Amit Maheshwari

Income Tax: You have to invest in Section 54EC bonds within 6 months of sale of property

The investment period in Section 54EC bonds for saving capital gains tax is within a period of six months from the date of transfer of land or building or both.

Money News

Income Tax: Second self-occupied house is assumed to be let out and rental income taxed

As per Section of Income-Tax Act 1961, only one house can be considered as a self-occupied property and the other one shall be assumed to be let out.

Income Tax News

Income Tax: Investment in 54EC capital gains bonds can’t be redeemed before 5 years

If you are not able to sell the old property after one year from the date of purchase of new property, you cannot claim capital gain tax exemption for the property purchased earlier.

income tax, income tax deposit, income tax filed, income tax assessment, income tax return, income tax filed, GST, goods and service tax, unified tax, tax returns, tax payment, economy News

Your Queries: Can apply to settlement commission after paying additional tax and interest

The application to settlement commission for settlement under Section 245C can be made at any stage of the case if the proceedings for assessment is for previous six assessment years and additional amount payable exceeds Rs 5

Money News

Rental income taxed in hands of legal heir on death of owner

For transfer of lease in case of death, the rental income will be taxed in the hands of the legal heir to whom the property has been transferred.

Rental income, I-T return, IT department, mutation entry, Section 45, trasfer of property News

What is the difference between salary on Form 16 and 26AS

Short-term capital loss is allowed to be set off against both long-term and short-term capital gains.

Income Tax News

Only funds got on retirement can be invested in Senior Citizens Savings Scheme

Rule 4 of Senior Citizens Saving Scheme Rules states that any individual cannot deposit any amount more than what he/she has received on retirement.

Money News

Income Tax: Get interest on gratuity if payment delayed by more than 30 days

As per Section 56(2)(x) of Income Tax Act, if the purchase price of a property is less than the stamp duty value and the difference is more than 5% of the purchase price or Rs 50,000 (whichever is higher), then the difference

Money News

Income Tax: Deduction on tuition fee allowed only if the institute is located in India

Kumar Deduction for tuition fees paid is allowed under Section 80C only if tuition fees is paid to university, college or institution situated within India.

Income Tax News

Income tax: You can buy second flat to get LTCG exemption on sale of old house

Form 31 is for withdrawal of PF upto a certain limit from contributions made in present job.

LTCG exemption, sale of old house, Income tax, IT firm, EPF,  EPFO, UAN number, PF balance online, TDS refund News

Your Queries: 1% TDS if sale value of property after excluding GST is Rs 50 lakh

TDS shall be calculated on complete sale value and not just carpet area and car parking. Further, Central Board of Direct Taxes issued Circular No. 23/2017 dated July 19, 2017 wherein it clarified that GST shall be excluded f

Money News

Income Tax: Rs 50,000 tax rebate to senior citizens on interest from bank deposits

Rebate under Section 87A is allowed only when total income does not exceed Rs 3,50,000.

Income Tax News

Your queries: Rs 20 lakh revised gratuity limit for retirements after March 29, 2018

The revised gratuity limit is applicable for retirement after March 29, 2018 and not before this date. Since you retired on September 30, 2017, the limit of Rs 10 lakh for gratuity exemption shall be applicable for you.

gratuity limit, retirement,  tax rebate, gratuity exemption, Income tax Return,  News

Income up to Rs 1500 per minor child is exempt from income tax

The income earned in the name of minor is taxable in the hands of the parents whose income is greater, before adding such income of minor.

Income Tax News

Income Tax: NRIs to fill up FSI & TR in ITR2 if claiming tax credit on foreign income

Know how NRIs will fill up FSI & TR in ITR2 if claiming tax credit on foreign income..

Financial Express/ tax News

Income Tax: Use ITR4 for business income offered to tax on presumptive basis, else file ITR3

Taxability of income as business income or other income depends upon regularity of transaction, volume of transactions and time and efforts devoted based on various judicial precedents.

Income Tax News

Income Tax Return: How to choose the right ITR to report salary, freelance income – Explained here

Under the Income Tax Act, 1961, income earned during the year must be classified under appropriate heads for the purposes of computation of taxable income.

Income Tax Return, Income Tax, ITR, salary, freelance income News

Income Tax: Carry forward excess TDS for one month to next year

Under the income-tax provisions, tax credit is to be claimed in the year in which the income is offered for taxation.

Money News

Income Tax: Standard deduction on LIC Jeevan Suraksha annuity if started by former employer

If an employee receives pension from former employer then such amount is eligible for standard deduction.

tax, income tax News

Income Tax: No tax payable on inheriting property

Dividend received from a domestic company is exempt u/s 10(34) of the Income Tax Act, 1961.

income tax, inherited property, payable tax, dividend News

Sold property? Know if you can invest up to Rs 50 lakh proceeds in tax saving bonds

As per Section 54EC, you can invest your proceeds from sale of house up Rs 50 lakh in tax saving bonds (capital bonds) issued by NHAI, REC, etc., within six months from the date of sale.

There is no tax on maturity but interest earned on these bonds shall be taxed. News

Income Tax: Get tax exemption of Rs 10,000 on savings bank account interest income – Here is how

Get tax exemption of Rs 10,000 on savings bank a/c interest income.

income tax, income tax deposit, income tax filed, income tax assessment, income tax return, income tax filed, GST, goods and service tax, unified tax, tax returns, tax payment, economy News

Income Tax: Standard deduction is allowed only once from total of all salary incomes

Under Section 9 of Income-tax Act, 1961, income could be subject to tax in India if the institution has some business connection in India or if the fee paid qualifies as royalty or fees for technical services

tax, income tax, itr form News

Income Tax: Only co-owner who repays loan can get tax benefit

Ordinarily, the benefit of housing loan for repayment of interest and principal is allowed to the person who owns the property and is actually repaying the loan.

income tax, tax benefit, ITR, tax returns, loan, loan repayment, house loan, spouse loan News

Income Tax Return filing 2018: Here are some important tips for you

ITRs for FY 2014-15, FY 15-16 and FY 16-17 can’t be filed now as time for filing has gone.

Income Tax Return filing 2018, Income Tax Return filing tips, how to file Income Tax Return filing 2018, step by step guide for Income Tax Return filing 2018, income tax News

Both husband, wife have to pay tax on income from property held jointly

If the property is jointly owned, then rental income would be taxed in your and your wife’s hands in the ownership ratio and accordingly will need to be disclosed.

income tax, husband and wife, joint property News

Income Tax: You cannot claim refund of tax on gratuity already availed

The part of employee’s own contribution shall be taxed to the extent deduction for the same is availed u/s 80C of the Income-tax Act, 1961 in the past years and the balance shall be exempt from tax.

tax on gratuity, income tax News
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