Various Deductions Under chapter VI-A

As we know that the Income tax is payable after all the adjustments which are as follows: Income under all the heads of Income                                                                                   **** Salary House property                 Capital gains Profits & gains from business & profession Other sources Less: Brought forward Losses & Allowances                                                                       **** Gross Total Income                                                                                                   **** Less: Deductions under Chapter VI-A                                                                                   **** Estimated […]

What are Advance Tax Payment Challans ?

As its name suggests, advance tax is the tax which is paid in advance. Now, the question arises how and when the tax is paid in advance and the very important question which arises is on what amount it is paid. Readers, no need to be worried, I will take you through the whole of […]

How to Get a Bank Locker in SBI

Storing too much of jewelry and valuables at home at times becomes a security issue. In order to protect your valuables in the event of any natural calamity or theft, various banks have come up with bank locker facility. State bank of India (SBI) is one of such banks which offer a safe and trustworthy […]

Benefits of Mutual Fund Investing and Risks Associated with It

Mutual Fund is an investment trust which pools the savings and funds of the investors together, to invest in securities such as shares, bonds, money market instruments, etc. It is managed by an able and diligent professional who invest funds on behalf of investors who are having less of time or lack of knowledge in […]

Process for Online Filing of Form 15CA

Now, life has actually become simpler when the Income Tax Department facilitates the online filing of form 15CA via Income Tax login which we all usually use for e-filing of Income Tax Returns. This has been effectual from 12th February, 2014. This facility can only be utilized by the ones who are already the registered […]

CENVAT Credit on Capital Goods

CENVAT Credit, accessible on capital goods is used by service provider or manufacturer. Now let’s discuss about the particulars aspects of CENVAT credit on capital goods which is a very controversial issue these days. What are Capital Goods RULE 2(a)? The meaning of “capital goods” is modified by notification no. 28/2012 dated 20th June, 2102. […]

Joint Bank Account Benefits and Types

Bank accounts are something we all have and are a must these days. It is very important as well as beneficial to have bank accounts. Therefore under the newly elected government, more than 12crore bank accounts were opened recently. However opening of an account is very simple but whether to open the bank accounts in […]

Form 15CA and 15CB- What are the Uses

Here we are going to focus on what are form 15CA and 15CB and their utility. Form 15CA: In recent times, the procedure for assortment of cases in inquiry have radically reduced and devoid of inquiry there was no verification to make sure that the taxable overseas (foreign) remittances have been prepared subsequent to deduction […]

Tax Treatment of Money Remitted to NRI

Tax treatment of money remitted to NRI is mainly dependent on a factor called ‘Nexus’. This is a word which would be checked and will be a deciding factor for charging the tax. Nexus: The meaning of Nexus is Connection. It means whenever there is any connection with the person who is in receipt of […]

Section 80QQB of Income Tax Act

Section 80QQB deals with the deduction which can be taken by the person who is an author and receiving income as ‘Royalty’ from others. Thus those who pay income tax on royalty can benefit from this section.  For claiming this, an individual must fulfill, the two conditions, now let’s have a look, what are these 2 […]