Accounting Training

Blog

Archive


2013

Medical treatment of specified ailments under section 80DDB

  • Deductions of expenses on medical treatment of specified ailments (such as AIDS, cancer and neurological diseases) can be claimed under Section 80DDB.
  • The maximum amount of deduction allowed from gross total income is restricted to Rs 40,000 (which goes up to Rs 60,000 if the age of the person treated is 60 years or more) on condition that no medical reimbursement is received from any insurance company or employer for this amount.

2013

The Income Tax Department has launched a drive to ensure greater tax compliance. In recent months, thousands of taxpayers have been served notices after discrepancies were noted in their tax returns or their TDS details.

This sudden rise in the number of tax notices is not because people have stopped paying tax or filing their returns. It’s just that the tax authorities now have an integrated database on taxpayers and can track almost all financial transactions of an individual.

The 10-digit alphanumeric PAN, which has been made mandatory for most money transactions, allows the tax department to peek into your financial life.

2013

Tax Planning is important for every taxpayer and the same needs to be done before the end of the year to which Income Pertains. In Addition to Tax Planning Assessee needs to Collect Relevant Supporting and calculate his Tax Due and Pay the same. Few things are listed below which Assessee needs to do before the end of the year, i.e., on or before 31st March, :-

    1. Submit to your employer the proof of investments/expenses that you have incurred to claim deduction under Section 80C. These includes receipt for insurance premium paid, deposits made in your public provident fund account, investment made in equity-linked savings schemes, National Savings Certificates purchased, children’s tuition fees paid, PPF, Tax Saving Bank Fixed Deposit, ULIP etc. Your employer would require the details and the documentary proof to provide you the deduction under Section 80C.

2013

With the budget announced last month, we now know the status of new and existing tax free and tax rebate investments for 2013-14, and in this post I’m going to try and list down each and every investment opportunity in India that gives you a tax benefit of some kind.

Before going through the individual investments, let’s take a look at the broad categories where they fall.

  • Tax Free Investments: Tax free investments are those investments where the income earned from them is not taxable. For example, the interest that you earn from a tax free bond is not taxable. There aren’t many such investment options available in India.

2013

The Features of excel utility:

  1. It includes all TDS Rates as per Income-tax Act
  2. Rate of TDS if payee doesn’t furnish his PAN
  3. Exemptions, if any, provided from deduction of tax

2013

Frequently Asked Questions on e-Filing of Tax Audit Report

(Developed by Direct Taxes Committee of ICAI in consultation with the Officials of Directorate of Income-Tax (Systems)

Note: This document deals with those FAQ’s which are not covered in the e-filing portal. The members may visit the www.incometaxindiaefiling.gov.in for other FAQ’s.

Financial Management