Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

Income Tax and ROC filing due dates for Private limited companies

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All private limited companies incorporated under the companies act 1956 or companies act 2013 are required to compulsorily file their annual return of income and financial statement with Registrar of Companies (ROC) and tax department every year on or before the due date to avoid penalty.If the books of account required to be audited under section 44AB of income tax act, … [Read more...] about Income Tax and ROC filing due dates for Private limited companies

Tax Deduction for medical treatment of dependent with disability-Section 80DD

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An individual who is resident in India can claim tax deduction in respect of maintenance including medical treatment of a dependent being a person with disability under section 80DD of the Income tax act, 1961. A hindu undivided family (HUF) can also take benefits of Section 80DD of the Income tax act, 1961.As section 80DD is silent on citizenship of the … [Read more...] about Tax Deduction for medical treatment of dependent with disability-Section 80DD

Investing in Fixed deposits – Pros and Cons

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Fixed deposits are traditionally accepted as a favored investment option among Indians. These are also popularly known as term Deposits.Even though fixed deposits are giving you a stable and fixed return, there are many drawbacks due to which many financial advisers suggest not to invest in it.Let us look into these benefits and drawbacks one by one.Drawbacks of … [Read more...] about Investing in Fixed deposits – Pros and Cons

5 special tax benefits for a senior citizen

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Government has special provisions to accommodate tax benefits for Senior citizens who have attended 60 years of age during the financial year.Please remember, after attending 60 years of age during the financial year, you will be eligible for following tax benefits. Otherwise, normal provisions will be applicable.From financial year 2011-12, qualifying age limit for a … [Read more...] about 5 special tax benefits for a senior citizen

Tax Benefit for Preventive Health Check Up – Section 80D

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Due to a amendment to section 80D, preventive health check up is allowed as a income tax deduction from financial year 2012-2013 on-wards.As per section 80D, an individual is eligible for tax deduction on the amount spent for preventive health check up for self, spouse, dependent children or parents.Deduction Limit For Preventive Health Check Up – Section 80DAs per … [Read more...] about Tax Benefit for Preventive Health Check Up – Section 80D