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2018

Tax Benefits for a Hindu Undivided Family HUF

HUF stands for Hindu Undivided Family. It is considered as a separate legal entity different from its members & Karta. Just like an Individual, an HUF also enjoys certain tax benefits. This article discusses tax benefits available to an HUF.

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2018

Parts of the Form 26AS

Before you file your income tax return, you must make sure data related to TDS and TCS as reflected as per Income Tax Department is correct and accurate. You can do this by referring to Form 26AS. Form 26AS is a consolidated tax statement issued under Rule 31AB of the Income Tax Rules to PAN holders. It can be viewed or downloaded from Income Tax Efiling portal. For step by step guide on downloading 26AS, refer to Munimji's notification on "How to Download 26AS" published on 20th July 2018 on Munimji Mobile App.

2018

Tax Audit U2FS 44AB

Introduction of Tax Audit:

The Finance Act, 1984 inserted section 44AB to introduce provisions related to tax audit in Income Tax Act, 1961 w.e.f 1st April 1985. As per this section, it is the obligation of every assessee having income / loss from business or profession to get his books of accounts audited by a CA in practice.

2018

House Rent Allowance and Income Tax Benefit for Rent Paid

House Rent Allowance is one of the important components of salary. Particularly if you are living in a rented house and your salary income is taxable, House Rent Allowance can provide some tax relief for you. However, entire amount of HRA received cannot be claimed as deduction. Income Tax Act prescribes a specific formula through which amount of exempt HRA can be determine. In this article we shall focus on important rules related to claiming exemption for HRA and House Rent paid.

2018

Provisions Related to Advance Tax under Income Tax Act 1961

Liability for Payment of Advance Tax (Section 208):

  • As per section 208 of Income Tax Act, 1961, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of “advance tax”. Such advance tax must be paid in four instalments on or before due dates of advance tax payment. In this article we shall discuss about various provisions related to Advance Tax and applicable interest in case of non-conformance to such provisions.
  • We know that income earned during the financial year 2018-19 shall be charged to tax in the assessment year 2019-20. But the assessee is required to pay tax, in advance, on the taxable income of financial year 2018-19 during the financial year 2018-19 itself.
  • Advance Tax, as computed in accordance with the provisions of this chapter, shall be payable during a financial year, only when the amount of such advance tax payable by the assessee during that year is Rs. 10000 or more.

2018

Housing Loan Income Tax benefits

To own a house is dream of one and all. However, the stark inflation in real estate market has proven to be a nightmare for young couples in India who aspire to own a house. Thanks to Income Tax Act which has given Home Loan borrowers a reason to cheer. There are two sections under Income Tax Act i.e. Section 80C and section 24 under which a Home Loan borrower can claim deductions in relation to Home Loan.

Financial Management