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2019

Various Tax Saving Options under Section 80

As we are in the mid of March, which is the last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful about the amount of investment. As with the last minute rush, one should also check with the smart options available to avoid investing in the schemes which do not suit or cater one’s needs or buying an investment which is not needed at all.

Archive


2019

Provident Fund in India

As provident fund in India plays a major role in contributing the savings of the employee, it is the responsibility of all the citizens to understand the basic knowledge of provisions of the act. This article tries to explain the applicability, contribution rates, various methods for calculation of contribution, types of provident fund, taxability of contribution to various funds and so on.

2019

Limited Liability Partnership Formation in India

Limited Liability Partnership (LLP) is the combination of Partnership & Private Limited Company. It is separate legal entity & juristic person who is established under Limited Liability Partnership Act, 2008.

This act contains rules & regulations related to limited liability Partnership (LLP).

2019

FAQ On Advance Tax

Q. Who is liable to pay Advance tax?

As per Section 208 of the Income Tax Act, Every person (individual, firm, company, etc.) whose estimated tax liability for the year (i.e., for the year in progress such as FY 2016-17, FY 2017-18,  etc.) after TDS (i.e., TDS which is deducted for the person by its payers/clients/banks, etc.) is Rs. 10,000 or more shall pay its tax for the year in advance during the same financial year.

2018

Frequent Asked Questions on Income Tax Audit

Q.1 What is tax audit?

  • Section 44AB gives the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB is called tax audit.

  • The chartered accountant conducting the tax audit is required to give his findings, observation, etc., in the form of an audit report. The report of the tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and 3CD.

2018

Points to remember while claiming deduction under section 80C

When it comes to availing tax benefits, Section 80C is one of the most popular tools to reduce tax liability. It is particularly popular among salaried individuals who cannot claim the deduction for any expense from the salary income.  Under section 80C one can claim tax relief up to the maximum of Rs. 1,50,000. There are many options available for claiming this deduction like investment in PPF, Mutual Fund, NSC etc. The deduction can also be claimed for certain expenses like tuition fees, repayment of Home Loan etc. However, there are certain conditions which every taxpayer must know while claiming any tax relief under this section.

Financial Management