Category: income tax

Form 10E: claim relief in tax for salary arrears u/s 89(1)

Form 10E submission is required to claim relief in tax for salary arrears under section 89(1) from financial year 2014-15. In this post, you can get insight about how to submit form 10E online. Form 10E submission and Relief under section 89(1): Before learning procedure to submit form 10E online, Lets understand concept of relief under section 89(1). What is relief under section 89 (1)? Tax is calculated on salary received during the year. Some times employee receives salary in advance or in arrears. When salary is received in arrears, tax rate is higher and you need to pay...

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TDS on Professional Fees u/s 194J : 7 IMP points you should know

TDS u/s 194J is applicable while making payment for professional or technical fees. In this article, we will understand who should deduct TDS u/s 194J, threshold limit for  deduction  TDS u/s 194J, rate of TDS u/s 194J, effects of non deduction of TDS.   TDS on professional fees/ technical fees u/s 194J:   Professional fees/technical fees meaning: Professional service means legal service, medical service, engineering, architectural service, accounting service, technical consultancy, interior decoration service, advertising service or such other profession notified by the Board for the purposes of section 44AA. Royalty is also covered under section 194J. Royalty means...

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START UP INDIA SCHEME: 3 IMP points for Entrepreneurs to know

Start up india scheme has been launched by Modi government to encourage entrepreneurs.  In this article, You can know about three important points about the scheme. Objective of scheme, eligibility of scheme and Benefits of scheme. Start up India : New Initiative by Modi Government Objective of start up India: We are living in society where secure job is everything. People like safety and job is the option. But opposite to it, many person has entrepreneur KIDA. They want to do something different and build their businesses. Start up India is mean to help new start ups and entrepreneurs....

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capital gain exemption : How to save capital gain legally

Capital gain exemption is one of the important points to go through while selling capital asset like land, building, plot etc. So instead of choosing way of tax evasion, Learn how to save capital gain legally. Capital gain exemptions available as per income tax act : Here is the summary table of exemptions: Section Capital gain On sale of New property  to claim exemption 54 Long term Residential house property House property 54EC Long term Any asset NHAI or REC bonds 54F Long term Asset other than residential house House property 54B Long term or short term Agricultural land...

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Tax on rent income as per income tax and service tax

Rental income is taxable from the point of view of income tax and service tax. Many times tax payers forget to include or consider rental income while showing income. I have discussed rental income treatment as per income tax and service tax view in this article. You will also get insights about TDS on rent. Tax on rent income under various tax laws: Income tax on rent income: For income tax purpose, we can divide rent income from two sources: Rent income from building or land appurtenant to it. Rent income from land ( no building attached) and other...

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