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Non reflection of TDS on bank FD or term deposit in 26AS statement is very common problem these days. The reason for this problem is very simple –the bank is deducting tax and even depositing the said tax , but the tds statement filed by them either does not reflect your name and PAN or...
When a person purchases a house which are occupied by tenants , he is required to pay tenants for vacating the house . The cost borne by the buyer , for vacating the house is cost of acquisition as held by ITAT , Mumbai in DCIT vs Uday S Kotak [2005] 96 ITD 177 ,...
The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer?Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U are...
Revised direct tax code has certainly good news for the employees and specially higher officials of central and state government . In earlier DTC , there was proposal to tax the retirement benefits at the time of withdrawl as the Govt had indicated to set up a Retirement Benefits Account scheme.Further , it was proposed [...]
Income tax refund is one subject which ordinary taxpayer seriously doubt that they would get it from department. Therefore,Supreme Court’s decison on interest on interest is of great import. The issue in l before the Hon’ble Suprime Court in Sandvik Asia Ltd.vs CIT 280 ITR 643 (SC) was whether an assessee can claim interest (...
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
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