Changes in ITR-V

Every time a person files an Income Tax Return, an acknowledgement is generated. This acknowledgement is known as ITR-V. This means Income Tax Return Verification Form. Once the return is filed, it has to be verified either through Adhaar Based OTP or through net banking.

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Tax Benefit related to Interest paid on Education Loan

Section 80E

In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.

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One Time Relaxation for Verification of Past ITRs

Central Board of Direct Taxes announces an open window for one time to complete verification of ITRs filed electronically in the past years but is pending for verification.

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Form-11 : Annual Return of LLP

Every Limited Liability Partnership registered under the Limited Liability Act, 2008 has to make certain compliances. One of such compliance is the filing of Form 11 with Ministry of Corporate Affairs. Every financial year, an LLP has to file this Form 11 online on the MCA Portal.

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Benefits Of Mediclaim Insurance from Tax Perspective

tax-deductions-under-section-80D

It is always advised to everyone that better be safe than worry. It applies not just for health but also financial requirements for health. Thus, health insurance, popularly known as medical insurance is an important and mandatory investment in your investment portfolio. To encourage this investment, government provides tax benefits in the form of deduction of the investment made in medical insurance. This tax benefit is over and above of the investments stated under Section 80C/CC/CCD and is claimed under section 80D.

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Tax on Cash Withdrawal above Rs 1 Crore

In order to promote digital financial transactions and curb cash transactions, the government has introduced Section 194N in the Union Budget of 2019. This section is further amended by the Finance Act 2020, where tax has been imposed in the form of TDS on cash withdrawal above Rs 1 crore by any taxpayer.

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Deduction under section 80DDB of Income Tax Act

rule80ddb
The Income Tax Act has a section that allows a deduction from income, in respect of any expenditure incurred by an assessee towards treatment any disease or ailment which is specified under Rule 11DD. Thus where a resident assessee has incurred any expenditure for medical treatment of specified disease, for himself or a dependant, such assessee shall be allowed a deduction, under section 80DDB, in the year in which such amount was paid.

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TAX IMPLICATIONS FOR NRI’s – Property Selling

It is a primary responsibility of the buyer to make sure that before purchasing a property from a resident or a nonresident, an appropriate amount of TDS as applicable as per Income Tax act is deducted and paid to the government well within time.

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