CBDT ISSUES CIRCULAR FOR TDS ON SALARY FOR AY 2017-18, dated 02.01.2017 (Circular No. 01/2017)

CBDT ISSUES CIRCULAR FOR TDS ON SALARY FOR AY 2017-18, dated 02.01.2017 (Circular No. 01/2017) Reference is invited to Circular No. 20/2015 dated 02.12.2015 whereby the rates of deduction of income-tax from the payment of income under the head “Salaries” under Section

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Here’s what you need to know about tax saving fixed deposits

If you invest in a tax saving fixed deposit you can claim the amount invested up to Rs 1.5 lakh as a deduction from your income, as per current tax laws. The amount so invested is to be deducted from gross total

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Tax on unaccounted income now payable in cash as well

Those disclosing unaccounted wealth under the income declaration scheme (IDS) will have the option of paying the tax on such income in cash, the income-tax department has clarified through a fifth set of frequently asked questions (FAQs). Tax on unaccounted income now payable

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Things for filing return this year

8 things to keep in mind while filing tax returns this year Some diligence and caution goes a long way while filing your income tax returns. Keeping in mind a few important things can make your tax filing a breeze. Here is

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Format of Affidavit for applying for Legal Heir

Affidavit before Notary Public Affidavit of Mr. _________________ Son/Daughter/Wife of Late Shri ______________ resident of ____________. The Deponent solemnly affirm as follows: That i am the eldest son of Late Shri ____________ S/o. ______________ died on __/__/____. That we have taken the

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Depreciation Rate Chart As Per Income Tax For 2016-17

What Is Depreciation While computing profits and gains from business or profession, a taxpayer can claim depreciation on all those assets which he has acquired and used for the purpose of his business or profession. Different depreciation rates are prescribed for different

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How to File Form 15G / Form 15H Online?

How to File Form 15G / Form 15H Online? Recently, Income Tax Department change the procedure to file Form 15G/ H. Now all the Forms 15G / H will file online instead of manually. Notification No. 76/2015 published in this regard by

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New options for saving capital gains tax

Until now , investors had only a few options to claim tax exemption on their capital gains. They could invest in bonds of National Highways Authority of India or Rural Electrification Corporation or they could buy a residential property. The Budget has

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