INCOME FROM HOUSE PROPERTY IN ITR A house owned by an income tax assessee, even is self – occupied or rented out, should be disclosed while filing income tax returns. Income from house property is a separate head of income which is eligible for deductions, depending on whether the house is self - occupied or rented out. Treatment of income from self – occupied property as per income t......

Reduction in late fee for Past Returns.                  As a measure to clean up the pendency in Return filing, late fee for non-furnishing of GSTR-3B for the Tax Period from JULY, 2017 to JANUARY, 2020 has been reduced / waived as under:- “NIL” late fee if there is no tax liability ; Maximu......

UPI (United Payments Interface) is a payment system of NPCI- which allows people to instantly transfer money between two parties bank accounts using IMPS infrastructure. SEBI has permitted the use of UPI id for application to public issues. One’s UPI id can be used as a payment option for making application to such issues. This process has considerably reduced the IPO application time. &nbs......

Advances are the number of stocks closing at a higher price than the previous day’s close. Decline are the number of stocks closing at a lower price than the previous day’s close. ADR is an indicator used in technical analysis to compare the number of stocks that closed higher than the number of stocks closed lower than their previous day’s closing prices. ......

A will is a legal declaration of the intention of a testator with respect to his property. If a person dies without making a will, he is said to have died ' intestate' and in such a case, his property is inherited by his hiers in accordance with laws of succession. If the contents of the will need to be changed due to a change of circumstances, it can be done either by a codicil (addendum) to the......

Rs. 5,000 Crore Special Credit Facility for Street Vendors Adverse impact on the livelihoods of the street vendors due to CIVID-19. Government will launch a special Scheme within a month to facilitate easy access to credit to street vendors. Initial working capital up to Rs.10,000. Digital payments will be incentivized through monetary rewards and enhanced working capital credit would be mad......

Direct Tax Measures: •    Due date of all income tax return for F.Y. 2019-20 will be extended from 31st July 2020 & 31st October 2020 to 30th November 2020 and Tax Audit from 30th September 2020 to 31st October 2020. •    All pending refunds to charitable trust and non corporate businesses and profession including proprietorship, partnership, LLP and C......

Reviewing Home Loan : Paper Work Required A home loan is usually a commitment of 15-20 years. However, during this period, many things can change including a customer's personal financial situation, interest rates, government policies and the state of the economy. It is always important to keep track of the outstanding amount on the home loan. A regular review helps us take a financially prudent ......

The ministry has given specific instructions to all states and union territories (UTs) to not exclude any legitimate beneficiary or household from the entitled food grain quota. Aadhaar Card-Ration Card Link Online: If your ration card is not yet linked to the Aadhaar card, it will not stop you from getting food grains you are eligible for under the Public Distribution System. The Central Governm......

Investment of a Hindu Undivided Family ( HUF) are managed by the Karta. KYC details of the Karta are also furnished at the time of making investments along with details of the HUF. In case of death of the Karta, the senior most surviving member of the HUF becomes the Karta. The new Karta needs to make sure that the transmission of units takes place by carrying out the following formalities. Lette......

To retire young, you need to earn, save a lot and invest aggressively in planned and disciplined manner. What to be kept in mind? One could plan to retire early in life, say at 50. And then may be pursue a passion or a hobby to spend a major part of every day in his life. Lot of people plan for such a life, but very few achieve the same. To retire early, one should be able to ear......

Several points to know:- Some insurance policies offer an option of selecting a monthly payout over a period of time instead of a lump-sum payout in case of death during the term. The monthly amount can be opted as a flat amount or with a percentage increment every year to adjust for inflation. The monthly payout is like a pseudo salary which comes every month for certain years. ......

Certain mutual fund schemes offer tax deduction under section 80C of the Income Tax Act 1961, for investments upto Rs.1,50,000/- in a financial year. These schemes are equity oriented schemes and are specifically designated as tax savings schemes known as equity linked savings schemes (ELSS). Though the tax benefit is available for investments upto Rs. 1.50 Lakh, one can invest more than Rs. ......

Paper Work required for NPS Tier II Account The National Pension Scheme offers two types of accounts. Tier I account is the pension account and Tier II is a voluntary savings account. NPS subscribers who hold Tier I account can open a Tier II account, at a later date, either offline or using the online NPS portal. Pre- requisite requirements To open a Tier II account, it is mandatory to have......

One can open an account for himself/herself or for a minor or a person of unsound mind of whom he is the guardian, by making an application through Form-1. A minimum of Rs.500/- and maximum of Rs. 1,50,000/- is allowed in a financial year. Maximum limit is inclusive of all the accounts including minor and dependants under the individual. Withdrawal from PPF account will only be allow......

Finance Act 2019 inserts a new provision, namely, section 194N, to provide for "TDS on cash withdrawal to discourage cash transactions", with effect from 01-09-2019. The following provisions is as follows:- Every person being : a banking company (to which a Banking Regulation Act, 1949 applies) a co-operative society engaged in carrying on business of banking and; a post office, is oblig......

Finance Act 2019 provides a new provision, section 269SU with effect from 01-11-2019, to provide for acceptance of payment through prescribed electronic modes. Section 269SU is breifly explained as follows:- applies to every person, carrying on business Every person implying that any individual, Hindu Undivided Family (HUF), company, firm or any other person as defined in section 2(31) of t......

The Digital India programme is a flagship programme of the Government of India with a vision to create India into a digitally enhanced society and knowledgeable economy. http://cashlessindia gov.in As part of upgrading cashless transactions and converting India into no-cash society, there are various modes of digital payments are available. Basically, Previous Finance Act had made amendments in ......

Section 87A provides for rebate from income tax  payable by an assessee being an individual resident in india, whose total income does not exceed Rs. 3,50,000. (Before any rebates and reliefs) to the extent of the income tax payable or Rs. 2,500, whichever is lower. Following amendments has been made in Finance Act, 2019 limit of total income is increased to Rs. 5,00,000 instead of Rs......

Section 54 provides that long-term capital gain arising from transfer of a residential house is exempt from income tax, if the amount of such capital gain is utilised to acquire or constructed residential house in India within specified period subject to other conditions. Finance Act 2019 has inserted two proviso in sub-section (1) to provide relief to the assessee having long term capital gain u......