In our earlier articles we have discussed the form to be used for annual return of income and the due date of filing with the government.In this article, we will discuss the deadline for submitting proof of tax saving investments and expenses with employer to claim tax benefits.Government didn't fix any deadline for submitting proof of tax saving investments and … [Read more...] about Why and How to submit proof of tax saving investments and expenses to employer
How to surrender PAN card of individual, Partnership firm and company
Permanent account number or PAN is a 10 digit unique number issued by tax department to the applicant. As per tax laws, a person can hold only one Permanent Account Number.However, there are chances that you are issued two or more PAN card. This happens when your first application for a permanent account number got delayed, you re-apply for it and end up getting two … [Read more...] about How to surrender PAN card of individual, Partnership firm and company
When a partner has to pay tax for income from partnership firms
To form a partnership firm in India, two or more individuals can come together by signing a contract, popularly known as partnership deed. These individuals are known as partners.Based on your contract or agreement, as a partner, you are liable to tax for following incomes allowed as tax deductions to a partnership firm while calculating tax liability.Share of … [Read more...] about When a partner has to pay tax for income from partnership firms
Basic exemption limits and tax rates applicable to individuals
As per section 4 of income tax act 1961, the total income of the previous year of an assessee shall be charged to income tax at the rates prescribed in the finance act as applicable to the relevant assessment year.Even though, rates are prescribed in finance act, income shall be charged in accordance with and subject to the provisions of the income tax act. Before getting … [Read more...] about Basic exemption limits and tax rates applicable to individuals
Understanding the Partnership Deed: A Simple Guide for Beginners
A partnership deed (also known as a partnership agreement) is a very important legal document for any partnership business. It is like a guidebook that explains how the partnership will work. The deed clearly lists the rights, responsibilities, and rules for the partners involved in the business.In simple terms, the partnership deed sets the ground rules for how the … [Read more...] about Understanding the Partnership Deed: A Simple Guide for Beginners