Minimum Alternative Tax (MAT) The concept of MAT was introduced for companies and progressively it has been made applicable to all other taxpayers in the form of AMT. The introduction of the concept of Minimum alternative tax was to take the “zero tax” ...
Kisan Vikas Patra (KVP)
Kisan Vikas Patra (KVP) The government scheme that was originally designed for farmers is now open to all. Kisan Vikas Patra (KVP) is a government-sponsored saving scheme that was initially designed specifically for farmers but is now open to all. ...
Allowances Taxability for Salaried Employee
Allowances Taxability for Salaried Employee Allowances:- Allowances Taxability for Salaried Employee are 1. Fully-taxable allowances: a. DA or special allowance b. Fixed medical allowances c. Tiffin allowanced. Servant allowances e. Nonpartic ...
Indexation on Mutual Funds
Indexation on Mutual Funds helps investors in long-term debt funds to save taxes. If you sell investments in debt funds after three years, the gains are treated as Long Term Capital Gains (LTCG). LTCGs are taxed at 20 percent with the indexation benefit. ...
Employee Provident Fund Organization (EPFO)
Employee Provident Fund Organization (EPFO) The employee provident fund came into existence with the promulgation of Employees’ Provident Funds Ordinance on the 15th November 1951. It was replaced by Employees’ Provident Fund Act, 1952. The act is now re ...
Taxable Perquisites for Salaried Employee
Taxable Perquisites for Salaried Employee Related taxable perquisites 1. Taxable Perquisites for Salaried Employee Education Expenses - Value of perquisite up to 1,000 pm 2. Interest-free loans - difference between SBI lending rate and ACTUAL RATE ...
Indian Accounting Standard
Indian Accounting Standard (Ind AS) 109 Financial Instruments The objective of this Indian Accounting Standard is to establish principles for the financial reporting of financial assets and financial liabilities that will present relevant and useful inf ...
Fixed Maturity Plans
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 an FMP only during the new fund offer (NFO) period. Subse ...
Income Tax Refund Status
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. It will be credited back along with the Interest. The tax amount paid or ...
Section 80D
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. Such deduction is available on if such amou ...