Month: February 2019

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Payment of TDS on sale of property

HIGHLIGHTS PAN of the buyer and the seller is mandatory to make e-payment of TDS on sale of property The TAN (Tax Deduction Account Number) is not required to make this payment The purchaser of an immovable property (whether built up or under construction) of value Rs 50 lakh or more has the responsibility under …

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ICAI to train 1 lakh GST Accountants

Centre To Bear Full Cost Institute of Cost Accountants of India is all set to launch a course to train over 1 lakh students in Goods and Services Tax (GST) accounting and the Centre will bear the entire cost burden, reports The Hindu Business Line. “We are in discussions with Government and modalities are being …

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Income Tax Dept to issue notice where cash transaction is above Rs 20,000 in property purchase

As per the tax law formulated by the Central Board of Direct Taxes (CBDT), which is effective from June 1, 2015, any transaction in real estate including agriculture land shall be required to be made through account payee cheque or real-time gross settlement (RTGS) or electronic funds transfer if the amount is Rs 20,000 or …

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10 situations which make mandatory for an individual to file Income Tax Return in India

If you are still thinking whether you are eligible to file ITR or not, then we give you 10 situations as per the Income Tax Act which makes it mandatory for an individual to file ITR in India The last date for filing Income Tax Return (ITR) filing for the financial year 2016-17 is approaching …

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Tax-saving deductions beyond 80C

Section 80C offers a tax deduction of Rs 1.5 lakh for investment in five-year bank/post office deposits, contribution to Public Provident Fund, Employees’ Provident Fund, life insurance premiums, investment in ELSS and ULIPs and tuition fees for two children. However, there are other sections also that give you additional tax-saving exemptions besides Section 80C. National …

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