Tax Saving over Rs 1 lakh in tax just via these 4 avenues

Tax Saving

How to Tax Saving more than INR 1 lakh on ITR with these 4 avenues? The Income-tax Act, 1961 has different sections citizens can use to lessen their tax outgo each year. Furthermore, the most widely recognized sectors in the Act that individuals use to save money on impose are 80C, 80D, 80CCD (1B), and 24 (b). Tax Saving In any case, every of these sections accompany a highest investment sum set by the government. Thusly, in view of the tax rate of the individual – 5 percent, 20 percent and…

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How Can NRIs Avoid Tax and Save Money on ITR ?

How can NRIs avoid Tax

How can NRIs avoid Tax Troubles? The government has shut the small reserve saving window for non-resident Indians (NRIs). Till now, NRIs were permitted to keep their PPF records and accounts and NSCs yet not extend them after any maturity. The new regulations say that current PPF records will be soon shut and NSCs will be dealt with as encashed when one turns into a NRI. These investments will now acquire only 4% till development. This is How can NRIs avoid Tax and save their money. These new standards add to…

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Section 50C & 50CA of the Income Tax Act

Section 50C

Section 50C & 50CA of the Income Tax Act Section 50C-Special Provision for Full Value of Consideration in Certain Cases With effect from A.Y. 2003-2004; section 50C has been inserted in the Income Tax Act, 1961; dealing specifically with gross consideration in the computation of capital gains in respect of transactions in land or building or both. 1) U/S 50C, where the consideration earned or accruing due to the transfer by the assessee of a capital asset; being land or building or both, is less than the value assessed or…

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Section 55A-Reference to Valuation Officer

Section 55A

Section 55A has provided the circumstances in which and the purposes for which; the tax authorities can refer the Valuation Officer for valuation of the capital asset. Section 55A-Reference to Valuation Officer As per section 55A of the Income Tax Act, intending to ascertain the fair market value of the capital asset; the assessing officer may refer the valuation of a capital asset to a valuation officer. The circumstances in which the assessing officer can refer to the valuation officer are as follows: a) In the case, where the value…

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Section 144 & 144A-Best Judgment Assessment

section-144-144a

Section 144 of the Income Tax Act covers the provisions relating to the “Best Judgment Assessment”. Here, an assessing officer makes an evaluation based on his best reasoning. Section 144-Best Judgment Assessment As per this section, if any person; fails to file the return as required U/S 139(1); or a belated return U/S 139(4) or a revised return U/S 139(5); or fails to comply with all the terms of a notice issued U/S 142(1) or; fails to comply with the direction issued U/S 142(2A); or after filing a return, fails…

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