Simplified Laws Guide to Taxation and Legal Concern

Point 1 – Is there any tax impact on my income of Rs.55 Lakhs per year? Yes! Till FY 2016-17, on your income, the approximate tax works out to Rs.14 lakhs. After this budget (means from 1st April 2017), the tax payable will go up by Rs.1.40 Lakhs (10% on …

Indirect restriction on claiming Housing Loan Interest on let out property: Section 71 of the Act relates to set-off of loss from one head against income from another. In line with the international best practices it is proposed to insert sub-section (3A) in the said section to provide that set-off …

The thrust of the Government in recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provisions of the Act is correct. Various provisions exist under the …