Interest on Recurring Deposits is subject to Tax Deducted at Source (TDS) of 10% under Section 194A of the Income Tax Act, 1961. However, TDS will only be levied if the interest earned on the Recurring Deposits is more than ₹10,000 in a year. Benefits of R...
CA Karan Batra, Founder and CEO CharteredClub.com, said, “Such a heavy site is being made live in the peak season with so many bugs and errors is not something which the taxpayers will appreciate.”May to October is the peak season, when there is a lot of load on the income tax we...
Capital Gains:Capital gain refers to the profit from selling a capital asset above its purchase price. The taxation of capital gains depends on the jurisdiction of the income fund. In the US, the tax treatment for short-term capital gains treats them as ordinary income, while the taxation of...
Individual partners of partnerships and individual shareholders of S corporations can now open IRS business tax accounts, which previously were available only to sole proprietors, the IRS said Monday in launching the second phase of a new online self-service tool for businesses. The new busi...
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Describe the components of the common body of tax law. Describe the unified credit and the purpose it serves in the gift and estate tax. Describe the components of the common body of tax law (CBOTL). 1. How is the notion of income taxation of estates and trusts different from the...
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Warren Buffett has had plenty of wins throughout his decades of investing. Here, we highlight five of Buffett's best investments. By Kyle WoodleyPublished16 hours ago Minnesota Tax Guide Minnesota state tax rates and rules for income, sales, property, gas, cigarette, and other taxes that impa...
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income slab. However, under Section 80TTA of the Income Tax Act, 1961, you can claim a tax exemption of up to Rs 10,000 on Savings Account interest. This means only the interest above Rs. 10,000 is taxed annually. If you seek a tax break, a Savings Account can be a benefic...