A tax notice can be intimidating. However, before you panic, take the time to find out why exactly a notice has been sent to you and what the implications are according to the sections mentioned. SECTION 131 (1A) You will get this notice if the assessing officer (AO)...
All the investments, expenditures you can claim as tax break under Section 80C Most of us are already well aware of the deduction available under section 80C of the Income tax Act, 1961. The maximum amount of deduction that can be claimed under section 80C is Rs...
Hersโs an interesting article from ET which highlights the 10 common mistakes that can fetch you a tax notice. They are as follows: Not reporting interest income. Ignoring income of old job. Not filing tax returns. Tax sops on house sold before 5 years. Misusing forms...
Here is an interesting article in Mint money about the utility of using HUF.. It is often said that tax is a fine for doing well. Cliched it may sound, but most taxpayers go to great lengths to save on taxes. This may be through investments made just to save taxes,...
We just discovered a very good article on deductions on u/s 80c for school fees/tuition. Who is Eligible: Deduction for tuition fees u/s. 80C of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child:ย Deduction under...
Here is an article which can help you to get most of your EPFโฆThough it keeps a low profile, the Employees’ Provident Fund is one of the most effective ways to save for retirement. Find out how you can gain big from it. A recent survey by global professional...