouse Rent Allowance- HRA Rules for Income Tax
Residential Status of a taxpayer is very much important for income tax purpose. Before the computation of the tax liability of a taxpayer, his/her residential status must be decided for that financial year. A person may have different residential status in a different year. Again, such person may have different residential status in different countries … Read moreHow to determine Residential Status for Income Tax purpose
When we are talking about the computation of income tax our main discussion is about income from salary or profit from the business. And there is no surprise for that. These two heads are the main source of generating income for maximum people. According to the Income Tax Act, there are 5 heads of income … Read moreImportance of Interest Income for Income Tax Computation
Maintenance of books of accounts is an important work for a successful business. Proper books of accounts can give you all the detailed records. You can find out any information about cash-in-hand, stock, dues from parties etc. In most of the cases, my clients ask me about the procedure of maintenance. They are confused about … Read moreMaintenance of Books of Accounts under section 44AA
Health insurance and income tax deduction are very much interconnected. You can get a deduction under section 80D in case you have a health insurance policy. But it is not the only reason for health insurance. Health is wealth. This is a very common and well-known sentence. But very few people can maintain the main … Read moreDeduction u/s 80D – How can Medical Insurance Save your Income Tax
Home Sweet Home. It is very common for many people to have a dream about their own home. But it is not possible for everyone to afford an own house. To solve this problem, people are interested in taking the home loan. Home loan is the money which is granted by bank/ financial institutions. However, … Read moreHow Can Home Loan Save Your Income Tax