2023-01-25 17:58
The COVID-19 pandemic has had a significant impact on individuals and families, and many have incurred significant medical expenses for treatment. In light of this, it may be considered to a… Read More
Blog Directory > Finance Blogs > SIMPLE TAX INDIA finance Blog >
Simple Tax India Blog
simpletaxindia.net
Tags:
presumptive
insurance
scheme
property
deductions
audit
professional
threshold limit
covid
provision
Income tax rates, Service Tax, Pan verification, HRA, EPF, 80C,80D, Tax Tips, ITR, TDS rates ,challan, Tax calculator ETDS return, India, capital gain
2023-01-25 17:50
Section 80C – Other than Life Insurance Premium paymentsDeduction for insurance premium relating to travel, home, and other assets is an essential tool to encourage policyholders to se… Read More
2023-01-25 17:34
Introduction:Section 80G of the Income Tax Act allows for deductions on certain prescribed donations made to charitable organizations. However, the deductions are subject to a ceiling of 10%… Read More
2023-01-25 17:26
"Navigating the : A Guide for Small and Medium Enterprises"Introduction:The Indian government has made significant efforts in recent years to ease the compliance burden for small and m… Read More
2023-01-25 15:56
Section 71(3A) of the Income Tax Act deals with the set-off of losses arising under the head "Income from House Property" against any other head of income. As per the current provision… Read More
2023-01-25 15:48
Section 54 and 54F of the Income Tax Act in India provide tax exemptions for individuals who invest in a residential house after selling their existing property. These sections are aimed at… Read More
2023-01-25 15:46
Section 44ADA of the Income Tax Act is a special provision that allows for computing the profits and gains of certain professions on a presumptive basis. The section was introduced in the Fi… Read More
2023-01-25 15:39
Section 44AE of the Income Tax Act prescribes presumptive taxes on heavy goods vehicles (HGVs). Clause (i) of sub-section (2) of this section states that the presumptive rate of income is eq… Read More
2023-01-25 15:34
Section 44AD of the Income Tax Act provides for a presumptive taxation scheme for businesses with an annual turnover of up to 2 crores. Under this scheme, businesses can choose to pay taxes… Read More
2023-01-25 15:29
Section 44AB of the Income Tax Act in India is related to the mandatory audit of accounts for certain businesses. According to this section, every person carrying on business is required to… Read More
2023-01-25 15:10
Employee Stock Option Plan (ESOP) is a popular mode of compensating employees for their services, with the intention of retaining dedicated employees and generating more revenue for the comp… Read More
2023-01-25 15:06
Corporate Social Responsibility (CSR) has become an increasingly important aspect of doing business in today's world. The Companies Act, 2013 makes it mandatory for specified companies to sp… Read More
2023-01-25 15:04
The Income Tax Act provides for a grandfathering provision under Section 10(38) for long-term capital gains on the sale of listed equity shares acquired prior to February 1, 2018. This provi… Read More
2023-01-25 14:59
Raising children is a significant financial responsibility and one that can be especially challenging for working parents. In recognition of this fact, the Income Tax Act provides for an exe… Read More
2023-01-25 14:54
The National Pension System (NPS) is a government-backed pension scheme that allows individuals to contribute towards their retirement savings. Section 10(12A) of the Income Tax Act provides… Read More
2023-01-08 16:14
The best credit card for you will depend on your financial needs and goals. Some features to consider when looking for a credit card include:Low-interest rates: A low APR means that you will… Read More
2022-12-13 05:05
As per the
Finance Act, 2022, the rates of income tax for the FY 2022-23 (i.e. Assessment Year 2023-24) are as follows:
… Read More
2022-12-12 17:03
Yes, Now you can get a Lifetime free credit card from IDFC First Bank. There is no joining or annual fees on the card. Apply Now IDFC First Life Time Free Credit cardThe main… Read More
2022-12-12 07:28
Section 192(2B) enables a taxpayer to furnish particulars of income under any head other than "Salaries" (not being a loss under any such head other than the loss under the head ― &lsq&hell…Read More
2022-12-12 05:49
Section 192(2) deals with situations where an individual is working under more than one employer or has changed from one employer to another. It provides for the deduction of tax at source b… Read More
