The government has relaxed the provisions for account holders of PPF, Sukanya Samriddhi Account (SSA) and Recurring Deposits. In view of the lockdown in the country due to COVID-19 pandemic, the government has taken some steps for the benefit of post office small savings investors. The...
Investment Based Schemes Particulars Tax Saving FDs PPF (Public Provident Fund) Tax Saver Mutual Funds Unit linked Insurance Plans Sukanya Samriddhi Yojana Eligibility Can be opened by Resident Indian individuals. Can be opened by Resident Indian individuals, salaried and non-salaried...
S.NO. SCOPE ODITORZ, by professionals OTHERS, by consultants 1 Data Security Safe storage of data No record is maintained 2 Knowledge Horizon IN depth knowledge of law provisions Minimum or no knowledge of law provisions 3 Availability Available throughout working Hours all round the year No...
S.No Do’s Don’ts 1 Invoice for each purchase and sales is must Transaction without documentation 2 Do mention GSTIN of self and customer (if registered) on the sales invoice Accepting invoice with wrong GSTIN of vendors 3 Do ensure your GSTIN is mentioned on every purchase Bills Accepting...
Deduction under section 80EEB of Income Tax Act Newly introduced section 80EEB provides deduction in respect of interest paid on loan taken from the financial institution for purchasing of an electric vehicle. The current article thoroughly explains the features of newly inserted section 80EEB....
A new deduction u/s 80EEA for interest paid on housing loan in order to incentivize the purchase of affordable housing. Deduction under section 80EEA has been proposed by the Finance (No. 2) Bill, 2019 to provide for deduction with respect to interest on housing loan acquired on or after April...
Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000 Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for individuals with income below Rs 5 Lakhs (from Rs 3.5 Lakhs) Increased Tax for super-rich: Surcharge...
Section 80C Investments in Tax Saving FDs Tax-saving FDs are like regular fixed deposits but come with a lock-in period of 5 years and tax break under Section 80C on investments of up to Rs 1.5 lakh. Eligibility: Can be opened by Resident Indian individuals. Liquidity: Fixed Deposits have...