As a creative finance content writer and a Chartered Accountant by profession, I am deeply passionate about educating the masses about finance and taxation. To date, I have authored numerous blog posts covering a diverse range of topics on finance, taxation, trading, and investment for esteemed financial platforms. Driven by the commitment to enhance financial literacy, my ultimate goal is to demystify complex financial concepts into relatable insights and support educational initiatives in India.
As a creative finance content writer and a Chartered Accountant by profession, I am deeply passionate about educating the masses about finance and taxation. To date, I have authored numerous blog posts covering a diverse range of topics on finance, taxation, trading, and investment for esteemed financial platforms. Driven by the commitment to enhance financial literacy, my ultimate goal is to demystify complex financial concepts into relatable insights and support educational initiatives in India.
Section 55A of the Income Tax Act confers powers on the Assessing Officer to revalue the capital asset and bring it to fair valuation. The discretion of the Assessing Officer plays a major role in the application of the said powers.Dive into this blog to understand to these key points:Why Assessing Officer refer a capital asset to a Valuation OfficerCircumstances that warrant reference to Valuation OfficerOther conditions to refer to a Valuation OfficerReference To Valuation Officer 55AWith a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer—in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the [Assessing] Officer is of the opinion that the value so claimed is less than its fair market value;in any other case, if the[Assessing] Officer is of opinion—(i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed on this behalf; or (ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary to do, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the [Assessing] Officer under sub-section (1) of section 16A of that Act.Explanation—In this section, “Valuation Officer” has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] As stated in the Section, the Assessing Officer may refer to the valuation of a capital asset to a Valuation Officer under certain circumstances. Prior to understanding the circumstances for the same, the following terms must be understood:Registered ValuerRegistered Valuers are also referred to as Private Valuers. They are authorised by the Board and recognised by the Income Tax Department. They work in a private capacity, and their valuation is not binding on the tax authorities, but the Assessing Officer cannot ignore such valuation unless he has approached the Departmental Valuation Officer for valuation.Valuation OfficerValuation Officers, also known as Departmental Valuation Officers, are recognised by the Income Tax Department.
To encourage more contributions to political parties, Section 80GGB provides an exemption from taxation. This section of the Income Tax Act 1961 mainly deals with donations and contributions made by Indian Companies to political parties or electoral trusts. In this article, take a quick look at the different aspects of the Section 80GGB of the Income Tax Act.Applicable Tax Deductions under Section 80GGBEligibility Requirements under Section 80GGBRegistration of Political PartiesDeduction Limit under section 80GGBContributions under section 80GGBRules and Conditions to claim 80GGB deductionKey Points related to contributions made to political parties Tax Deductions under Section 80GGBAs per Section 80GGB of the Income Tax Act, 1961, any Indian company or enterprise that donates to a political party or an electoral trust registered in India can claim a deduction for the amount contributed. The political party receiving the donation must be registered under Section 29A of the Representation of the People Act, 1951. An electoral trust is a non-profit company created under Section 8 of the Companies Act, 2013.
The Income Tax Act of India offers several tax deductions to help reduce taxable income of individuals and businesses. One such deduction is under Section 80JJA of Income Tax Act, which is commonly known as 80JJAA deduction. Continue reading this article to know the following things about 80JJAA deduction: 80JJAA deduction in detail.Meaning of Additional employees as per section 80JJAA.Meaning of Additional Cost as per section 80JJAA.Meaning of emoluments as per section 80JJAAApplicability of Section 80JJAA.Details about Form 10DADeductions u/s 80JJAACalculation of Deduction u/s 80JJAADeduction u/s 80JJAA for AY 2024-25Non-eligibility of Section 80JJAAConclusionWhat is Section 80JJAA of the Income Tax Act?Section 80JJAA is a provision under the Indian Income Tax Act of 1961, which offers tax deductions to employers who generate employment in the formal sector. This deduction is provided against Income From Business for an assessee who has hired additional employees during a fiscal year. It allows employers to claim a deduction of up to 190% of additional employee costs incurred while employing new eligible employees.The purpose of Section 80JJAA is to encourage employers to generate new employment opportunities in the formal sector and provide employment benefits to eligible employees.
An Income Tax Refund is issued by the Income Tax Department if a taxpayer has paid more income tax than was due for the financial year. Individuals/Businesses pay income tax through TDS deducted, advance tax on the basis of anticipated liability, or self-assessment tax which might exceed the actual tax liability. In some cases, an income tax refund can also arise in case the tax liability is reduced by claiming deductions, exemptions, set off of losses, or tax credits while filing the income tax return.Post-filing, the Income Tax Authorities assess the taxpayer's tax liability. In case the tax liability assessed exceeds the amount paid, the excess tax paid is refunded to the taxpayer along with interest at 0.5% per month or part of the month (i.e. 6% per annum) until the date of refund.
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Every income tax return filed must be mandatorily signed by the appropriate person (authorised by Income tax law) confirming that the information furnished in the return of income are correct and in accordance with the income tax law and also confirming that he/she is the competent person to make and verify the return. In this article we will be discussing a little more in detail as regards who is authorized to sign an income tax return. Checkout the blog to know about the following:Person Authorised to verify and sign the income tax return.Verification of Income Tax Return Who is the authorised person who can verify and sign the income tax return?Income tax returns and other related documents require proper verification and signature, but who exactly has the authority to sign depends on the type of taxpayer and the specific circumstances. Section 140 of the Income-tax Act, 1961 prescribes who can sign an income tax return for each type of taxpayer attempting to file his return. This has been discussed below:Category of taxpayerWho must sign?IndividualThe Individual himself,Guardian or any other person competent to act on individual’s behalf in case individual is mentally incapacitated from attending to his affairs,Any person authorised by an Individual to verify and sign the return through valid power of attorney, if individual is absent from India/ if for any other reason it is not possible for an individual to verify the return.