2022-12-11 06:20
We are sharing an Excel-based 15-in-one software by CMA Pravesh Sharma. You will find all tax-related calculations in one file.This excel file has mainly 15 types of calculation… Read More
2022-12-11 04:48
If you have received arrears of salary/pension in the Financial year 2022-23 related to the previous year(s) then your tax liability will be on the higher side due to arrears but do you know… Read More
2022-11-11 05:50
Yes, This is true. Now you can avail 80% Discount on Diagnostic Tests. Just Deposit one Time of Rs 1000 and avail test worth Rs 5000 at leading labs near you. You may book these… Read More
2022-09-05 11:22
Get Axis my Zone Credit card for Life Time free, with No Joining Fees No annual fees https://ekaro.in/enkr20220905s14908308Yes, the Latest offers for all Simple Tax India users, Axis Ba… Read More
2022-08-11 06:46
Balwant JainTax laws allow certain tax benefits for premium
paid for life insurance polices as well as in respect of money received from
life insurance company. Let us discuss.Tax benefits f… Read More
2022-07-13 04:24
IGST is leviable on the interest component of EMI of loan advanced
by the Bank through credit card
The Hon’ble Calcutta High Court in Mr.
Ramesh Kumar Patodia v. Citi Bank NA &a&hell…Read More
2022-07-13 04:18
A
personal loan is a great way to borrow money without any collateral. It is
easier to apply and does not demand a lot of paperwork. It has a flexible
end-use purpose, meaning you can use th… Read More
2022-07-04 07:22
All banking and investment transactions of a non-resident
in India are regulated under Foreign Exchange Management Act (FEMA). Non-residentIndian
citizensand Persons of Indian Origin (… Read More
2022-05-27 11:37
Balwant Jain
If you want to help someone by giving your assets whether
partly or fully to anyone for his benefit you can do so by two methods. Either
you can make a gift of the assets while… Read More
2022-05-25 06:00
Balwant JainThere is lots of confusion about new tax regime. People are not able to decide which one to opt for. Let us discuss the new tax regime. Basics of scheme The new t… Read More
2022-05-24 05:10
In the administration of taxation,
the provisions for arrests are created to tackle certain situations raised by
some unscrupulous tax evaders. Arrest provisions may appear to be very… Read More
2022-05-11 11:27
Gratuity is taxable in employees' hands subject to some Exemption and rebates. Tax on Gratuity payment is dependent on the status of the Employee. To check the taxability of Gratuity payment… Read More
2022-04-28 06:09
One card is India's best metal credit card. Built with full-stack tech. Backed by the principles of simplicity, transparency, and giving back control to the user. OneCard is… Read More
2022-02-07 04:32
Goods and Services Tax (GST) came into effect from 1st July 2017 through the implementation of the One Hundred and First Amendment of the Constitution of India. It is one of the most signifi… Read More
2022-02-02 07:37
India
is growing at an accelerated pace and people are undertaking multiple financial
transactions. The Income Tax Department has established a robust framework for
reporting taxpayers… Read More
2022-02-02 07:32
GST has been a landmark reform of Independent
India showcasing the spirit of Cooperative Federalism. While aspirations were
high, there were huge challenges too. These challenges were… Read More
2022-02-02 07:26
CHANGES IN CUSTOMS
The Finance Minister has introduced the Finance
Bill, 2022 in Lok Sabha today, that is 1st February, 2022. Changes in Customs,
Central Excise, GST law and rates hav… Read More
2022-02-02 05:08
Balwant Jain
Against the high expectation of individual
tax payers about the increase in the limits of a basic exemption, standard deduction, and deduction under Section 80C, nothing… Read More
2022-02-01 12:11
Middle-class people's Expectations were high from Finance Minister in Budget 2022, however not a single demand was met by the Finance minister for the Middle class directly.No changes have b… Read More
2022-02-01 12:10
Incentives to National Pension System (NPS) subscribers for state government
employees Under the existing provisions of the Act, any contribution by the Central
Government or an… Read More
2022-02-01 03:58
SUMMARY OF THE ECONOMIC SURVEY 2021-22 AS PER WORLD BANK, ADB AND IMF PROJECTIONS, INDIA TO REMAIN THE FASTEST-GROWING MAJOR ECONOMY IN THE WORLD DURING 2021-24 INDIAN ECONOMY TO G… Read More
2022-01-29 06:19
Balwant Jain
As an individual taxpayer I have listed out my
expectation on rationalisation of some income tax provisions from our finance
minister.
