A “POA” is abbreviated form of power of attorney which is a legal document that allows you to appoint another person to take control of your affairs. ‘Power Of Attorney’ is an authority given by donor or principal to donee or agent to act on his/her behalf. Legal authority is given by the principal to the agent which may be broad or limited and an agent can take all essential… Read More »All About Power of Attorney
Income Tax Act, 1961- Chapter VI A provides for various deductions that are available from the total income of an assessee while computing the taxable income. People are normally aware of few common tax deductions such as deduction under section 80C in respect to contribution made towards LIC, PF (provident fund), deduction under section 80D for mediclaim premium paid etc. There are few deductions that are not commonly known to… Read More »9 Deductions That People Miss Out While Filing Their ITR
If you cannot buy health insurance for your parents and you do not have money to invest under section 80C for the purpose of tax-saving? Now your problem has a solution, you can still save tax under section 80D by claiming deduction for medical expenditure for your parents. We all know that we can save tax by buying health insurance for our family and our parents. But as our parent… Read More »Section 80D Deduction in Respect Of Health Insurance Premia
Tax planning, Tax evasion, Tax avoidance and Tax management are common concept when it comes to taxpayers’ manners for tax reduction. All terms comes under Income Tax Act, 1961– Tax Planning, Tax Evasion, Tax Avoidance and Tax Management. The main goal of every taxpayer is to minimize his/her Tax Liability. To achieve this objective taxpayer can go for these Three Methods: Tax Planning Tax Avoidance Tax Evasion Tax Planning Tax… Read More »Tax Planning, Tax Evasion, Tax Avoidance and Tax Management
The e-commerce businesses are growing broadly, vastly and exponentially; impact digital economy and all of us. The digital economy would cover within their ambit, numerous things like online subscription-based services, online sale of goods/ services/ software, online gaming, hotel/flight booking etc. Taxation of cross border ecommerce transactions has been a challenge for the entire world, including India, as there are various issues with taxing like transactions due to location of… Read More »Equalisation Levy On Non-Resident E-Commerce Operators | Mandatory to Have PAN
The provisions of Finance Act- Section 44AD were introduced in the Chapter of Profits & Gains from Business or profession to detract the burden of compliance of resident small Taxpayers. Without any doubt throughout, the concept related to “Presumptive Taxation Schemes’’ has been very well achieved their purposes. As an interesting move, a new condition has been made to presumptive taxation scheme which is – you are about to lose… Read More »Comprehensive Analysis of Section 44AD and Related Aspects
The provisions of the Income-Tax Act- section 51 deal with advance money received for transfer of a capital asset. As per the old provisions where any capital asset was on any previous occasion the subject of negotiations for its transfer, any advance or other money received and retained by the assessee in respect of this kind of negotiations shall be deducted from the cost of acquisition of the asset/WDV or… Read More »Tax Provisions Relating To Receipt and Forfeiture Of Earnest Money
The ITR return needs to be filed for the income earned by during a financial year. Even if the person in question is deceased, someone needs to file the income tax return on his/her behalf. The death of the person is not certain; the income earned by person who has expired can still be subject to taxes. According to the Income Tax Act, 1961- section 159; Where a person dies,… Read More »How to file Income Tax Return of Deceased Person
Gold loans come under secured loans where gold jewelry is used as collateral. The loan amount is usually a percentage of the gold’s value. You can repay the loan through monthly installments. After the repayment, you can take your gold jewelry back. Private Banks, nationalize banks and other financial institutions offer gold loans at affordable interest rates. Generally, borrowers use this loan to meet a sudden financial goal, like marriage… Read More »Gold Loans and Frauds
The Central Government introduced the Faceless Assessment Scheme to provide greater transparency, efficiency & accountability in Income Tax assessments. All provisions makes in Faceless Assessment comes under the Income Tax Act, 1961, are introduced to- (a) Alienate the interface between the Assessing Officer & the person who are assessee at the time of proceedings, to the range that is technically feasible. (b) Optimize the utilization of resources through the economies… Read More »Faceless Assessment