Best Ways to Save Your Taxes in 2024
We have a perception that the best ways to save taxes in India are just under Section 80C. However, that is not the case. There are various other ways to …
income
How to Treat Income from Transfer of Shares?
The treatment of Income from the transfer of shares can be under the head either “Income from Business” or “Income from Capital Gains”. People make Investments for the purpose of generating more …
Know Who should file Form 15G and Form 15H?
Form 15G and Form 15H are self declaration forms that the assessee submits to the bank requesting not to deduct TDS on Interest Income, as their income is below the basis exemption limit. The assessee has to provide his PAN Card with the form.
Which Section is applicable – Section 194Q or Section 206C(1H)?
Through the Union Budget, 2021, a new section namely Section 194Q was inserted in the Income Tax Act and this section is similar to the provisions of Section 206C(1H) of the Act. This is so because both of these sections deals with same transaction of sales/purchases above Rs. 50 lacs from party whose turnover whose turnover is previous year exceeds Rs. 10 crore. Further, Section 194Q talks about deducting TDS and Section 206(1H) talks about collecting tax.
Clubbing of Income of Husband & Wife
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 …
Income Tax Compliance Calendar: July, 2021
Due to the pandemic COVID-19, various dates of compliances related to Income Tax has been extended. All the due dates in of July, 2021 are:
Know about Clubbing of Income of Husband & Wife
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 …
How to Adjust Profit/Losses from Transfer of Shares
The income earned from selling of shares can be treated either as income from business or income from capital gains. In this article, we will discuss about the taxability of …
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Who has to File Income Tax Return Compulsorily Before December 31, 2020
CLICK HERE TO GET YOUR ITR FILED NOW Income Tax Return commonly known as ITR is to be filed by each individual in each financial year. Through ITR filing in India, …
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Things You Should do to Save Your Taxes
No one likes to pay extra money rather everyone wants to save their money as much as possible. While the person has to pay income tax return on his earnings, …