CBDT Started Form 15CD for Quarterly reporting for IFSC units Central Board of Direct Taxes exempts IFSC units from Form 15CA for non-taxable remittances & Started New Income tax form 15CD for Quarterly reporting The Central Board of Direct Taxes has amended Income Tax Rule 37BB to provide that IFSC units are no longer required …
HNI turn to LLP for tax optimization HNIs & Super Rich (Ultra HNIs) people have discovered a clever method to cut their taxes. HNIs can lower their tax liability with the use of tax planning tactics. Experts say that HNIs & Super Rich (Ultra HNIs) are creating LLPs more often in an effort to minimise …
All about deduction U/s 43B(h) for payments made to MSMEs Finance Act 2023 inserted Section 43B(h) was inserted by the Finance Act of 2023. It stipulates that any money owed to MSME Enterprises may be deducted in the same year if it is paid within the deadline stipulated by the Micro, Small and Medium Enterprises …
Last Date to File Revised or Belated ITR for AY 2023-24 31/12/2023 is the Last Due-Date to File Revised or Belated Income Tax Return (ITR) for Assessment Year 2023-24 (Financial Year 2022-23) Late Filing fee for Belated Income Tax Return No Late Filling Fee if GTI (Gross Total Income) upto INR 2,50,000 Late Filling Fee …
Tax Advantage available to super senior citizen & senior citizen. Who is classify as super senior citizen & senior citizen? Ans :. Income Tax definition of super senior citizen & senior citizen: Individual resident who is of the age of Sixty years or above, but less than 80 years is a Senior Citizen. An individual …
Hindu Undivided Families (HUF)- & its Tax-Saving Potential Do you looking to optimize or maximise your savings and improve your tax planning? Take into account looking into the HUF (Hindu Undivided Families) tax-saving potential. Hindu Undivided Families can be a powerful instrument in your financial plan, providing a number of benefits & chances for tax …
Q.: How to determine the individual residential status? Ans. To determine the individual residential status, the first step is to ascertain whether he is resident or non-resident. If he became a resident, then the next step is to ascertain whether he is resident and ordinarily resident or is a resident but not ordinarily resident. Step …
INCOME TAX DEDUCTIONS UNDER SECTION 80C: Under section 80C, every individual and HUF, is provided with a deduction of amount up to Rs.1,50,000. To avail such deductions, the prescribed taxpayers, need to invest in any of the following options – Life insurance premium payment Annuity plan of LIC or any other notified insurers. Unit Linked …
How differentiates PAN, TAN, and TIN? PAN, TAN, and TIN are all documents with various purposes. PAN, TAN, and TIN are acronyms for Permanent Account Number, Tax Deduction and Collection Account Number, and Taxpayer Identification Number, respectively. PAN, TAN, & TIN are all documents that serve various different functions. PAN stands for Permanent Account Number, …
What is the difference between AIS and Form 26AS? Form 26AS is similar to a tax passbook in that it contains information about TDS and TCS deposited against the taxpayer’s PAN during the fiscal year. Furthermore, in the altered version of Form 26AS, information relating to specified transactions like mutual fund unit purchases, foreign remittances, …