Relief to the home buyers
Presently a… Read More
2022-01-29 06:15
What Is the Rule of 72?The Rule of 72 is a quick, useful formula that is popularly used to estimate the number of years required to double the invested money at a given annual rate of return… Read More
2022-01-25 18:13
https://youtu.be/7RlncoyFnTQThe Government of India has today sanctioned and notified the Scheme for the amalgamation of the Punjab and Maharashtra Co-operative Bank Ltd. (PMC Bank) with Uni… Read More
2022-01-25 17:43
CBDT has issued Circular No. 2 of 2022 Dated 19/01/2022 regarding guidelines for taxability and exemption of Unit Linked Insurance Plan (ULIP) exceeding 2.5 lakh and given a number of exampl… Read More
2022-01-23 16:57
https://youtu.be/-gAHwJegCUgGold is purchased in India as a savings instrument that may be encashed instantly or exchanged for jewellery as and when required. It is further noted that these… Read More
2022-01-23 16:56
Balwant Jain
As an individual taxpayer, I have listed out my
expectation on rationalisation of some income tax provisions from our Finance
Minister.
Relief to the home buyers
Presently a… Read More
2022-01-23 16:24
No tax evasion can be presumed on mere non-extension of validity of e-way bill due to traffic blockage and agitation
The Hon’ble Supreme Court of India in Assistant Commission… Read More
2022-01-23 07:26
Central Government is Planning for Larget IPO of Indian Stock Market (initial Public Offer) of Life Insurance Corporation of India (LIC) in March 2022. We have tried to cover each aspe… Read More
2022-01-22 04:24
https://youtu.be/HsfWhIspzwANPS scheme has been regularly updated and many changes are being made by the authorities to facilitate the NPS subscribers and to promote the scheme to more and p… Read More
2022-01-21 02:50
Salary cost to be included in
valuation for cross charge for supply of services between head office and
branch office or vice versaThe AAAR,
Maharashtra in the matter of M/S. Cummins I… Read More
2022-01-21 02:42
The
Hon’ble CESTAT Chandigarh in SBI Cards and Payments Services Pvt. Ltd. v.
Commissioner of Service Tax, Delhi [Service Tax Appeal No. 55319 of 2013 with
50192 of 2015 dated Ja… Read More
2022-01-19 17:38
Balwant
Jain
To avoid concentration
risk, investment advisors have been advising diversification across various and
within asset classes. We broadly have four asset classes to invest… Read More
2022-01-18 16:28
The threshold limit is the amount up to which TDS is required to be deducted. The section-wise Threshold amount for TDS is given as under for fy 2021-22
Section
Pa… Read More
2022-01-18 15:57
Tax is deductible at source at the rates given in table (infra). If PAN of the deductee is not intimated to the d… Read More
2022-01-17 18:20
PNB has increased the Quarterly Minimum balance to be maintained in the Saving accounts wef 15.01.2022. Further penalty on non-maintenance of the Quarterly minimum balance has also been inc… Read More
2022-01-15 05:46
Can you claim tax benefit on GST paid on insurance Premium? Taking an Insurance policy provide you with Benefits 1. Insurance cover for your Life or for your Health Medical Needs&n&hell…Read More
2022-01-14 12:50
Salaried persons are the most honest taxpayers in India. There is no scope for them to book false expenditures or false receipts at all. They used only valid methods of saving to minim… Read More
2022-01-13 11:15
Do you know
that you can become a tax resident of India even without being physically
present in India for a single day?