Mumbai is the financial capital of India, with a population of around 21.7 million people. Thus, in a fast-paced city like Mumbai, the Municipal Corporation of Greater Mumbai (MCGM) effectively manages the accumulation of property tax. It is a form of revenue that every property owner is mandated to pay as per the conditions applicable.Hence, MCGM property tax is one of the crucial factors contributing to Mumbai's infrastructural progress. It is a significant source of revenue for the State Government, which is used to develop the areas under the city's specific jurisdictions.Read the blog till the end to find out more about the same. The blog will focus on the following:Introduction of MCGM Property TaxFormula to compute MCGM Property TaxComputation of MCGM Property TaxHow to pay MCGM Property TaxExemption of MCGM Property TaxDue Date of payment and applicable penaltiesMCGM Property Tax receiptMCGM Property Tax Payment StatusHow to download the MCGM Property Tax BillConclusionWhat is MCGM Property Tax?MCGM, or the Municipal Corporation of Greater Mumbai, is the official authority of the State Government that oversees the infrastructural development of various locations in Mumbai.Therefore, it levies tax on all city property owners who hold a domicile certificate.
Anyone owning a house or land needs to pay property tax to their local municipality or other civic body. In Ahmedabad, the Ahmedabad Municipal Corporation (AMC) is the local body responsible for collecting property tax from residents and using the funds for the city's development. Paying property tax in Ahmedabad is quite easy and can be done entirely online. In this blog, you will gain an understanding of the following:What is AMC Property Tax PaymentProcess to Pay AMC Property tax online and offlineProcess to Download Property Tax ReceiptInsights on Ahmedabad Property Tax RatesCalculation of AMC Property TaxDue Dates and Penalty for AMC Property TaxAhmedabad Municipal Corporation Zones and WardsConclusionWhat is AMC Property Tax Payment? Ahmedabad Municipal Corporation (AMC) is the local authority responsible for administering and developing the city's infrastructure. Also called Amdavad Municipal Corporation, AMC was established in July 1950 under the Bombay Provincial Corporation Act, 1949. AMC is one of the first municipal corporations in India to introduce online tax payment facilities. The municipal corporation must look after the various needs of the city, including cleaning and maintaining public roads, fire services, sewage, water connections, street lighting, medical services, and more.
GVMC, or the Greater Visakhapatnam Municipal Corporation, is the principal authority or civic body responsible for governing the city of Visakhapatnam in Andhra Pradesh. Therefore, the GVMC property tax is levied on the city's citizens who own property. This tax contributes to the development and upliftment of the city's infrastructure and administrative operations.Also called the house tax or municipal tax, every property owner is charged property tax every year. Nevertheless, the tax amount that you need to pay is determined based on a few crucial factors as specified by the government.So if you are a resident of Visakhapatnam owning a property in the city, read the following blog till the end to find out more about the same. The blog will talk about the following in detail:GVMC Property Tax Rate 2024How to pay GVMC Property Tax online and OfflineHow to pay GVMC Property Tax via Mobile AppHow to get GVMC Property Tax paid ReceiptExemptions and Concessions for GVMC Property TaxProcess to file GVMC Property Tax AlterationProcess to file GVMC Property Tax RevisionGVMC Property Tax Rate 2024The due GVMC property tax amount for the property owners of Visakhapatnam is decided depending on various parameters, out of which the tax rate is the most crucial one.
CDMA is a type of tax levied on properties across the city of Telangana. Therefore, all property owners residing in the state are mandated to pay CDMA property tax regardless of the type of property they own.The tax amount and the rates at which this tax is levied on the property owners are determined by the state government and include a specific formula for calculating them.So, if you are a resident of Telangana who owns or plans to purchase a property in the state, this blog is for you. In this blog, you'll gain an understanding of the following:What is CDMA Property TaxCalculation of the CDMA Property TaxOptions to pay CDMA Property TaxDue Date to Pay CDMA Property TaxTaxable Properties under the CDMA TelanganaConclusionWhat Is CDMA Property Tax?CDMA stands for the Commissioner and Director of the Municipal Administration. It is the official entity of the state Government of Telangana that is responsible for the upliftment and development of the state's infrastructure. Therefore, it levies tax on the property owners of the state, to accumulate funds that eventually go towards the maintenance of the state's administration.Hence, it is a mandatory requirement for all the property owners of Telangana to pay the CDMA property tax within a specific period of time in one financial year.
CDMA is a type of tax levied on properties across the city of Telangana. Therefore, all property owners residing in the state are mandated to pay CDMA property tax regardless of the type of property they own.The tax amount and the rates at which this tax is levied on the property owners are determined by the state government and include a specific formula for calculating them.So, if you are a resident of Telangana who owns or plans to purchase a property in the state, this blog is for you. Read the blog until the end to find out more significant details regarding CDMA property tax. In this blog you will find details about the following:What is CDMA Property Tax?Calculation of CDMA Property TaxPayment Options for CDMA Property TaxDue Date for making Payment of CDMA Property TaxTaxable Properties eligible for CDMA Property TaxConclusionWhat Is CDMA Property Tax?CDMA stands for the Commissioner and Director of the Municipal Administration. It is the official entity of the state Government of Telangana that is responsible for the upliftment and development of the state's infrastructure.