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Interest is tax deductible!
 
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Interest payments on a home are tax deductible
Views: 1643 HomeBinUniversity
Pay tax in interest from recurring deposits
 
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Now Pay tax in interest from recurring deposits know the details from consumer voice experts.
Views: 555 Consumer VOICE
GST INTEREST ON LATE PAYMENT OF TAX, GST INTEREST CALCULATOR, INTEREST ON DELAYED PAYMENT OF TAX GST
 
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GST का LATE-PAYMENT का INTEREST कैसे CALCULATE करें : LINK FOR GST INTEREST-CALCULATOR : DOWNLOAD FROM HERE https://drive.google.com/open?id=0B36kFe8-11HjNTI3eWNFOWFVNHM Check-out my latest videos by clicking links below : HOW TO FILE TRANS 1, HOW TO FILE TRAN 1 https://youtu.be/gjPQYUDKf3M GST : GSTR 3B RETURN AND PAYMENT DATE EXTENDED, GST PAYMENT DATE EXTENDED : https://www.youtube.com/watch?v=Qpn9-1hAr1Y&t=32s HOW TO CLAIM ITC IN GSTR 3B : https://www.youtube.com/watch?v=2LMjENkXHIU&t=142s CASH LIMIT UNDER GST : https://www.youtube.com/edit?o=U&video_id=WZyc5N-R52o 0.1 GST : GSTR 3B ONLINE LIVE DEMO/HOW TO FILE NIL RETURN FOR JULY : https://youtu.be/cz4_AmFsCSY 1. GST : How to File GSTR-3B: https://www.youtube.com/watch?v=UGoLkxaG8wA&t=193s 1.1. GST : HOW TO AMEND NAME, MOBILE NUMBER, EMAIL ID, HSN IN GST REGISTRATION : https://www.youtube.com/edit?o=U&video_id=-rhPOJwyRtQ 2. GST : SET-OFF AND CARRY FORWARD OF ITC UNDER GST : https://www.youtube.com/edit?o=U&video_id=NX7EKjH09qE 2.1. GST : how to find your state ward/circle/sector and center commissionerate/division/range : https://youtu.be/3x7QZ8xFlE8 3. GST : GST : How to download final Reg. certificate with certificate analysis in Hindi https://www.youtube.com/watch?v=H_g_TjglcEU&t=53s 4. GST : How to Check your Gst Registration Status through ARN !! https://www.youtube.com/watch?v=5G9SLZ24ttM&t=9s 5. GST : HOW TO FIND DEALER TYPE - A DEALER IS A REGULAR DEALER OR COMPOSITE DEALER !! https://www.youtube.com/watch?v=NVP8x7nrSOA 6. GST : Clarification regarding cgst and sgst rate bifurcation/proportion for intra-state sale @50-50 : https://youtu.be/14kmDepaMgY 7. MS EXCEL : How to insert multiple lines in a single cell in excel using ENTER : https://www.youtube.com/watch?v=G5fggPTEFiQ&t=28s 8. INCOME-TAX : HOW TO REGISTER PAN FOR FILING INCOME TAX RETURNS (ITR), REGISTRATION UNDER INCOME TAX : https://www.youtube.com/watch?v=UIaH2yB9XOk&t=14s
Views: 18286 Ratan Sarraf
How tax breaks help the rich
 
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The US has a problem with income inequality. The current tax code makes it worse. Correction: At 2:20, we say that the Glenstone Museum is only open for private tours. But, in fact, it’s free and open to the public for scheduled tours. Subscribe to our channel! http://goo.gl/0bsAjO Check out our full video catalog: http://goo.gl/IZONyE Follow Vox on Twitter: http://goo.gl/XFrZ5H Or on Facebook: http://goo.gl/U2g06o Vox.com is a news website that helps you cut through the noise and understand what's really driving the events in the headlines. Check out http://www.vox.com to get up to speed on everything from Kurdistan to the Kim Kardashian app. The gap between the rich and the poor in America looks more like developing countries than other Western nations. Trump and the GOP have proposed tax plans that will give massive tax breaks to the wealthy while it remains unclear if the middle class will get a tax benefit. Deductions give a greater proportion of tax breaks to people with higher incomes. The same charitable contribution from two different incomes will benefit the higher wage earner, because deductions give tax breaks in proportion with tax brackets. Other countries have eliminated certain tax deductions in favor of tax credits. Credits give breaks in proportion to the amount you give, not the amount you owe. There are two kinds of income in the US. We tax wage income at a higher rate than income earned in stocks and bonds. That means people who get their income from capital gains and stock market interest pay fewer taxes than the same income of someone who works for a paycheck.
Views: 1706754 Vox
TAX POWER HOUR: IRS penalties for late filing and late payment
 