Balwant
Jain
You are treated
as resident of any country for tax pur… Read More
2022-01-11 13:13
The CBDT issued Circular No. 01/2022 dated January 11, 2021 w.r.t. extension of timelines for filing of Income-tax returns and various reports of audit for the Assessment Yea… Read More
2022-01-11 12:02
Balwant
Jain
Indian
income tax laws provide for certain tax benefits in respect of life insurance
premiums paid on life insurance policies as well as for money received from
insurance… Read More
2022-01-11 12:02
New FVUs Version 7.4
& 2.170 released by NSDL – Key FeaturesThe Income Tax Department has released
the following new FVU (File Validation Utilities) for TDS/TCS Returns which… Read More
2022-01-11 12:02
THE
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA(Set up by an Act of Parliament)ICAL/DTC/2021-22/Rep.136th January 2022Shri J.B. Mohapatra, Chairman, Central Board of Direct Taxes, Mini… Read More
2022-01-08 15:14
The Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds.The Bonds will be sold through Scheduled Commercial banks (except Small Fin… Read More
2022-01-04 12:00
PRE-BUDGET MEMORANDUM – 2022 DIRECT TAXES AND INTERNATIONAL TAX 1.1 The Council of the Institute of Chartered Accountants of India considers it a privilege to submit this Pre-Budg… Read More
2022-01-03 18:29
PPF is used as a means of savings by entrepreneurs and professionals. While the assessees in employment have the compulsion of saving 12% of their salary (with a matching contribution f… Read More
2022-01-01 03:35
Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022 The Ministry of Finance vide Press Release dated December 31, 2021 stated that the GST Coun… Read More
2021-12-29 18:39
The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28… Read More
2021-12-29 18:00
Centre notifies the Consumer Protection (Direct Selling) Rules, 2021. Highlights of the same are given as underExisting Direct Selling entities to comply these rules within ninety days.Both… Read More
2021-12-28 19:37
F. No. 225/140/202111TA-1IGovernment of IndiaMinistry of Finance Department of Revenue Central Board of Direct Taxes ***** Circular No. 2 / 12021 New Delhi, dated 28th De… Read More
2021-12-28 14:52
Background: The GST Council in it’s 45th meeting inter alia made recommendations regarding Aadhaar authentication of registration to be made mandatory for being eligible for fili… Read More
2021-12-28 14:52
Background: The Hon’ble Finance Minister, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 (“… Read More
2021-12-28 04:30
Background: The Hon’ble Finance Minister, in Union Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 (“… Read More
2021-12-26 16:22
Amendments proposed in Section 129 and 130 of the CGST Act, 2017 notified w.e.f. January 01, 2022Background:The Hon’ble Finance Minister, in Union Budget 2021-22, proposed changes vide… Read More
2021-12-26 16:01
Background: The Hon’ble Finance Minister, in Budget 2021-22, proposed changes vide the Finance Bill, 2021, that amends the Central Goods and Services Tax Act, 2017 (“the CG… Read More
2021-12-26 15:54
Widened the scope of Section 83 of the CGST Act (Provisional Attachment of Property/ Bank Account) w.e.f. January 01, 2022 Background: The Hon’ble Finance Minister, in Union Bu… Read More
2021-12-26 15:52
Notified the amendments proposed in Section 74, 107, 151, 152 and 168 of the CGST Act, 2017 w.e.f. January 01, 2022Background:The Hon’ble Finance Minister, in Budget 2021-22, proposed… Read More
2021-12-22 16:15
There are many Tax saving schemes Like Life insurance, PPF, GPF, NSC, etc under which a person may invest and claim deduction under section 80C up to an annual limit of Rs 1.50 Lakh. However… Read More
2021-12-22 04:38
The due date for the Income-tax return for Financial Year 2020-21 ay 2021-22 for non-audit cases is coming in the few days i.e 31.12.2021. Three is a Rush on e-filing the return on the Incom… Read More
2021-12-21 03:30
The Institute of Chartered Accountants of India (ICAI) has always been proactive in spreading the knowledge and augmenting the skills of its members. I am really happy to note that the Direc… Read More
2021-12-21 02:30
