The Income Tax Act has divided the income received by an individual into five different heads. One of them is ‘Income from House Property’, which is the income earned by the assesse from a house property. If an individual owns a house property, the rent received or the deemed rent become taxable. This actual rent …
Here are the deductions available under Chapter VI A Section 80C: Any individual or Hindu Undivided Family (HUF) can claim deductions up to Rs. 1,50,000 under Section 80C of the Income Tax Act, 1961 The following investments and payments are eligible for deduction under Section 80C of the Income Tax Act, 1961: Life Insurance : …
Today there are many ways of the Digital payment. More and more people are adopting these methods as for the convenience and record. What is Digital Payment? Digital payment is a way of payment which is made through digital modes. In digital payments, payer and payee both use digital modes to send and receive money. …
After the death of the account holder the nominees can claim the PPF amount by submitting Form G available on the official websites of bank and post offices. Up to Rs.1 lakh can be claimed by the legal heir without any succession certificate. Proceeds from a PPF account can be claimed by nominee(s) or legal …
Nominee: Nominee, as the name suggests, is the person, who is chosen by another person to function as his/her representative in a particular matter. He/She is the one who receives the assets or amount, on the demise of another person. The nominee is not the owner, but for the time being acts as the holder …
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