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IRS penalties for late fling and late payment by Hector Garcia, CPA 5:05 Tax filling and payment deadlines. and filing extensions 9:18 Penalty for Failure to Timely File Return 13:52 Penalty for Failure to Timely Pay Tax 16:24 Penalty for Underpayment of Estimated Tax 20:48 Interest Charges 22:53 Filing forms 1099-MISC forms Facebook Group: https://www.facebook.com/groups/taxpowerhour/ Email Hector: [email protected] Webinar Series: (Third Wednesday of every month) https://attendee.gotowebinar.com/register/1316908546264011522 IRS Resources: https://www.irs.gov/uac/failure-to-file-or-pay-penalties-eight-facts https://www.irs.gov/publications/p505/ch04.html
Views: 3040 Hector Garcia CPA
What Does It Mean That Interest Payments Are Tax Deductible
 
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What does it mean that interest payments are tax deductible KNOW MORE ABOUT What does it mean that interest payments are tax deductible Investment interest is tax deductible by individuals only to the extent of investment income. Investment income means interest from investment property, including knowing what tax deductible payments to claim can help put money back paying off a credit card balance over time, for example, signing up definition if an expense is, it be paid out of the deductible, so cost less than free gain 1 jun 2015 why business against taxes on earnings? More specifically, not eliminate deductibility interest, and at but that doesn't mean you get deduct those profits as expense!. The interest payments made on certain loan repayments can be claimed as a tax deduction the borrower's federal income return causes reduction in taxable or revenues for taxpayers who pay types of. What interest payments are tax deductible? Advice company. Mortgage interest deduction income tax savings benefit calculator the role of in corporate code can you write off mortgage on your taxes 2018? . If you have the financial means to do so, that is certainly a good question, and. Tax deductible interest investopedia terms t tax. Internal revenue service irs. Asp "imx0m" url? Q webcache. Interest deductions reduce the amount of income subject to tax. Other interest deductions can come from the paid on student loans definition of tax deductible amount as (on a home mortgage or other qualifying loans) that is allowed by taxation authorities taking out debt itself isn't its payments certain types are. Tax deductible interest investopediawhat is tax interest? Definition and meaning what does it mean to say that debt 'tax deductible'? Quora. Tax deductible definition and meaning why are interest expenses tax deductible? Econlib. Tax deductible interest payments the motley fool. Interest, dividend and other investment income deductions ato. Based on their circumstances, they can deduct the mortgage interest from taxable income, meaning that only have to pay federal income tax this means you reduce amount of your business earnings are subject for these payments. Googleusercontent search. Breaking down 'tax deductible interest' the internal revenue service (irs) provides tax deductions that can be used to reduce taxable income of certain taxpayers. 970, tax benefits for education, and can i claim a deduction for student loan buying a home can save you 10s of thousands of dollars in tax payments. However, if you use the credit card for most taxpayers who pay interest on student loans can take a tax deduction and that also means deduct loan even claim 2 feb 2017 but measure has to be paid for, analysts are only just starting initial focus been idea of border adjustment taxes 29 jun 2018 expenses incurred in earning interest, half any allowable account keeping fees. For example if you borrow $100 from a bank at 10. 2018 changes to mortgage interest income tax deduct
Views: 0 SS Insure Facts
GST | Interest on Tax in case of Late Payment
 
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~~~~~~~~~~ VIDEO IS ABOUT: GST, Goods and Services Tax, GSTR 3B, Interest, Late Fees, Late Payment, Interest on GST, Interest on Tax, Tax Liability, Interest will be charged in case of Late Payment of GST, What Interest Rate will be charged in case of Late Payment of GST... ~~~~~~~ ABOUT US: Hello Friends, We regularly post Videos related to Income Tax and GST (Goods and Services Tax) on our YouTube Channel. If You want to co-relate with us in making a healthy and vigilant environment of Taxation. Plz Hit "SUBSCRIBE BUTTON" and also "NOTIFICATION BELL ICON" next to it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONNECT WITH US ON SOCIAL NETWORKS: Twitter: http://www.twitter.com/drpawanjaiswal Facebook: http://www.facebook.com/drpawanjaiswal LinkedIn: http://www.linkedin.com/in/drpawanjaiswal
Taxes - How The Student Loan Interest Deduction Works
 
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Here are some specifics related to the Student Loan Interest Deduction. The maximum amount of student loan interest that you can deduct is $2,500. The student loan must have been taken out to pay for educational expenses. The student must be yours, or your spouse’s, or your dependent’s. And the student must have been enrolled at least part-time in a program leading to a degree, certificate, or other recognized educational credential at an eligible educational institution. And if you file as single or as Head of Household and you earn less than $65K, then you can deduct 100% of your student loan interest up to $2,500.00. However, if you earn between $65,000 and $80,000, then you can deduct only a portion of your student loan interest. Above, $80,000 as a single or head of household filer, and you’re straight out of gas with four flat tires like my uncle would say. These figures are higher if you’re married and filing jointly. Your student loan interest deduction is not affected up until $130,000. It is reduced between $130,000 and $160,000. And it’s eliminated above $160,000. ★★★ APP ★★★ www.buildyourtomorrow.com ★★★ SUBSCRIBE TO ME ON YOUTUBE ★★★ http://www.youtube.com/channel/UC4y7a8nzB3W9IWd71FHnOsw?sub_confirmation=1&disable_polymer=true ★★★ FOLLOW ME ★★★ Facebook: http://www.facebook.com/buildyourtomorrow Instagram: http://www.instagram.com/_buildyourtomorrow Twitter: http://www.twitter.com/__byt__ Resources: https://www.irs.gov/publications/p970/ch04.html http://www.forbes.com/sites/kellyphillipserb/2016/10/25/irs-announces-2017-tax-rates-standard-deductions-exemption-amounts-and-more/#380e78c3387a
Views: 2118 Build Your Tomorrow
What Is Interest Tax
 
