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2018

SECTION 194IA TDS ON PURCHASE OF IMMOVABLE PROPERTY

If you are planning to buy an immovable property (other than rural agricultural land), you must be aware of the provisions related to TDS on purchase of immovable property. As per Section 194IA of Income Tax Act, where value of an immovable property being purchased is Rs. 50 lakh or more, the buyer is liable to deduct TDS @ 1% from the payment made to the seller. This provision was introduced in Finance Act, 2013.

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2018

UNDERSTANDING PERMANENT ACCOUNT NUMBER

Permanent Account Number (PAN) is the unique 10 digit number which is allotted to every tax payer in India whether India citizen or NRI. It is not only mandatory for filing Income Tax Returns but also needed in many financial transactions in India. In this article we shall focus on structure of PAN number.

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.

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.

Financial Management