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: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT Audit :: VAT RATES :: empanelment :: cpt :: ACCOUNTING STANDARD :: due date for vat payment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS :: Central Excise rule to resale the machines to a new company
 
 
Direct Tax »
 Businesses need not deduct GST on advances received for goods supply: CBEC
 Redress taxpayers' grievances on priority: CBDT to I-T department
 No tax relief on EPF interest if not employed: ITAT
  CBDT signs 7 more unilateral APAs with taxpayers
 Income tax returns (ITR) filing: Get capital gains tax exemption on new property; here is how
 Reach out to non-filers of GST returns: CBEC to fields offices
 CBDT may shelve plan to seek corporate tax estimates in advance
 IT expertise at banks' board level a must, says RBI ED
 Clarification on Indirect Transfer provisions in case of redemption of share or interest outside India under the Income-tax Act, 1961
 To avoid double-taxation CBDT says no tax at upstream foreign fund if local fund paid already
 CBDT extends due date for filing Income Tax Returns and Tax Audit Reports

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