1. OverviewThe e-Verify service is available to both registered and unregistered users on the e-Filing portal.You can e-Verify your Income Tax Return using any of the several modes… Read More
2021-12-21 01:30
1. Why do I need to e-Verify?You need to verify your Income Tax Returns to complete the return filing process. Without verification within the stipulated time, an ITR is treated as inv… Read More
2021-12-19 16:55
Net Direct Tax collections for FY 2021- 22 as on 16.12.2021 at Rs. 9.45 lakh crore grow at over 60% over collections of the corresponding period in preceding yr. Cumulative Advance Tax colle… Read More
2021-12-19 16:55
The income tax department has launched a new Income tax return E-filing portal a few months back but it was not working smoothly since then, however now is it is a workable condition w… Read More
2021-12-18 17:32
The due date for filing the Income Tax return for Individuals for Fy 2020-21 is 31.12.2021. As per the Income-tax department, 3.70 crore persons have already filed returns up to 15.12.2021… Read More
2021-12-18 17:30
GOVERNMENT OF PUNJABDEPARTMENT OF EXCISE AND TAXATION, PUNJABNOTIFICATIONThe 17th December, 2021 No. S.O. 142/P.A.8/2005/S.29-A/C.A.74/1956/S.9/2021.- Whereas, the State Government is satisf… Read More
2021-12-18 10:25
As per section 80TTA of the Income-tax Act, a deduction up to an extent of ten thousand rupees in aggregate shall be allowed to an assessee, being an individual(not a senior citizen)&nb&hell…Read More
2021-12-17 02:19
Senior officials of Ministry of Finance headed by Secretary, Revenue had a meeting with the Infosys team headed by Shri Salil Parekh, MD & CEO, Infosys on 16.12.2021, on the preparedness… Read More
2021-11-27 05:58
Times Group of India is offering Times prime premium membership at an annual cost of 999/- per year but for a Limited time, Times premium membership may be availed at a discounted rate… Read More
2021-11-15 10:45
If you are buying from eCommerce websites then Good news for you. You can earn additional cashback on over and above given on a particular site.Suppose you are Purchasing a cloth worths Rs 2… Read More
2021-11-14 06:49
If you have received arrears of salary/pension in the Financial year 2021-22 related to the previous year(s) then your tax liability will be on the higher side due to arrears but do yo… Read More
2021-10-20 06:09
Release of File Validation Utility (FVU) Version 7.3 FVU (File Validation Utility) Version 7.3 & Version 2.169 has been released on 13thOctober 2021. This has been released after r… Read More
2021-09-10 11:30
Balwant Jain Why the requirement to disclose the assets owned by you in the ITR In order to detect the cases of deprotonate increase in the assets as compared to known source of incom… Read More
2021-09-10 05:40
On consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Incom… Read More
2021-08-25 03:37
Balwant Jain The ITR filing season is on. Before you actually sit down to file your ITR, you should do some ground work so that the actual process of working out the numbers for… Read More
2021-07-27 16:06
In GMR Infrastructure Ltd. v. the Deputy Commissioner of Income Tax [ITA No. 1036 of 2017 decided on July 6, 2021] GMR Infrastructure Ltd. (“the Appellant”) filed an appeal again… Read More
2021-07-27 16:05
TDS Returns are to be filed for tax deductions for both Salary, Non-Salary payments. Additionally TCS Returns also need to be filed. The frequency of filing is every three months. For p… Read More
2021-07-23 16:26
In Nagri Eye Research Foundation v. Union of India [R/Special Civil Application No. 7822 of 2021 decided on July 9, 2021] Nagri Eye Research Foundation (“the Petitioner”) filed a… Read More
2021-07-22 15:37
The Hon’ble ITAT, New Delhi in DCIT v. Planman HR Pvt. Ltd. (ITA No.5152/Del/2017, dated July 15, 2021) disposed of the appeal filed by the Revenue Department (“the Respondent&rd&hell…Read More
2021-07-21 15:47
Preparing TDS Returns is a simple and usually do not require any external help. Follow the simple rules which will ensure correct filing of TDS Returns. It would ensure smooth passing… Read More
Subscribe to Simple Tax India
Get updates delivered right to your inbox!