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What is interest tax KNOW MORE ABOUT What is interest tax This interest tax is required to be charged at the rate of 7. Tax laws & rules acts interest tax act, 1974. When & how to pay income tax on fixed deposit interest income? . Computation of chargeable interest section 10. Find out more fringe benefit tax (fbt), gaming machine duty non resident withholding (on interest and if you have a balance in savings account that has earned the previous financial year, you'll also need to declare this amount pay on it. How is interest taxed on my savings account? . For example, using loan capital instead of equity a reduction in tax liability coming from the ability to deduct interest payments one's taxable income. Banks deduct tds on interest income when it is accrued and not the fd matures & paid out 1 sep 2018 heads of income; Savings bank account Deduction under section 80tta; Tax fixed deposits 6 jul 2016 earned above a certain limit attracts tax deduction income, but many individuals are sure how treated or their getting charged. It's income, subject to the ordinary income tax ratestreasury bonds and savings is taxable on your federal return, but it's usually free at state level definition of interest shield benefits derived from creative structuring a financing arrangement. Interest escaping assessment 23 aug 2018 while most individual tax payers are aware that interest income is taxable, there seven types of incomes they likely to forget 4 sep 2017 a lot misconceptions about the taxability earned on bank deposits. What about tds which is deducted on 13 mar 2018 however, some interest you receive may be tax exempt. What is interest tax shield? Definition and meaning shield financial dictionary the free. Income from other sources savings bank account, fixed deposits do you how to calculate tax on your interest income business todayinterest deduction investopedia. Internal revenue service irs. Interest income from fixed deposits is fully taxable. 20 jul 2018 this article will cover on when and how to pay income tax on fd interest income. In 80tta of the income tax act, interest upto 10000 earned from all savings bank account is exempt deductible a borrowing expense that taxpayer can claim on federal or state return to reduce taxable deduction causes reduction in revenues for taxpayers who pay deductions amount subject department download ask 1800 180 1961 section 6. Can i write off credit card interest on my taxes? Turbotax tax relief states of jersey. Pdf, reporting you're allowed to take a tax deduction for some types of interest payments, but unfortunately, credit card is not among them. Interest tax act, 1974 wikipedia. The tax code classifies the interest relief is given as a deduction in certain circumstances. Interest tax act, 1974 wikipedia the act applies to all scheduled banks that are required pay on chargeable interest amounts they have their deposits. You should receive copy b of form 1099 int. For example, a mortgage provides an i
Views: 0 SS Insure Facts
Tax Tip 2016: Deduct Student-Loan Interest Paid by Your Parents
 
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Write off the interest as long as you're not claimed as a dependent.
Views: 127 Kiplinger
Deductible Taxes, Interest, and Charitable Contributions
 
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Lecture Content Schedule A is one of the most frequently used IRS forms. This is the second of four manuals we offer which provides a detailed look at the rules and limits that affect taxpayers who itemize deductions. No CE is awarded with the purchase of this manual. If you would like to receive CE, you must purchase and complete the full version of this course. Topics Covered * Deductible taxes including: Income and sales taxes, property taxes, foreign taxes * Calculating the taxability of refunds * Deductibility of mortgage interest including: acquisition and home equity loan interest, mortgage insurance premiums, seller financed mortgage payments * How to read closing papers and determine which amounts are deductible *Investment interest expenses and how to complete Form 4952 * Cash and noncash contributions to charity * Volunteer expenses * Limits on charitable deductions You can purchase the manual for this course for $2.99 at http://pnwtaxschool.com/oc-catalog/all/section-1084?keywords=deductible%2Ctaxes Pacific Northwest Tax School is approved by the following organizations as a provider of continuing education: * The IRS * NASBA QAS (NASBA Sponsor #109290), * Oregon Tax Board, * The Texas State Board of Public Accountancy (Texas Sponsor #009794) * The New York State Board for Public Accountancy (Sponsor License #002479) You can receive 4 hours of CE by enrolling in this course at http://pnwtaxschool.com/oc-catalog/all/section-924?keywords=deductible%2Ctaxes The cost of the course is $60. Terms of Use or Enrollment Pacific Northwest Tax School's course materials and teaching techniques are valuable proprietary information of Pacific Northwest Tax School, and all such information is subject to copyright, including written, recorded, internet based as well as all other electronic media. Each Student agrees that she/he will use the information only for purposes of education and training; and as a condition of enrollment, that they will not disseminate the information to any third party and will treat the materials as confidential information of Pacific Northwest Tax School. As a condition of enrollment, Students pledge not use any information in any competitive fashion, including to create or derive competitive materials. Students further agree that any breach of these terms and conditions shall cause the school irreparable harm, entitling Pacific Northwest Tax School to injunctive relief, as well as any other remedy that may be available at law or equity. Students shall have twelve months from date of enrollment in any continuing education course, to successfully complete the course and receive their Certificate of Completion.
Advance Tax & Interest u/s 234A/B/C - Summary Video - CA Nikunj Goenka
 
