Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 GSTR-3B deadline expired: File now to avoid input tax credit loss, GST registration cancellation
 ITR Filing: Income tax department shortens time limit for condonation of delay What it means for taxpayers
 CBDT launches campaign to intimate taxpayers on undeclared foreign assets in ITR
 ITR AY2024-25: CBDT launches campaign for taxpayers to report income from foreign sources
  CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024
 CBDT weighs overhaul of designations for income tax officials to secure better clarity
 Direct tax-GDP ratio at millennial high in FY24
 CBDT comes out with FAQs on Direct Tax Vivad se Viswas scheme 2024
 Tax filing: How to choose the right ITR form
 Income Tax Return: How to maximise your tax refunds while filing ITR?
 Last date for filing income tax return (ITR)

Income Tax Return filing for AY 2019-20: Avoid these five BLUNDERS to save more money in New Year
January, 02nd 2019

Income Tax Return filing for AY 2019-20: The Income Tax law provides several tax exemption options. As only a few months are left for filing Income tax returns, it is time for making a count of those exemptions.

Income Tax Return filing for AY 2019-20: The Income Tax law provides several tax exemption options. As only a few months are left for filing Income tax returns, it is time for making a count of those exemptions. While looking out for such options, it is important not to fall for transactions that may actually force you to bleed money. Income-tax is to be paid by every person. The term 'person' includes Individual, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

1. Cash business transactions above Rs 10,000

Any businessperson or professional should not do not cash transactions worth over Rs 10,000 for any business-related expenses. You will not be able to get an income tax rebate if such business expenditure is paid in any other way other than a check, DD or online medium in your name.

Income tax Calculator: Click to see how much you need to pay here

2. Cash donations above Rs 2000

You cannot claim a tax rebate for making cash donations above Rs 2000 to any charity or political party. Electoral bonds are a better means for funding political parties. The new instalment of electoral bonds will be released in January.

3. Cash payment above Rs 20,000 for buying home

If you are buying a house or any real estate, then do not pay more over Rs 20 thousand. Use options like a check, DD or NetBanking. On being found guilty, under section 271D of Income Tax, you can be fined up to the amount of transaction up to equal to the amount of loan.

4. Accepting cash above Rs 10,000

Accepting Rs 2 lakh in cash in a day comes under the purview of the income tax law. Therefore, check or online payment is a better option.

5. Cash health insurance premium payment

Any banking or insurance product is better paid online or through check. But the provision on health insurance premium is much harder. If you pay in cash then you will not be able to claim the exemption under Section 80D of Income Tax Act. The Income Tax Department may also ask for additional information from you on such a purchase. If the transaction is questionable then you can be fined.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2025 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting