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home loan prepayment charges

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advance tax

A Large Number of Assessees Do Not Require to Deposit Advance Tax !

In the month of March , you will find many advertisement from Income Tax Department as well as the banks regarding the 15th March deadline for advance tax deposit .While the date is indeed the last of the advance tax installment , this  quick post is for reminding many tax payers – and I repeat...

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home loan prepayment charges

Home Loan Repayment Charges Allowable Deduction u/s 24(b)

It is well known that home loan interest is allowable u/s 24(b) of the Income Tax Act. It is also common among the home loan seeker to close one home loan and take another one or prepaying a home loan. The home loan companies generally levy a penalty in the form of charges for prepaying...

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agriculture land

TDS is Applicable on Interest on Delayed Agriculture Land Acquisition Payment

It is clear that agriculture land does not come within purview of section 194LA of the Income Tax Act .However, when the interest is paid to the agriculture land owner for delayed land acquisition , a controversy has arisen whether the interest on such delayed payment is liable to TDS and if yes, under what...

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legal heir

Is TDS Applicable on Interest Paid to Legal Heir ?

Every legal heir whose father or mother had term deposits in Bank may ask whether  TDS is applicable on interest, because the bank informs them about impending TDS on  payments of interest on fixed deposits or term deposits which are  in the name of the person who dies suddenly or unexpectedly.The other question which arises,...

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refund of tds

Refund of TDS u/s 195 Allowed in 11 Circumstances

The provision u/s 195 of the Income Tax Act casts responsibility on payer to deduct the tax at source or withhold the tax on any sum paid to a non-resident. Then, as the government of India has signed Double Taxation Avoidance Agreement with more than 79 countries and in many cases separate ( lower) rate...

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information

7 Information Tax Department Collects Easily!

The income tax department collects information about your various financial transactions like credit cards, cash deposits with bank, IPOs or mutual fund investments , property purchase, debenture or bonds investments. These information are fed into the departmental sever and ultimately reaches the desktop of the income tax officer. The assessing officer , may use the...

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period of holding

Period of Holding : How to Compute in 11 Situations ?

Period of holding of a capital asset is very important step in determination of liability of capital gains. If you are holding shares or mutual fund units or other securities  and sold through stock exchange , it shall be tax free if it is held for 12 months or more before sale . Similarly, other assets...

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tds u/s 194j

No TDS u/s Sec. 194 J on Telephone Bill Despite Addition of Explanation to “Royalty” !

The income tax law is complex and one of the reason for making it more complex is firefighting by CBDT by inserting explanation and clarifications. Although idea of adding Explanations is to clarify the law, many time sit creates more confusion. Addition of Explanation 4 to 6 vide Finance Act 2012 to the provision of...

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