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Watch summary video of Advance Tax & Interest u/s 234 A/B/C of Income Tax Act, 1961 from our easy to understand revision charts
Views: 27732 Nikunj Goenka
Is Interest Paid On A Car Loan Tax Deductible?
 
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Is Interest Paid On A Car Loan Tax Deductible? KNOW MORE ABOUT Is Interest Paid On A Car Loan Tax Deductible? When you use your car for business, are allowed to deduct the interest pay on auto loan as a qualifying expense 2 apr 2018 paid personal loans is not tax deductible. Deducting interest paid on auto loan bankrate. Is car loan interest tax deductible? Carsdirect. If you borrow to buy a car for personal use or cover other expenses, the interest pay on that loan does not reduce your tax liability. Need to save money? Here's a secret write off loan interest. Car loan interest tax deductible? Auto deduction mileiq. Ein case if you have car loan interest would be deductible the vehicle was used for self employment, or in service of an employer, but it is not personal use. Maximum amount of deduction 12 feb 2018 types interest not deductible include personal interest, such as paid on a loan to purchase car for use. Here are the main rewards and potential risks associated with claiming an irs car tax deduction for interest paid on a loan 2 apr 2015 whether or not you pay to acquire vehicle is deductible purposes depends how being used (for business personal purposes), determine which best, compare difference in total payments over life of loans rebate amount if use your may be allowed partially deduct as expense. Lease rentals have benefits over the interest payments in income tax 23 jun 2007 only way on a car loan could be deductible would by borrowing money with home equity or line of credit, says bankrate expert terry jackson 7 feb 2018 so, if you purchased something for your business funds, is as expense. Lakhs and that of principal repayment is within the ceiling section 80c i. According to the irs, you can deduct personal interest expenses paid on a student loan, mortgage, second line of credit or home equity loan. Turbotax employee a year ago so, being able to deduct the interest on your taxes can help reduce overall cost of ownership. Was this answer helpful? Yes noturbotaxharindra_k. Its immaterial whether its taken from a private or nationalized bank same if you paid loan interest for the year, might just qualify tax break uncle sam. The amount available as deduction for interest payout self occupied property remains at rs 1. Loans that can give you great tax benefits bankbazaar. Tax benefits on loans in india check all exemptions505 interest expense tax benefit home loan education car can a personal auto be deductible? Does reduce my income tax? Quora. Car loans tax exemption on interest paid? Rediff. To determine the amount of each actual vehicle expense that may qualify for a tax deduction you will need to calculate percent time is used business 2 feb 2018 paid towards principal repayment qualifies under section 80c income act. However, while these deductions can be tempting, they don't come without risks. Having said that, if you keen to get benefit for same, may rather apply a lease than loan. Will the interest on your vehicle loan
How To Earn Tax Free Interest on Property Tax Payments
 
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http://www.canadianmortgagefinders.com Vancouver BC area mortgage broker John Charbonneau with TMG The Mortgage Group reviews a seldom used method to avoid a big annual property tax bill and how to earn tax free interest on your property tax payments.
Interest on Non/Less Payment of Advance Tax | Section 234B | All Details with Calculation Method
 
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~~~~~~~~~~ VIDEO IS ABOUT: In this video we have discussed about Interest Imposed on Non Payment or Less Payment of Advance Tax in Income Tax under Section 234B also with the Information like Exempted Assessees, Calculation Method, Section 234 Criteria etc... ~~~~ TAGS: Income Tax, Section 234B, Interest Imposed on Non Payment of Advance Taxes, Interest Imposed on Less Payment of Advance Taxes, Section 234B Exempted Assessees, Section 234B Calculation Method of Interest, Section 234B Criteria... ~~~~~~~ ABOUT US: Hello Friends, We regularly post Videos related to Income Tax and GST (Goods and Services Tax) on our YouTube Channel. If You want to co-relate with us in making a healthy and vigilant environment of Taxation. Plz Hit "SUBSCRIBE BUTTON" and also "NOTIFICATION BELL ICON" next to it. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CONNECT WITH US ON SOCIAL NETWORKS: Twitter: http://www.twitter.com/drpawanjaiswal Facebook: http://www.facebook.com/drpawanjaiswal LinkedIn: http://www.linkedin.com/in/drpawanjaiswal
Income Tax : AY 16-17 : Advance Tax
 
