. Who can opt for presumptive taxation scheme under Section 44ADA? To claim benefits of non-maintenance of Books of Account, you need to fulfill the following two conditions: 1.The person needs to be a professional, who belongs to any of the following professions: 2. legal, 3. medical, 4. engineering or 5. architectural profession or 6. … Continue reading “Section 44ADA – Presumptive Tax Scheme for Professionals”
. What is the meaning of Set Off of Losses? Set-off means adjustment of losses against the profit or income of same Financial Year. A set off could be an intra head set off or inter head set off. Intra head Set-off means loss from one source of income can be set off against income … Continue reading “Set Off and Carry Forward of Losses”
. 1.Allowed as deduction from Income from House Property Interest on money borrowed can be deducted from the Income from House property i.e. the Rental Income. The same is allowed by the purview of section 24(b) of Income Tax Act, 1961. . 2. Are there any purposes defined for which money can be borrowed for … Continue reading “Treatment of Interest on Home loan”
. . Who can file their return using ITR-4 for F.Y. 2019-20? This Form is filed by an Individual/ HUF/ Firms (other than LLP) being a resident, whose total income is up to 50 Lakhs for the A.Y. 2020-21 and includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought … Continue reading “All about new Form ITR 4 (Sugam) – F.Y. 2019-20 (A.Y. 2020-21)”
. Who can file this form? ITR-4 can be filed by an Individuals, HUFs, and Firms (other than LLP) being a resident having total income up to Rs. 50 lakhs and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE (i.e. Taxation of Income on presumptive basis). ITR-4 cannot … Continue reading “Changes in Form ITR-4 (SUGAM) – AY 2020-21 (FY 2019-20)”
.form 16 not received previous employer Form 16 is an Income Tax Form or Certificate for tax deduction issued by an employer to its employees when he deducts tax from the employee’s salary. (Click Here to read in detail) Sometimes, a situation may arise where you as an employee had worked with more than one … Continue reading “Taxation of Salary Income from 2 (Two) Employers in one financial year”
. Who can file their return using ITR-1 for F.Y. 2019-20? This Form is for a resident individual (other than not ordinary resident) whose total income is up to Rs. 50 Lakhs for the A.Y. 2020-21 and includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought forward from previous years); … Continue reading “All about ITR – 1 Sahaj for FY 2019-20 (AY 2020-21)”
. Who can file this form? ITR-1 can be filed by an individual being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakhs, having Income from Salaries, one house property, other sources (Interest etc.), and agricultural income up to Rs. 5000. ITR-1 cannot be filed by an individual who … Continue reading “Changes in ITR – 1 – Sahaj – for FY 2019-20 (AY 2020-21)”
. Being an employee with an organization and earning salary, make it a point that your employer issues you form 16 for every financial year. Once you receive the form you should check the form 16 in detail. For this there are many things you should know about form 16. Since, this form 16 becomes … Continue reading “Things you should know about Form 16”
Q1: Is HRA fully tax-free? Ans: HRA can be fully or partially exempted from tax depending upon calculations which involves rent paid, salary received etc. that one should do or get done form an expert. Q2: Is it possible to claim HRA if I live in my own house? Ans: If you are receiving HRA … Continue reading “FAQs on House Rent Allowance (HRA)”
