CBDT vide Notification No. 2/2015 prescribes Electronic Verification Code (EVC) for electronically filed Income Tax Return as an alternative mode of verification. EVC would verify the identity of the person furnishing the return of income. The Manual Covers e-Verification of Income Tax Returns in following Circumstances and provides 3 to 4 Option in each such Circumstances. e-Verification […]
Income Tax Return Forms ITR 1, 2 and 4S Simplified
Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers; A New Form ITR 2A Proposed which can be Filed by an Individual or HUF who does not have Capital Gains, Income from Business/Profession or Foreign Asset/Foreign Income; In Form ITR 2 and the New Form ITR 2A, the […]
Tax Implications on Vacant or Second House Property
Second House or Vacant House also comes under Income Tax as well as Wealth Tax Purview. Indian People tends to invest mostly in two assets, first is gold and second in house property. The rising prices of gold as well as property makes it more lucrative but one must consider the tax implications before buying or investing […]
Kisan Vikas Patra Relaunched: Double Money in 100 Months
Kisan Vikas Patra 2014: Double Money in 8 years and 4 months Once popular, saving instrument Kisan Vikas Patra has been launched by the Government yesterday, promising to double money in 100 months i.e maturity of the certificate will be 8 years and 4 months. Recommended Read: Kisan Vikas Patra 2014 Rules Notified Taxation of […]
How to Transfer or Gift Shares in Demat Form?
Transfer or Gift Shares in Demat Form Are you holding shares and would like to gift it to your spouse or children or any other person? Yes!! Then read the article below explaining the: Procedure for gift or transfer of shares in demat form. Taxation on the Gift of Share. Taxation on income from the […]
Now Tax Saving Bank Fixed Deposit upto Rs.1.5 lakhs u/s 80C
Bank Fixed Deposit Deduction increased to Rs.1.5 under section 80c Bank Fixed Deposit is one of the most opted tax saving instrument under section 80C while tax planning. To make this more alluring Central Government of India has via notification no. 63/2014, Dated: November 13, 2014, increased the deductible amount of fixed deposit aka term […]
Employee Provident Fund New Rules
Employee Provident Fund New Rules Applicable from 1st Sept 2014 Employee Provident Fund Organization (EPFO) has amended the Employee Provident Fund (EPF) rules by inserting some major changes. These changes have been made applicable from 1st Sept 2014. 1. Employee Provident Fund contribution made mandatory for salary less than Rs.15,000 Earlier, salaried person whose monthly […]
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