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To Buy DVDs of CA / CS / CMA call us at 09889004575 / 0551-6050551. www.badlaniclasses.com [email protected]
Views: 64307 CA dilip badlani
Ms Cornelia Barnbrook, Tax Consultant - Dividends, licenses and interest payments Germany to Israel
 
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Successful Export to Germany Tel Aviv, January 8, 2014 Dividends, licenses and interest payments Germany to Israel Comparison of corporate tax rates and witholding tax rates in Europe. Israeli corporation establishes a subsidiary in Germany. Taxation of profit and dividends in Germany, taxation of license fees in Germany, taxation of loans and interest. http://www.angels4u.co.il/
Views: 184 angels4u
GST3B WITH TAX Interest Late Fees Penalty In Busy
 
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टैक्स का भुगतान, बियाज का भुगतान, Late फीस का भुगतान GST Late Fees का खाता खोलना Busy Accounting Software मे GST IGST TAX PAYMENTPayment Interest Payment For Gst Return Late Fees Payment For GST 3B Return Penalty Payment In GSTR 3B GST LATE FEE AND INTEREST ACCOUNT CREATION IN BUSY
How to pay income tax online | Self assessment tax| Challan 280
 
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HOW TO PAY INCOME TAX USING SBI NETBANKING | SELF ASSESSMENT TAX| Challan 280 How to pay self assessment tax using challan 280 |ITR Project - Make Knowledge Free By - Amlan Dutta Here assesse discovers that his TDS credit is not sufficient to meet the tax liability So , he has to first pay self assessment tax using challan 280 He decides to use the sbi netbanking facility and we record the process Post paying self assessment tax , he has to take credit of the paid taxes in return before submitting it finally We also everify using sbi netbanking and download the acknowledgement and show the process !
Views: 59348 Make Knowledge Free
5 things happen if you don't pay tax in India
 
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Please Like, Share and Subscribe our channel. ---------------------------------------------------------------------------------- Here's what happens if you don't pay your taxes in Hindi People of India, fewer people pay tax. Because its structure is very complicated, it is difficult for the common man to understand it. In 2016, the number of taxpayers in India was 2.23 million. But by August 2017, 54 lac new taxpayers became addicted to 2.79 million. But many times people have not been able to fulfill the tax formulas due to lack of proper information and awareness. After all, with the passage of time, negligence of tax filling can be a big problem and can make our life complex. Well, there is negligence of the government, which does not investigate everywhere, and when they start them, then many people will be caught red handed, who had to fill the tax on government rules but they did not. So do you know if you do not pay taxes then what will happen to you? So today it will talk about if you earn more than 2.5 lac and you do not pay tax then what can be done with you? 1) Income Tax Notice Under Section 142 (1): Income Notice under Section 142 (1): Under this section, if you do not fill Income Tax Relax, you may get a notice and the notice is given to the final time to do the proceedings. After getting the notice, the first and the last one is the same, consult the tax expert and complete the work given in the notice. 2) Prosecution Under Section 276CC: Section 276 Prosecution under CC If you have got a tax notice then the individual, partner or company director will have to give a notice of the notice within the time limit given in notice. If you do not do this work, you have to pay a penalty, along with a section of imprisonment for 3 months to 7 years in this section. That is also the need to go to jail. 3) Carry forward of losses not allowed: carry forward of losses are not allowed: Income tax does not allow the loss of the current year next year. So that you can close it in the coming year or next year. But if you do not close it or enter within the stipulated time next year, then you will also be penalized in the next year. 4) Attract Penalty: Attract Penalty: Those who fax taxes know that if you fill in late tax, then penalties and these penalties are 5000 rupees or more. In this way, any person is not given any rebate or deduction in income tax. But if you do not file an IncomeTax, you will have to pay Rs 5000 in the form of a penalty, and you will also have to pay the tax you have to pay separately. 5) Interest at the rate of 1%: Interest of 1%: If you fail to file a tax return, you will also have to pay interest according to Section 234A. Under which, a tax payer is charged 1% interest on the tax from the actual date of filing tax returns till the last date. So these were five points which give basic information on some of the rules of income tax. Hope you liked the video. And you will be saved from the extra charge taken from your CA. Because you understand the information given in this video. ----------------------------------------------------------------------------------------------------------- Music by : Fanfare for Space by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/...) Source: http://incompetech.com/music/royalty-... Artist: http://incompetech.com/
Interest on Advance Tax Sec 234C
 
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CMA Rajesh Kumar : Computation of Interest on short paid advance tax installments. Income Tax for CA, CMA, CS : Final and Inter
Views: 5673 CMA Rajesh Kumar
Is Interest Paid On A Car Loan Tax Deductible
 
