Taxation

CBDT vide its notification no 30/2016 dated 29-04-2016 has inserted new rule 26C in the Income tax rules and notified form 12BB for furnishing to the employer. The income tax department has come out with a standard Form 12BB for salaried taxpayers to claim tax deduction on leave travel allowance concession (LTA/LTC), house rent allowance (HRA) and interest paid on home loans. claiming tax deduction under Chapter VI-A. (that includes popular 80C deduction) Sl. No. Nature of claims Evidence or particulars 1 House Rent Allowance. Name, address and permanent account number of the landlord/landlords where the aggregate rent paid during the previous year exceeds rupees one lakh. 2 Leave travel concession or assistance. Evidence of expenditure. 3 Deduction of interest under t...

From June 2013, when a buyer buys immovable property costing more than Rs 50lakhs, he has to deduct TDS @1% when he pays the seller.  Read more details in my other post - TDS on buying/selling of property Buyer has to deduct TDS @1% on the entire sale amount (if the property value is more than Rs 50 lakhs) This TDS has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted. After depositing TDS to the government, the buyer is required to furnish the TDS certificate to the seller. This is available around 10-15 days after depositing the TDS. Thus for paying TDS the seller is required to obtain Form 16B and the buyer is required to obtain Form 26QB.   It is important that you follow the steps properly.  Many taxpayers are receiving...

Taxpayers are receiving notice from Income tax department for non filing of Form 26QB which is for TDS deducted when buying property. The income tax department has received Annual Information Return (AIR) submitted by registrar/sub-registrar, that you have done a property transaction exceeding Rs 50lakhs. Buyers of property must deduct TDS from payment made to seller, if the sale price exceeds Rs 50lakhs. TDS has to be deducted @1% at the time of making payment to the seller. (as per section 194IA of the income tax act) - Read my previous post on - TDS deduction on Property purchase TDS which is deducted has to be deposited within 7 days from the end of the month in which deduction is made. Form 26QB must be submitted. Read my other post on - How to file or pay TDS on property (FOrm 26QB ...

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh - Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 years (Senior Citizen)     upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 80 years and ab...

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh - Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 years (Senior Citizen)     upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 80 years and...

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI): For Individuals below 60 years age (including Woman Assessees)     upto Rs 2.50 Lakh NIL Rs 2.50  lakh - Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh Rs 5 lakh - 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 60 years and above but below 80 years (Senior Citizen)     upto Rs 3 Lakh NIL Rs 3 lakh - Rs 5 Lakh 10% on amount exceeding Rs 3 lakh Rs 5 lakh - 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh   For Individuals aged 80 years and...