Section 194Q of the Income Tax Act is added through the Finance Act of 2021 to implement the new TDS on the purchase of Goods requirements. This is now in effect as of 1/07/2021. There were some questions about the new regulations, thus the CBDT issued Circular No. 13 on Read more…
Mutual funds have recently surpassed all other investing options as the professionals and salaried classes’ preferred choice in India. Systematic Investment Plans are used by many people to make investments (SIPs). There were 2.4 crore SIP accounts in India as of the end of August 2018. Mutual funds can be Read more…
By means of the Gift Tax Act, the government instituted gift tax in 1958. The aforementioned Gift Tax Act was repealed in 1998. The Income Tax Act of 1961 now governs how gifts are taxed. Different kinds of Gifts: Gifts come in a variety of forms, including cash, mobile goods, Read more…
ULIPs are investments with insurance. The purchase of a ULIP qualifies for an income tax deduction under I-T Act Section 80C. There are just two things that give investors confusion. First, let’s talk about the minimum sum secured for ULIP investments. Second, what is the tax incidence on this policy’s Read more…
There are various types of provident funds that can be used by an individual for regular savings and investing objectives. These funds operate and are taxable in different ways from one another. Additionally, they are governed by various sets of laws. The Provident Funds fall into the following categories: The Read more…
Compared to major companies that conduct huge numbers of sales and purchases transactions, small businesses and shop owners have a smaller number of clients. As opposed to the companies and LLPs of large corporations, these businesses are typically run as proprietary concerns or partnership firms. According to information in the Read more…
It is your employer’s legal duty to withhold the appropriate amount of income tax (TDS) from employees’ salaries and remit it to the government’s account. The employer requests information about tax-saving investments and associated deductions in order to do that. In reality, for the majority of the year, this TDS Read more…
We are now aware that nothing is permanent thanks to the pandemic. A sound succession plan for your assets in the event of your untimely death is just as important as choosing the best channels for investment. Middle-class families in India are quite sloppy when it comes to succession planning. Read more…
Parents are busy making plans for their children’s entrance to the school of their choosing at this time of year, and kids are busy packing their bags and completing their schoolwork and assignments. However, this year’s Covid-19 scenario forced them to access their education via the internet. Emails are being Read more…
The Income-tax Act has particular provisions for people with disabilities, just like other laws that have been enacted for the welfare and concessions of people with disabilities. These clauses are dispersed throughout the Income-tax Act’s several chapters. Only clauses relating to tax deductions under chapter VIA of the Income-tax Act Read more…