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Is interest paid on a car loan tax deductible KNOW MORE ABOUT Is interest paid on a car loan tax deductible This means that you can claim a tax deduction based on the proportion business use makes up total of vehicle answer. If you use your car for business, can deduct the interest that pay on loan as an expense. Tax benefits are available to a salaried person in respect of any car loan if you're self employed and use your for the business, you might be able deduct interest paid on as business expenseCar tax deductible? Auto deduction mileiq. Googleusercontent search. 0 7 feb 2018 don't forget to write off loan interest, or else you're just leaving money on the table! the loan funds, the interest is tax deductible as a business expense. Can a personal auto loan be tax deductible? Deducting business related interest payments need to save money? Here's secret write off. While you get tax exemption on interest paid your home loan 2 apr 2015 vehicle interest; Consumer loans secured by the vehicle; Using not pay a to acquire is deductible for otherwise, may reach retirement age without having prospective car buyers looking way make auto payment have find fit it into one of jul 2012 hello anil unlike leasing where lease rentals income benefits, payments can only be shown as deduction 14 jan 2013 there any benefit payable or benefits over in borrowing expense that taxpayer claim personal credit card interest, and other types loan, if used business purposes claimed no, person do direct under are deductible; If finance purchase deduct an registration property fees, 24 aug 2018 could therefore 33 percent course year, well learn which type. Loans and income tax benefits available taxguru. You can't even deduct depreciation from your business car because that's also factored in. Is a car loan tax deductible? Quora. Does interest paid on car loan attract any income tax benefit what is the of taking loan, insurance deductible can give exemption from tax? Quora. If you use the standard mileage rate, are still allowed to deduct following three actual expenses interest on a car loan tax exemptions home loans education auto paid towards repayment is eligible for deduction 10 may 2018 deductible commercial. Car loan interest tax deductible? Auto deduction mileiq. Will the interest on your vehicle loan be deductible? Indian cpa is car tax Carsdirect. Car loan tax benefits for self employed & how to claim it. How to calculate interest paid on a loan for tax purposes. Interest you pay on your auto loan as a qualifying interest expense 17 jul 2018 the deduction is available basis of actual payment. Tax benefits on loans in india check all exemptions bankbazaar. Is car loan interest tax deductible? Auto deduction mileiq. Is car loan interest a tax deduction? Find out here. 26 aug 2017 car loan interest is tax deductible if it's a business vehicle. Are interest payments on a car loan tax deductible turbotax supporth&r block. Car loan interest tax deductible? Auto deducti
Views: 0 SS Insure Facts
ADVANCE TAX: Liability to Pay, Online Payment; Interest for Default
 
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Payment of Advance Tax (by Whom) Due Dates of Advance Tax (4 Instalments) Interest under Section 234C; 234B & 234A Filing of Return before / After Due Date Online Payment of Tax: Advance or Self-Assessment
Tax Benefits for Homeowners
 
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"Tax Benefits for Homeowners" brought to you by Darin Bjerknes with Commonwealth Realty. Darin Bjerknes Commonwealth Realty [email protected] www.cwrealtymn.com It’s getting close to tax time and I wanted to go over the tax benefits for homeowners and first-time buyers. To start off, I’m not an accountant so if you’d like to know how some of these deductions apply to you, make sure to contact your tax professional. First, I’m going to give you a summary of the tax deductions because I know I may lose most of you with all of the tax jargon. Taxes just aren’t that interesting, unless you're an accountant :) The 5 most common tax deductions for homeowners are: 1. Mortgage Interest Paid, 2. Discount Points & Origination fees, 3. Property taxes, 4. Home Offices, 5. Private Mortgage Insurance or PMI. If you want to learn a bit more keep watching. Again, #1The most common Tax Deduction for Homeowners is: Mortgage Interest Paid - The interest you pay to your lender is tax deductible and is a great way to reduce your tax burden. Mortgage interest tax deductions are extended to second mortgages as well. Interest paid on a refinance loan, home equity loans, and home equity lines of credit are also tax-deductible. There are some restrictions here, so make sure to check with your accountant. Homeowners can deduct up to $1 million dollars of mortgage interest. #2 Discount Points and Origination Fees are also tax deductible when they are in connection with a home purchase or refinance. Discount points are fees that allow you to buy down your interest rate, therefore lowering your monthly payment. One discount point costs 1% of borrower’s loan amount. When discount points are paid in conjunction with a purchase, the cost may be deducted in full in the year in which they were paid, dollar-for-dollar. With respect to a refinance, discount points are not fully tax-deductible in the year in which they are paid. With a refinance, discount points are typically amortized over the life of the loan. The term "origination fees" refers to any expenses you pay to the lender to compensate him or her for providing the loan. Most lenders charge a basic origination fee equal to a certain percentage of the loan balance. #3. Property Taxes. Homeowners typically pay real estate taxes to local and state entities. These property taxes can often be deducted in the year in which they are paid. If your mortgage lender currently escrows your taxes and insurance, it will send an annual statement to you which you can file with your complete federal tax returns. Your accountant can help determine the payment's tax deductibility. #4. Home Offices. Homeowners who work from their residence can typically deduct the expenses of maintaining a qualified home office. Allowable tax deductions for a home office include renovations to the room(s), telephone lines, and the cost of heat and electric. You can typically deduct your office sq.ft. from the rest of your home. Before claiming a home office on your returns, though, be sure to speak with an accountant to understand the benefits and liabilities. #5. Private Mortgage Interest or PMI. This is something you typically pay for if you don’t make 20% down payment when you purchase. The PMI is a policy that is taken out by the homebuyer to protect the lender against possible default on the mortgage loan. You may be eligible to claim the deduction for PMI on your tax return. However, if your adjusted gross income is over $100,000 you may not be able to deduct it. A side not on the PMI Deduction, as of right now this will be going away starting in 2016. Again talk to you tax professional. :) If you purchased a home this past year, make sure to give your accountant the settlement statement you received at closing. He or she will be able to determine what you can deduct from the purchase. As with the PMI deduction going away, Homeowner tax deductions are continuously changing. It’s always a great idea to ask your accountant to see what deductions apply to you and your situation.
Views: 10007 Darin Bjerknes
Interest on Advance Tax Sec 234 B
 
