ITR for capital gains If you have capital gain, you will generally need to file ITR-2. Income Tax Return-2 is applicable for individuals and Hindu Undivided Families (HUF) who have income from sources other than business or profession. These are typically categorized as “Income from Capital Gains” in ITR-2. However, it is important to… Read More »
Tax Planning for Individual Tax planning for individual involves various strategies to minimize tax liabilities and optimize financial situations. Here are some key steps to consider when doing tax planning for individuals: 1. Understand Tax Laws: Stay informed about the latest tax laws and regulations that apply to individuals. This includes knowledge of income… Read More »
Can HUF Claim 80C Deduction Yes, a Hindu Undivided Family (HUF) is eligible to claim deductions under Section 80C of the Income Tax Act, 1961. Section 80C provides deductions for certain investments, expenses, and payments made by taxpayers to reduce their taxable income. The maximum deduction limit under Section 80C is currently ₹1.5 lakh per… Read More »
Are appliances tax-deductible for rental property In general, appliances can be tax-deductible for rental property if they are considered necessary for the production of rental income. The cost of appliances can be claimed as a rental expense and deducted from the rental income. However, the specific tax rules regarding the deductibility of appliances can vary… Read More »
TDS Certificate Required TDS certificate required, TDS (Tax Deducted at Source) certificates are vital for providing conclusive proof of tax deduction at the source and play a critical role in enabling various procedures associated with income tax compliance. The following are key reasons highlighting the importance of TDS certificates: Proof of Tax Deduction: TDS certificates… Read More »
Requirement of Tax Deducted at Source Requirement of Tax Deducted at Source, TDS (Tax Deducted at Source) is require for several reasons: Revenue Collection: TDS is a mechanism employe by tax authorities to collect tax revenue throughout the financial year rather than relying solely on tax payments at the end of the year. It… Read More »
Define Expatriate Tax Expatriate Tax refers to the taxation considerations and requirements that apply to individuals who temporarily or permanently reside in a country other than their home country. When someone becomes… Read More »
How to do TDS complaints If you have any complaints or issues related to TDS (Tax Deducted at Source), you can take the following steps for filing TDS complaints: Contact the Deductor: If you have concerns about TDS deductions made by a specific deductor, you can reach out to them directly. Provide them with the… Read More »
TDS Compliances TDS Compliances, is a chart for the financial year 2022-23 in India. Please note that the rates and thresholds mentioned below are based on the information available up to my knowledge cutoff in September 2021. It’s always advisable to refer to the official tax department website or consult with a tax professional… Read More »
Section 24 Section 24 of the Income Tax Act is relate to the deduction of interest on home loans for taxpayers who own a house property. The section provides for two types of deductions – a deduction of up to Rs. 2 lakh for interest paid on a self-occupied property and a deduction of actual… Read More »