Dear All The procedure for PAN allotment process will undergo a change w.e.f.03.02.2014. From this date onwards, every PAN applicant has to submit self attested copies of 1. Proof of Identity (POI), 2. Proof of Address (POA) and 3. Date of Birth (DOB) documents   For in  detail circular pls refer to the said attachment as appended below Pan… Read more »

  TDS Certificate in Form No 16 as notified vide Notification No. 11/2013 dated 19.02.2013 has two parts viz Part A and Part B (Annexure). Part A contains details of tax deduction and deposit and Part B (Annexure) contains details of income.   ISSUE OF PART A OF FORM NO. 16 FOR DEDUCTION OF TAX… Read more »

MEDICLAIM POLICY : DEDUCTION UNDER SECTION 80D   A Mediclaim policy is one that refers to the medical insurance of individual, HUF, spouse, parents or dependent children, also known as health insurance .The section 80D of Income Tax Act provides for deduction of the payment made subject to the premiums of such medical policies. This… Read more »

Tuition fees as a deduction under section 80C The section 80c provides deduction from the taxable income for the tuition fees paid for his/her children .The upper limit for the deduction under this section is Rs 1 lakh. Parents are allowed to claim the deduction for their children’s tuition fees. This deduction is strictly available… Read more »

Benefit of Joint Home Loan and its Tax benefit Buying a house has always been a bit of financial trouble for many. So, banks come to rescue and aid people with a home loan by facilitating the funding. Two earning members can come together to buy a house and share the loan. Joint home loan… Read more »

  Tax Saving Tips – Investments and Deductions Under Section 80C   Your hard earned income is subject to taxation under the Income Tax Act. You can save a part of your income as a tax deduction; thus reducing your total taxable income. Such tax deduction options are available under the various sections of it… Read more »

Calculation of HRA Exemption Employees generally receive a house rent allowance (HRA) from their employers. HRA is an allowance and is subject to income tax. An employee can claim exemption on his HRA under the Income Tax Act if he stays in a rented house and is in receipt of HRA from his/her employer.In order… Read more »

Leave Travel Allowance Que.: What is an LTA? Ans.:- An LTA is the remuneration paid by an employer for Employee’s travel in the country, when he is on leave with the family or alone. LTA amount is tax free.   Que.: Who can claim for an LTA? Ans.: If an employee is able to furnish… Read more »