Author: CA Tarannum Khatri

Deduction under section 80D: The Ultimate guide

Deduction under section 80D is available for mediclaim insurance paid during the previous year. It is covered under chapter VI of income tax act. Who can use deduction under section 80D? Only individual and HUF can use section 80D deduction.   Whose insurance should be taken to get benefit of deduction of mediclaim insurance? Individual: individual can take medical insurance for himself, spouse, dependent parents or dependent children. HUF : HUF can take medical insurance for any member of HUF. Maximum limit of deduction u/s section 80D: Deduction 80D is available over and above the deduction under section 80C...

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How to check income tax refund status online easily

You can track income tax refund status online very easily.I hope you have filed your return on time and now it is time to get income tax refund if your tax liability is less than tax deducted via TDS/TCS. . In this post You can learn how to check tds refund status online and meaning of various refund status on income tax site. How to check income tax refund status online? Income tax refund status can be track through income tax e filling site. For it, Go to following link Income tax e filling website Click on LOG in...

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Service tax registration in 3 days

Service tax is indirect tax and levied on services. To comply with service tax act, service tax registration is first step. Read guidelines below to know whether you are liable for service tax registration. Who is liable for service tax registration? Service provider who has provided services of Rs. 9 lack during the current year is required to get registration number. Scope of turnover to get service tax number: The turnover should include all taxable services. Exempted services are not included to calculate turnover. When service provider provides services from more than one premises, turnover of all these premises...

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HRA exemption calculation with examples

When you receives salary slip, you can see one column showing HRA amount. Full form of HRA is house rent allowance. You can claim HRA exemption and save income tax on HRA received. Know HRA exemption calculation with examples u/s 10 (13A): Before I start, let’s see what you will learn from this post: HRA rules knowledge HRA calculation with 3 simple examples when there is change in salary, place or rent received. Proof to be produced while claiming HRA exemption. Other important facts with regards to HRA rules. HRA is the amount received by employee to pay the...

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New Professional tax rates in Gujarat FY 2014-15 for employees

New professional tax rates in Gujarat for financial year 2014-15 ( Notification no. GHN 5 , PFT-2013. Monthly Salary Professional tax (per month) Less than 6000 Nil 6000 to 8999 Rs. 80 9000 to 11999 Rs. 150 12000 and above Rs. 200 Pls note that it is duty of employer to deduct and deposit professional tax on behalf of employee. Professional tax rates in Gujarat for other than employees are different as per profession. Visit site Gujarat commercial tax to know more. Professional tax return due date: If employees are less than 20, the return should be filed within 15 days of expiry of previous year in form no. 5AA. Professional tax return should be filed within 15 days of  expiry of previous month in form No. 5 if employees are more than 20. However, he can apply for annual return in form no. 5B. Professional tax payment due date in Gujarat: If he has less 20 or less than  20 employees, due date is 15 th day from the end of the quarter which are15th July, 15th Oct, 15th Jan, 15th March. If he has more than 20 employees, due date is 15th day from the end of the month. In short, professional tax for current year should be paid within 15th of next month. Interest on late payment of Professional tax in Gujarat: If he pays professional tax...

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