Simplifying Tax for C.A's and Taxpayers

Category Archives: Income Tax

Deduction in Respect of Health Insurance Premia & Medical Expenditure

Deduction in Respect of Health Insurance Premia & Medical Expenditure

Deduction in respect of health insurance premia & medical expenditure under section 80D of the Income tax act, 1961

Provisions applicable for A.Y.2015-2016 and A.Y.2016-2017 for deduction from total income in respect of payment for medical insurance premia and preventive health checkup and medical expenditure under section 80D of the Income tax act, 1961

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TDS on payment for immovable properties-Section 194-IA of the Income Tax act, 1961

TDS on payment for immovable properties-Section 194-IA of the Income Tax act, 1961

How much TDS to be deducted, procedure for depositing the same, whether applicable on all immovable properties, which form to be filed for furnishing the details, time limit etc.?

Finance Bill of 2013 w.e.f 01.06.2013 made applicability of TDS (tax deducted at source) on sale of immovable property wherein the purchaser of the property has been casted duty for deducting TDS from the amount to be paid to the seller as consideration for purchase of property and deposit the same to the income tax department.

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Interest on loan taken for higher education eligible for deduction under Income tax act, 1961

Interest on loan taken for higher education eligible for deduction under Income tax act, 1961

Section 80E of the Income tax act, 1961 provides for deduction from gross total income of the assessee for the amount of interest paid on loan taken for higher education, commonly referred to as deduction in respect of education loan

If an assessee being an individual has taken a loan for the purpose of pursuing his own higher education or for the purpose of higher education of his relative, than in computing the total income of the assessee deduction in respect of such interest paid out of his income chargeable to tax be allowed under the section 80E of the Income tax act, 1961.

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Continuous Discharge Certificate for member of crew of ship

Continuous Discharge Certificate for member of crew of ship

Continuous Discharge Certificate for member of crew of ship – New rule inserted in income tax rules for the purpose of determining  period of stay in India for residential status of an individual being a citizen of India and a member of the crew of a ship.

For the purpose of determining the period or period of stay in India pursuant to   explanation 2 inserted by Finance Act, 2015 to sub section (1) to Section 6 in the case of an individual, being a citizen of India and a member of the crew of a foreign bound ship leaving India, rule 126 has been inserted with retrospective effect from 01.04.2015

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Provident funds Taxability including withdrawal of balance of provident fund

Provident funds Taxability including withdrawal of balance of provident fund

Provident funds taxability including withdrawal of balance of provident fund from employees provident fund scheme- tax implications

TDS on Employees provident fund -Section 192A inserted with effect from 01.06.2015

Is it possible to avoid TDS (tax deduction at source) by submitting form no.15G/15H u/s 197A in respect of pre mature withdrawal?

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Income Tax Slab & Rates & Marginal Relief & MAT for A.Y.2015-2016

Income Tax Slab & Rates & Marginal Relief & MAT for A.Y.2015-2016

Income tax slab & rates & Marginal relief & MAT for A.Y.2015-2016 (P.Y.2014-2015) for different   taxpayers.

For Individuals, Senior citizens, Super Senior Citizen Hindu Undivided families (Huf) AOP’s, (Association of persons), BOI’s (Body of individuals), artificial judicial person, partnership firms, Limited Liability partnership (LLP’s), Companies, Local authority, Co-operative society

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