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Tax
Budget 2014 Taxability of Anonymous donations under section 115BBC
Budget 2014 Taxability of Anonymous donations under section 115BBC Anonymous donations under section 115BBC.  The existing provisions of section 115BBC of the Act provide for levy of tax at the rate of 30 per cent. In case of certain assessees, being university, hospital, charitable organisation, etc. on the amount of aggregate anonymous donations exceeding five per cent of the total donations received by the assessee or one lakh rupees, whichever is higher. Due to the mechanism of aggregation of tax provided in s...
Budget 2014 Capital gains arising from transfer of an asset by way of compulsory acquisition
Budget 2014  Capital gains arising from transfer of an asset by way of compulsory acquisition The existing provisions contained in section 45 provide for charging of any profits or gains arising from transfer of a capital asset. Sub-section (5) of the said section provides for dealing with capital gains arising from transfer by way of compulsory acquisition where the compensation is enhanced or further enhanced by the court, Tribunal or any other authority. Clause (b) of the said sub-section provides that where th...
Budget 2014 Cost Inflation Index to be worked out on the basis of Index Cost Inflation Index
Budget 2014 Cost Inflation Index to be worked out on the basis of Index Cost Inflation Index -The existing provisions contained in section 48 prescribe the mode of computation of income chargeable under the head “Capital gains”. Clause (v) of the Explanation to the said section defines the term “Cost Inflation Index” (CII) which in relation to a previous year means such index as may be notified by the Government having regard to seventy-five percent of average rise in the Consumer Price Index (C...
Budget 2014 - Section 80C deduction limit increased to Rs.150,000
Budget 2014 - Section 80C deduction limit increased to Rs.150,000 Increasing  the limit of deduction under section 80C Under the existing provisions of section 80C of the Act, an individual or a Hindu undivided family, is allowed a deduction from income of an amount not exceeding one lakh rupees with respect to sums paid or deposited in the previous year, in certain specified instruments. The investments eligible for deduction, specified under sub-section (2) of section 80...
Budget 2014- Home Loan Interest Exemption Limit on Self Occupied Property increased to Rs. 2 Lakh
Budget 2014-  Home Loan Interest Exemption Limit on  Self Occupied Property  increased to Rs. 2 Lakh Deduction from income from house property The existing provisions contained in section 24 of the Act provide that income chargeable under the head “Income from house property” shall be computed after making certain deductions. Clause (b) of the said section provides that where the property is acquired with borrowed capital, the amount of any inter...
Budget 2014 - Public Provident Fund (PPF) Investment limit increased from Rs. 1 lakh to 1.5 lakh
Budget 2014  - Public Provident Fund (PPF) Investment limit increased from Rs. 1 lakh to 1.5 lakh To increase household savings for the common man, the Budget 2014 presented by Finance Minister Arun Jaitley on 10th July 2014 hiked the PPF (Public Provident Fund) to 1.5 lakh per annum from existing Rs. 1 Lakh Per Annum. Investment in PPF qualifies for deduction under section 80C  and Similarly  investment limit under 80C has also been hiked by Rs 50,000 to Rs 1.5 lakh.&n...
Budget 2014 -Income tax exemption limit increased from Rs 2 lakh to Rs 2.5 lakh
Budget 2014 -Income tax exemption limit increased from Rs 2 lakh to Rs 2.5 lakh The income tax exemption limit has been increased from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 years. For senior citizens below the Age of Sixty Years the limit was hiked to Rs 3 lakh from existing Rs. 2.50 Lakh. For Senior Citizens above the Age of 80 Years there in no Change in Income Tax Slabs. Income Tax Rate Chart for AY 2015-16 / FY 2014-15 Individual, Hindu undivided family, association of persons,...
TDS Certificates downloaded only from TRACES are valid
TDS Certificates downloaded only from TRACES are valid Downloading of TDS Certificatesfrom TRACES is mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16 and Form 16A. It is now mandatory for all deductors to issue TDS certificates after generating and do...
Income tax department extends last date to claim refund
Income tax department extends last date to claim refund Taking relief for taxpayers looking forward to refunds, the Tax Department has extended some time limit for submitting I-T return confirmation (ITR-V) form for three assessment many years including FY10, FY11 and FY12 till March 31. ITR-V form should be filled by assessees filing tax returns electronically with not a digital signature. The form, duly signed, should be sent to main processing centre, Bangalore, only then the return is called valid. “The C...
Section 80EE : Deduction for interest on loan for residential house property
  Section 80EE : Deduction for interest on loan for residential house property Deduction in respect of interest on loan taken for residential house property(Section 80EE): Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deducti...

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