Interest on Service Tax

service tax

As per the Service Tax Rules provided by the Finance Act, 1994, service tax should be paid regularly to the Central Government of India. The service tax collected by the service providers from the service recipients has to be deposited to the account of central government on or before due date. If failed to do

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Section 80DD and Section 80U: Deduction for Disability

Section 80DD and Section 80U

Section 80U as described in the Income Tax Act, 1961 provides tax benefits to individual who are disabled, i.e., persons who are suffering from any of the specified disability, at any time during the previous year. Section 80DD provides deduction in respect of maintenance including medical treatment of a dependent who is a person with

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Section 80DDB: Tax Benefits for Medical Expenditure

Section 80DDB

Section 80DDB is one of the sections that deal with deductions and provisions for medical expenditure by an individual. The other Sections are 80D and 80DD each dealing with medical insurance payments and medical expenditure for physically challenged respectively. As per Section 80DDB tax benefits are available for medical expenditure for specified illnesses. As per

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Tax Benefits of FMPs

Tax Benefit of FMPs

Fixed Maturity Plans are mutual funds but they are often compared to fixed deposits owning to their fixed tenure and the low risk feature. However it is important to note that though FMPs are low risk investments but the returns are not guaranteed and you cannot exit a FMP before the maturity period (unlike FDs

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