Section 80C provides tax benefit on investment and savings upto Rs.150000 in a Financial Year. This deduction is available only for Individuals Eligible Investments under Sec 80C are: Tax Saving Fixed deposits PPF – Public Provident Fund EPF – Employee provident fund NPS – National Pension System NSC – National Savings Certificate ULIP – Unit […]
SECTION 80C – DEDUCTION IN RESPECT TO INVESTMENTS/SAVINGS Read More »
This is new section proposed In Budget 2019, government announced deduction of interest on loan taken to buy Electric Vehicle to boost purchase of Electric vehicles. The FAME (Faster Adoption and manufacturing of Electric Vehicles) is an incentive scheme of the government of India for the promotion of electric and hybrid vehicles in the country.
Section 80EEA is inserted in Budget 2019 for governments motive of “Housing for All”. As perthis section 1st time home buyers can claim extra deduction of housing loan taken during the period between 1st April 2019 to 31st March 2020 of Rs.150000 with following conditions: Conditions: ONLY FOR INDIVIDUALS (This deduction is not available to any other taxpayer. i.e
Section 80EEA: (New) Deduction for housing loan taken under affordable housing scheme Read More »
Financial Year Cost Inflation Index (CII) 2001-02 (BASE YEAR) 100 2002-03 105 2003-04 109 2004-05 113 2005-06 117 2006-07 122 2007-08 129 2008-09 137 2009-10 148 2010-11 167 2011-12 184 2012-13 200 2013-14 220 2014-15 240 2015-16 254 2016-17 264 2017-18 272 2018-19 280 2019-20 289
Cost Inflation Index (Updated) Read More »
India Citizen having age of 60 years is called senior citizen and above 80 year of age is called super senior citizen as per income tax act. In old age due to less income sources government give some tax reliefs to senior and super senior citizens which are as follows: Tax exemption limit For Senior
Exclusive Tax Benefits available to Senior Citizens as per Income Tax Act Read More »
Following are Deductions u/s 80C to 80U of Income Tax act 1961 for Individuals and HUF: Section 80C Deductions on Investments Ø Maximum Limit Rs.150000/- Ø Available for Self, Spouse and Children Ø Investments considered under this section are: § Fixed Deposits (having Lock in period of 5 year) § Public Provident Fund (having lock in period
S.O. 3264(E).–In exercise of the powers conferred by sub-section (3A) of section 143 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following Scheme, namely:__ Short title and commencement.–– (1) This Scheme may be called the E-assessment Scheme, 2019. (2) It shall come into force on the date of its
E-assessment Scheme, 2019 Read More »
F.No.225/169/2019/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes (ITA-II division) North Block, New Delhi 5th September, 2019 To All Pr. Chief-Commissioners of Income-tax/Chief-Commissioner of Income-Tax All Pr. Directors-General of Income tax/Directors-General of Income-tax Sir/Madam Subject: Guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20-regarding.-
INCOME TAX SCRUTINY CRITERIA FOR FY 2019-20 Read More »
A. Due dates for Compliances under GST 11-09-19- Due date for filing GSTR-1 for m/o Aug 19 having Aggregate turnover Above Rs. 1.50/- Crore or opted to file monthly Return. 10-09-19- Due date for filing GSTR-8 (to be filed by the by the e-commerce operators required to deduct TDS) for the m/o Aug 2019. 20-09-19-
Due Date Compliance Calendar September 2019 Read More »
SECTION 194IA (TDS ON PURCHASE OF PROPERTY) From 01.09.2019 onwards payments like Club Membership, Parking Fee, Maintenance Fee, Advance Fee, Electricity or Water Facility Fee etc need to be considered for the purpose of TDS u/s 194IA. As per section 164IA TDS @ 1% is to be deducted on all Property Transactions which are above
6 INCOME TAX CHANGES APPLICABLE FROM 1ST SEPTEMBER 2019 Read More »