It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and…
The key highlights of the Interim Budget 2019-20 presented by the Union Minister for Finance, Corporate Affairs, Railways & Coal, Shri Piyush Goyal in Parliament today are as follows: New Announcements ♣ Farmers 12 crore…
TDS or Tax Deduction at Source is a mandate from the salary of the salaried taxpayer under section 192 of the income tax Act. And after the deduction is made, balance amount is paid to the…
Saving Tax through Family! Surprised! Yes, we can save tax through our family members i.e. Parents, Major Children’s and Wife. To Save Tax through Family members we needs to invest in way that our tax…
PERSON [ Section 2(31) ]The word “Person” is a very wide term and embraces in itself the following :Individual: It refers to a natural human being whether male or Female, Minor or Major.Hindu Undivided Family (HUF): It is…
CBDT’s Circular No. 1 of 2019 dated 01.01.2019– Major/important Points to Remember The CBDT has issued circular No. 1 on 01.01.2019 in respect of the Deduction of tax at Source from Salaries u/s 192 of the Income Tax Act,…
GIFT TAX The tax levied on the gifts that you have received in money or its worth and which is over and above a certain set limit by the Indian law is known as gift…
Meaning Of “INCOME” [ Section 2(24) ] The term “Income” includes not only what is received by using the property but also the amount saved by using it himself. Any thing which is convertible into…