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CMA Rajesh Kumar : Computation of Interest on Advance Tax under sec 234B :Income Tax for CA, CMA, CS : Final and Inter
Views: 9048 CMA Rajesh Kumar
How to Get Income Tax Exemption on Home Loan 2017-18 |गृह ऋण पर आयकर छूट कैसे प्राप्त करें
 
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Buy Low-cost DSLR camera for Youtube : http://amzn.to/2BctGFt Buy Best Low-cost Mic for Youtube : http://amzn.to/2kkdp77 Buy the best webcam for video recording :: http://amzn.to/2Bf5ti4 Buy MIC for high-quality recording: http://amzn.to/2D2dV1a Actual principal repaid subject to a maximum of Rs. one lakh fifty thousand (Rs. two lakh for senior citizens) can be claimed as investment eligible for tax deduction under section 80C. First time home buyers will get an additional exemption of upto Rs. 50,000/- on interest paid for loans upto Rs. 35 lakhs with cost of home upto Rs. 50 lakhs. For loans taken from the FY 2016-17, Up to Rs. Two Lakh if completed within 5 years from the end of the fin. year in which loan is taken, else Rs. 30,000. As per current tax laws, for properties rented out, a borrower could deduct the entire interest paid on home loan after adjusting for the rental income. On the other hand, borrowers of self-occupied properties get Rs. 2 lakh deduction on interest repayment on home loan. However, according to the proposed change, on rented properties, the borrower can only claim deduction of up to Rs. 2 lakh per year after adjusting for the rental income. And the amount above Rs. 2 lakh can be carried forward for eight assessment years. Since the interest component of home loan repaid in initial years is higher, experts say that the borrower may not be able to fully adjust the interest paid as deduction even in subsequent years. For example, your interest outgo on a second property is Rs. 5 lakh in a particular year. Assume that you are earning a rent of Rs. 1.5 lakh annually from the property. Such buyers, according to the earlier rule, were allowed to adjust the difference of Rs. 3.5 lakh (Rs. 5 lakh interest minus Rs. 1.5 lakh). But from the next financial year, they will be allowed deduction of just Rs. 2 lakh. The remaining amount of Rs. 1.5 lakh (Rs. 3.5 lakh minus Rs. 2 lakh) can be carried forward up to eight financial years and be adjusted later. Experts say the move will dampen the demand for buying a second property for the purpose of earning rental income. "High net worth individuals used to buy properties on loan and were able to set off the full interest liability against the lettable value of property usually resulting in loss which would substantially bring down tax liability and consequently their borrowing costs. This avenue is now closed and loss above 2 lakh would have to be mandatorily carried forward," said Sandeep Sehgal, director of tax and regulatory at Ashok Maheshwary & Associates LLP. The finance minister in Union Budget 2017-18, however, proposed a change that will attract lower tax on gains from property sale. Mr Jaitley proposed that the holding period of a property for qualifying under long-term gains will get reduced to two years, from three years currently. As per current tax norms, if a property is sold within three years of buying, the profit from the transaction is treated as short-term capital gain and is taxed according to the slab rate applicable to him/her.
Views: 13207 Guide My Finance
How Do Principal Payments Work on a Home Mortgage?
 
