Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: VAT RATES :: ACCOUNTING STANDARDS :: empanelment :: cpt :: TDS :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India :: form 3cd
 
 
Direct Tax »
 Companies may have to submit income estimates by 15 November
 CBDT proposal on advance estimates of tax liability irks industry
 Advance tax calculation: Firms may have to furnish Apr-Sept income estimates
 Companies may have to furnish Apr-Sept income estimates to I-T dept
 CBDT working on a draft rule that makes it compulsory for companies to provide income estimates by Nov 15
 Companies, HNIs may soon have to specify reason for paying less advance tax than previous year
 TDS Applicability On Government Contracts Under Gst (Under Section 51 Of The Cgst Act, 2017)
 CBEC tells field officers to take GST disputes to Supreme Court
 Jurisdiction-free income-tax assessment on the cards
 CBDT asks I-T department to take urgent steps
 TDS on interest on deposits made under the Capital Gains Accounts Scheme, 1988 where the depositor has deceased

For tax payers, there' more to I-T Act than exemption on income
November, 18th 2013

Nidhi Sinha has a week to submit her investment declaration, which is necessary to save income tax on her salary. This time the accounts department of the IT firm, where she works as a software engineer, has asked her to furnish the PAN number of the owner of the house she has rented if she wants exemption on her house rent allowance (HRA).

Nidhi was paying Rs 10,000 as rent but she was never asked to furnish the house owner's PAN number while filing her IT declaration. Earlier, only taxpayers paying Rs 1.80 lakh or more annually as rent had to mention the PAN number of the house owner. This year, the limit has been revised to Rs 1 lakh bringing Nidhi under the provision.

The change is a part of the many amendments incorporated by the Central Board of Direct taxes (CBDT) through Budget 2013-14 announcement, notifications and circulars in the current financial year.

While taxpayers are mostly aware that they can claim deductions up to Rs 1 lakh through investments under LIC, PF, PPF, tuition fee and housing loan, among others, they should keep in mind the small but important changes while tax planning and submitting their declarations each year.

Living as tenant

For salaried individuals, one of the most common exemption sought is HRA. If living in a rented house, taxpayers are required to submit rent receipt from landlords to claim the exemption. In 2012-13, an assessee paying rent less than Rs 15,000 per month did not have to submit Permanent Account Number (PAN) details of the landlord along with the rent receipt for claiming exemption.

However, the income tax department, in its drive to tighten the leash on tax evaders, last month amended the rule. So, now, instead of Rs 15,000 per month, assessees paying a rent of Rs 8,333 a month or Rs 1 lakh yearly will have to submit the PAN of their landlords along with the rent receipts.

 

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions