In order to give relief, the Government has introduced presumptive income tax schemes for small businessmen and professionals.As per this scheme, taxpayers are not required to maintain books of accounts. Instead, a percentage of the taxpayer's total turnover or gross receipts will be considered as income for the financial year.However, you need to have records for … [Read more...] about Presumptive income tax scheme in India-Explained
Income Tax
Tax deduction at source (TDS) in respect of income from mutual fund – Section 194K
Section 194K has been inserted with effect from 1st April 2020 by our FM Nirmala Sitharaman. This section of the Income tax act, 1961, includes a tax deduction on the amount paid on the units of mutual fund to a resident individual.Government has abolished dividend distribution tax (DDT), due to which, now dividend income will be taxable in the hands of the receivers or … [Read more...] about Tax deduction at source (TDS) in respect of income from mutual fund – Section 194K
Annual information statement (AIS) in income tax-All you need to know
Information about various financial transactions executed by a person in India is obtained by the tax department from various sources based on his/her PAN details. These financial transactions are consolidated in Annual Information Statement, also referred to as AIS, by the I-T department.AIS is a financial summary of the taxpayer with the income tax department.What are … [Read more...] about Annual information statement (AIS) in income tax-All you need to know
Taxation of Savings Account Interest: Limits, Deductions, and Reporting Requirements
Bank pays interest periodically for the money kept in your savings account. Interest on saving account is automatically credited based on the balance maintained in your A/c.However, due to busy schedules, many taxpayers never look into their savings account statements to find the amount of interest credited.Interest on the savings account is calculated daily on the … [Read more...] about Taxation of Savings Account Interest: Limits, Deductions, and Reporting Requirements
What happens when you file a belated income tax return?
Belated means late or occurring later than the usual time. When someone says a belated return, this means the income tax return has been filed after the due date of filing.Let us understand provisions of income tax for belated returns and what consequences taxpayers will face by filing a belated return.A belated return refers to an income tax return that is filed … [Read more...] about What happens when you file a belated income tax return?