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Income Tax Act

Income Tax Benefits Available On Housing Loan

Government has provided many tax benefits to assessee on home loan. Income Tax Act provides tax benefits on repayment of loan’s principal component as well as on repayment of loan’s interest component. Deduction under section 24(b) For let-out property, actual interest made on capital borrowed for the purpose of housing property’s acquisition, repairing, re-construction will be allowed as deduction. For self-occupied residential house property, interest incurred on capital borrowed for… Read More »Income Tax Benefits Available On Housing Loan

New Rules in TDS/TCS, Effective from 01 July 2021

The Finance Act 2021 has introduced two new changes in rules relating to TDS (Tax deducted at source) or TCS (Tax collected at source). A. Higher TDS/TCS rate for non-filer of IT returns Till now, a higher TDS rate was deducted only for those who did not have PAN. But from July 1st, a higher rate would be deducted if you have not filed IT returns in the last 2… Read More »New Rules in TDS/TCS, Effective from 01 July 2021

Conversion of Company into LLP – Taxation involved?

The following would not be recognized as ‘transfer’, and thus, no capital gain to be arise on the same: -Any transfer of an intangible asset or capital asset by a PVT. company or unlisted public company to a LLP. -Any transfer of a share held in the company by a shareholder as a result of conversion of the company into a LLP as per the Limited Liability Partnership Act, 2008-… Read More »Conversion of Company into LLP – Taxation involved?

Old Tax Regime V/S New Tax Regime

The Finance Ministry has brought a ‘New Taxation Regime’ to simplify the Income Tax Act. There is prevailing confusion as to ‘which tax regime is better? and the only answer that is definitely correct is ‘it depends!!’ On one hand, the new tax regime offers lucrative slab rates to lower the effect of taxation, while it increases the total income by removing several sorts of deductions from the income like… Read More »Old Tax Regime V/S New Tax Regime

Section 194J under TDS of the Income Tax Act, 1961.

What is TDS? TDS is a form of advance tax, TDS stands for tax deducted at source. According to the Income Tax Act, 1961, if the payment exceeds some Monterey threshold levels, every company or a person making a payment will deduct tax at source. The tax department must deduct TDS at the rates specified. What is section 194J? Section 194J is one of the most important sections under TDS(Tax… Read More »Section 194J under TDS of the Income Tax Act, 1961.