Fixed Maturity Plans Fixed maturity plans (FMPs) are a special class of close-ended debt mutual funds that mature after completion of a pre-determined time period. Thus you can make investments in anRead More…
Income Tax Refund Status Under Income tax, the term refund can be defined as excess tax amount paid or deducted during the financial year which will be credited back to assessee. ItRead More…
Section 80D Deduction in respect of Health Insurance Premium Assessee being individual or HUF can take deduction on which such assessee incurred health insurance premium if any, while computing income tax. SuchRead More…
Statement of Financial Transactions (SFT) Code Finance Act 2014 replaced Section 285BA and renamed it as ‘obligation to furnish statement of financial transaction or reportable account’ to widen the scope of specifiedRead More…
TDS on Cash withdrawal of more than 1 Crore In order to discourage cash transactions and move towards a cashless economy, a new Section 194N has been inserted under Income-tax Act withRead More…
Income Computation Disclosure Standards (ICDS) Central Board of Direct Taxes has notified 10 income Computation and Disclosure standards to ensure control over disclosure of income of assessee, to bring uniformity in accountingRead More…
Provident Fund Provident fund is regulated by the Employee Provident Fund scheme, 1952. is one of the primary savings schemes for people working in government, public or private sector organizations in India.Read More…
Income Tax Return (ITR) ITR refers to Income Tax Return which is prescribed form for declaring Income to Income tax department. Every assessee covered under the definition of person under Income taxRead More…
Hindu Undivided Family (HUF) Definition: HUF stands for Hindu Undivided Family, governed under Hindu law board and could be formed by a married couple or by members of a joint family. HUFRead More…
Indexation In simple terms indexation refers to technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after inflation. To overcomeRead More…
