What is DTAA (Double Taxation Avoidance Agreements)?
What is DTAA (Double Taxation Avoidance Agreements)? Double Taxation Relief The incidence of Double taxation occurs when an individual is required to pay tax more than one time for the same income he generated from a country different from his home country. Double taxation occurs mainly due to overlapping tax laws and regulations of the countries where an individual operates his business or employs. . Consistent with the practice adopted in most of the countries in the world that have taken to levy tax on income...
What is Clubbing of Income?
What is Clubbing of Income? In the Indian Income Tax Act there are provisions of Clubbing of Income. Clubbing of income means Income of other person included in assessee’s total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Income of a minor child is taxable in the hands of his parents. Under the Income Tax Act a person has to pay taxes on his income. A person cannot transfer his income or an asset ...
What is Advance Tax?
What is Advance Tax? It is obligatory to pay tax on every rupee you earned as income provided total income for a particular financial year exceeds the minimum income limit specified in the Income Tax Act, 1961 for various categories of assessee. Also, it is mandatory to pay tax in advance (in four installments) if your estimated tax liability is above Rs. 10,000.00 in a particular financial year. Advance Tax is part payment of one’s tax liability before the end of the fiscal year, on 31st March. The provisions of ...
Salaried Employees need not file tax return, if their income is below Rs. 5,00,000.00
Salaried Employees need not file tax return, if their income is below Rs. 5,00,000.00 No Income Tax Return is required to filed by Salaried employees if their total Income is less than 5,00, 000(five Lakh) and they are satisfying few Conditions . Income Tax department has issued notification no 36/2011 in this regard .This exemption is available only to specific category of employees .Following conditions are to be satisfied to claim exemption from return Filing . Who can Claim Exemption 1. This exemption is available t...
How to verify the TDS (Form 26AS) details online
How to verify the TDS (Form 26AS) details online What is Form 26AS? Form 26AS is a consolidated tax statement issued under Rule 31 AB of Income Tax Rules to PAN holders. This statement with respect to a financial year will include details of: a) tax deducted at source (TDS); b) tax collected at source (TCS); and c) advance tax/self assessment tax/regular assessment tax etc. deposited in the bank by the taxpayers (PAN holders). Form 26AS details are available only from Financial Year 05-06 onwards It is the rule of Incom...
Rental Income on House Properties - Income Tax Computation
Rental Income on House Properties - Income Tax Computation Determination of Annual Value of Let out house properties In respect of a let out house property, the rent received is usually taken as the annual lettable value. When, however, the rent is not indicative of the actual earning capacity of the house, the notional annual value will have to be found and adopted. The standard rent would be the Annual Value in the case of properties, subject to Rent Control Legislation. However, when the actual rent received or recei...

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