Clubbing of Income, in simple terms means that the income of one person is clubbed in the income of the other person. This clubbing of income can be done with the income of spouse, income of minor child, income from assets transferred to son’s wife/spouse, and so on. Having stated this, the income earned by minor is also taxable under the Income Tax Act.
Advance tax is to be paid by all the assessees having total tax liability of Rs. 10,000 or more in a financial year. However, the senior citizens of above 60 years of age, who are not having any income from business or profession are not required to pay advance tax. The taxpayers and independent professionals opting for and who come under presumptive scheme respectively under Section 44AD and Section 44ADA of the Income Tax Act are also required to pay Advance Tax. The procedure for paying advance tax online is as follows:
These compliances details comprises of due dates of Income tax, GST, EPF & PF for June 2021. Having stating this, these Compliances can help the assessee in planning his schedule. …
In these unprecedented times, we all have realised that ‘Our Health is Our Wealth’ and in order to keep us protected from these uncertain times, we have taken every possible measure to meet the medical expenditures, if needed. Further, to promote health planning and well being of the people, Section 80D of the Income Tax Act was introduced by the legislature. This section allows deductions on the health insurance and medical expenditures incurred by the persons. Through this, double benefits are provided to persons – one to the policy holder or his family members and the other is tax benefit to the person.
It is a settled law that every person who has earned income above the basic exemption limit has to file Income Tax Return during each financial year. Further, these ITRs …
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As per the Income Tax laws, any individual whose primary source of income is salary has to file Income Tax Return-1 or ITR-1 form, commonly known as SAHAJ form.
In the last year’s Union Budget of 2020, the Finance Minister Smt. Nirmala Sitharaman had capped the tax exemption on employers contribution to Provident Fund, National Pension Scheme and superannuation …
The month of March is the last month of the financial year. To give taxpayers one last time opportunity, various departments have also extended the due dates and the last …
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Fixed Deposits (for short: FD) is a tax saving instrument offered by banks as well as Non Banking Financial Companies to its customers/depositors. These deposits usually provide a higher rate …
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Clubbing of income, as the name suggests is the income of one person is clubbed with the income of the another person. Many of the persons think that if they …