Refund: Answers to 8 Most Common Problems!


Income tax refund problems are plenty for ordinary tax payers. Someone has not received , while someone did not receive because when he /she was not at house refund had come and returned unserved. Few tax payers finds that cheuqe date has crossed the the three month period , and therefore bank has returned the refund. At present refund banker scheme is effective all over India … [Read more...]

Easy chart of deductions u/s 80C to 80U every individual should aware of !

deduction u/s 80C

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 relevant to Individuals depending on the condition fulfillment. The following chart of … [Read more...]

9 FAQs on Capital Gains Account Scheme !

Capital Gains Accounts Scheme

Capital Gains Account Scheme 1988  ( the Scheme after this ) is well known among tax payer as this is one scheme for providing relief to tax payer by providing extra two years to buy or construct the house.The  Scheme has prescribed its own  rules and forms . This site has posted earlier on the issue whether Utilised Amount In Capital Gains Account Scheme Received By Legal Heir … [Read more...]

Company Can Follow Mercantile And Cash System of Accounting At The Same Time ?


An assessee is free to adopt an accounting method -mercantile or cash - or even a method of accounting which is regularly employed by it . The basic thing is that the accounting system adopted should be fair and should be followed regularly. This is what section 145 of the I T Act provides. However, under Companies Act  there is only one kind of accounting system allowed i'e … [Read more...]

Private Trust :7 Tax Planning Tips You Can Actually Use !


Since every indivdiual is provided a basic exemption limit ,the central point of tax planning is to have more tax entities. Each entity gets basic exemption from tax which in aggregate exempts quite a substantial amount of income from tax. When you create a private trust,what you are doing is creating a separate tax entities. You should read first how a private trust is taxed … [Read more...]