PAN stands for permanent account number. PAN is a 10 digit alphanumeric number issued by income tax department to the applicant who has submitted form 49B along with documents.Also Read: How to get instant PAN onlineYou can apply for a PAN at any point of time. Once issued, it's valid for your entire life.However, you can not hold more than one income tax permanent … [Read more...] about Top 20 reasons why income tax PAN is a must for Indians
Income Tax
Cash payments can be disallowed for business tax calculation
Expenses can be paid in cash or by using any banking mode. If it's not specifically disallowed for calculating business tax liability, then you need to check whether the business expenditure is paid in cash or banking mode.Government has taken initiative to discourage cash payments for businesses.If aggregate payments in respect of a expenditure is made to a person in a … [Read more...] about Cash payments can be disallowed for business tax calculation
Tax benefits on home loan – All you need to know
Home loan not only helps you owning your dream house but also offer several tax benefits if you plan wisely. It's important to understand all such tax benefits before applying for a home loan.You can claim following tax benefitsTax deduction for Principal amount paid for repayment of home loanSection 80C of income tax act 1961 allow an individual and HUF to claim … [Read more...] about Tax benefits on home loan – All you need to know
5 best risk free tax saving investments for salaried individuals
Risk free tax saving investments helps to save tax in addition to guaranteed return. It not only keep your money safe but also help you achieving your long term financial goals.You can invest in any market linked securities such as equity or debt, but return from these investments are not fixed.Return from market linked securities depends on the underlying security and … [Read more...] about 5 best risk free tax saving investments for salaried individuals
These Expenses are disallowed to calculate taxable business income
Every business incur expenses to generate income. These business expenditures are deducted out of total revenues to calculate taxable income under the head “profits and gains of business or profession”.However, for calculating tax liability of your business or profession, you are required to comply various provisions of Income Tax Act 1961.Certain expenditures are … [Read more...] about These Expenses are disallowed to calculate taxable business income