The finance ministry has extended the due date for filling INCOME TAX RETURN  for INDIVIDUAL'S AND HUF'S  for the assessment year 2019-2020 from 31ST JULY 2019 to 31ST AUGUST 2019. "The Central Board of Direct Taxes (CBDT) extends the 'due date' for filing of Income Tax Returns from July 31, 2019 to August 31, 2019 in respect of the said categories of taxpayers," the finance ministry said in a statement. CBDT (CENTRAL BOARD OF DIRECT TAX) also extend the due date for TDS RETURN Form 16 for the employer which is issued to there employee from JUNE 15 TO JULY 31 of 2019. Taxpayers (Individual and HUF) should have pay maximum of Rs.5000 fine for late filing of INCOME TAX RETURN if the missed to submit their TAX RETURN within the due date of 31st August 2019 but before 31st December 2019 and from 1st January 2020 to 31st March 202 the fine will be doubled.

Section 80GG Deduction – Income Tax Act Section 80GG deduction under Income Tax is available for taxpayers who do not have HRA. As the majority of individuals taxpayers file for income tax return claiming HRA, Section 80GG deduction is applicable only for a select amount of taxpayers.  Section 80GG Deduction Eligibility Section 80GG deduction can be claimed by individuals who do not receive House Rent Allowance or HRA. For a taxpayer to claim Section 80GG deduction, the following conditions must be satisfied HRA has not been claimed by the taxpayer. The taxpayer or spouse or minor child should not own a residential house property which is also a place of business. If the taxpayer is a member of a HUF then the HUF should not own a residential house property which is also a place of business. If the taxpayer owns a residential house property at any other place, then the taxpayer should not claim any benefits under the Income T...

HI HERE ARE THE DUE DATE OF FILE YOUR GST RETURN FOR JULY 2019 GSTR1 -- 10TH AUGUST GSTR3 --  20TH AUGUST GST CMP(8) --  18TH AUGUST

SECTION 80DD DEDUCTION FOR DISABILITY:-   Section 80DD deduction can be claimed by individuals who are resident in India and HUFs for maintenance and medical treatment of a disabled dependent. The maximum deduction under section 80DD is Rs.75,000 for disabled dependants. In case the disabled dependent is a person with severe disability, the maximum deduction allowed is Rs.1.25 lakhs. Deduction under Section 80DD is not dependant on the sum of expenses incurred. Hence, even if the actual expenses on the above mentioned disabled dependent relative is less than the amount mentioned, a full deduction can be claimed under Section 80DD.

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Section 80D refers to deduction on premium paid for medical insurance for self, spouse, dependent children or parents. You can claim maximum Rs. for .15,000, towards spouse,dependent children and for parents Rs.25,000 , for senior citizen and super senior citizen the sum is Rs.50,000.

What is Capital Gain ? Capital Gain is a major head of Income under Indian Income Tax Act 1961. Its relate to Profits or Gain occurs by Sale of capital Assets Like Building, Land, any major property or Equity Shares. Types  of Capital Gain- There is two types of Capital Gain  i) Short term Capital Gain ii) Long term Capital Gain. i) Short term Capital Gain - Short Term Capital Gain is two types For Fixed Assets Like Land and Building or Gold:  If Profit or Gain arise  from this kind of assets you held less then 36 month that will be considered under Short Term Capital Gain. For Variable Assets Like Equity Share or Debenture:  If Profit or Gain arise  from this kind of assets you held less then 12 month that will be considered under Short Term Capital Gain. ii) Long term Capital Gain - Long Term Capital Gain is two types For Fixed Assets Like Land and Building or Gold:  If Profit or Gain arise...