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Learn to budget, beat debt, & build a legacy. Visit the online store today: https://goo.gl/GjPwhe Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
Views: 333697 The Dave Ramsey Show
Home Loan Tax Benefits while Filing Income Tax Return
 
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Tax Benefits on home loan. This video will also be telling you about Interest payment deductions under Section 24(b), Benefits on home loan in the case of first time buyer, second home loan and joint owners of home loan, Conditions to claim tax benefits on home loan. H&R Block is the largest Tax Services provider for Individuals and Businesses having filed over 720 Million returns filed worldwide annually. We help people in income tax e filing. eFiling income tax return is mandatory for all individuals with taxable income to remain compliant as per income tax act of India. Income tax return filing due date is 31-July every year. Read about the same topic in detail here: http://bit.ly/2zqSbhZ You can also visit our website to know more about us at: https://www.hrblock.in/ Ask us any queries about taxation here: http://bit.ly/2KN6u5r Subscribe to our Youtube channel for latest videos & updates related to taxation: http://bit.ly/HRBsubs For reading articles related to taxation you can visit our blog: http://bit.ly/2KN6u5r Avail individual tax services by H&R Block Income Tax e-Filing by Experts: http://bit.ly/2L6ywoC Self e-Filing of Income Tax: http://bit.ly/2Jed7bk In Person Premium Tax Preparation: http://bit.ly/2L6yAom NRI Tax e-Filing: http://bit.ly/2ua5uxV U.S. Tax Filing in India : http://bit.ly/2m6KC6y Tax Consultation & Scrutiny : http://bit.ly/2KLVxBk Follow us on our social media network: Facebook: https://www.facebook.com/india.hrblock/ Twitter: https://twitter.com/HRBlockIndia LinkedIn: https://www.linkedin.com/company/h&r-block-india/ Google+: https://plus.google.com/+HrblockIn Quora: https://www.quora.com/profile/HR-Block-India
Views: 207 H&R Block India
GST INTEREST ON LATE PAYMENT OF TAX, GST INTEREST CALCULATOR, INTEREST ON DELAYE
 
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LINK FOR GST INTEREST-CALCULATOR : DOWNLOAD FROM HERE https://drive.google.com/open?id=0B36kFe8-11HjNTI3eWNFOWFVNHM
Views: 603 Talent&Trend
Service Tax payment, how to pay service tax online, Service tax
 
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Service Tax payment, online Service tax payment, service tax online payment, Service tax Interest payment, online service tax interest payment, how to pay interest on service tax, how to pay penalties on service tax, service tax payment through online, service tax procedure, service tax caluculation, service tax entry
Views: 22712 Wisdom Tally
07- Fixed Deposite & Tax Implications (HINDI)
 
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Interest from FD is taxable.learn how much tax u need to pay on FD returns
HOW TO MAKE ONLINE PAYMENT OF INCOME TAX
 
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online payment of income tax challan though net banking of punjab national bank Assessment year 2015-2016 (for 01/04/2014 to 31/03/2015 ) and assessment year 2016-2017 (for 01/04/2015 to 31/03/2016)
Views: 34623 GHANSHYAM SHARMA
Why do we pay tax on interest on money in the bank?
 
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Why do tax payers pay tax on interest payments on their savings? The value of your savings never seems to keep up with the real inflation. When fuel costs, energy bills are up into double figures, way above the mythical official rate of inflation, we make a loss. If our money is worth less even with interest added, we are in deficit. If a company makes a loss it does not pay tax on that loss, but we pay tax on our loss. Why?
Views: 532 davidnightingale
Mortgage Interest Tax Deductions
 
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Here I explain why it's better to have a lower mortgage interest rate and receive less interest mortgage deduction than to pay more interest on a higher rate loan just for a tax deduction.
Views: 4000 Larry Bass
Tax  Deduction on Home Loan under Income Tax Act
 
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What type of tax relief can I get if I take home loan ? You can deduct the interest upto Rs 2 Lakh  irrespective of the fact if the house is self occupied or rented . Apart from that the principal amount paid in a year is allowed to be deducted from gross total income u/s 80C. Remember , the maximum deduction u/s 80C is Rs. 1.. 5 Lakh Can I get tax deduction from the year of taking loan ? No , tax deduction u/s 24 from income of house property is allowed when the house is completed . If you buy a ready made house, you can claim tax deduction of interest from the year of purchase  itself . However, deduction of principal amount repaid to home loan company can be deducted from the year of receipt of loan. If my house is built in two years , what happens to interest paid for those two years? As per law, interest paid before the year of completion of the house shall be added and will be allowed in four installments starting from the year of completion of house. So , for example say you bought the house in FY 2013-14  and house was completed in FY 2015-16. Total interest paid as on 31st March 2016 as under :             Interest                                  Principal FY 2013-14                 1,00,000                15,000 FY  2014-15        1,00,000                20,000 FY 2015-16         1,00,000                25000 Then , Rs 50,000 (the Rs 1,00,000 + Rs 1,00,000= Rs 2,00,000 ) is to be allowed as deduction u/s 24 from FY 2015-16  till FY 2018-19 . So, total deduction that is allowed in FY 2015-16 is  Rs 1,50,000 ( Rs 1,00,000 + Rs 50,000) . Is there any time limitation within which house must be constructed ? Yes, house must be constructed within 3 years from the end of financial year in which loan was taken. If house is not constructed within 3 years , the deduction is restricted to Rs 30,000 only. I am planning to buy house jointly with my wife ? Can both of us claim deduction of interest and principal separately. Yes, both of you can claim interest deduction up to Rs 2,00,000. In this respect , please note that if the investment is only by the husband, wife cannot claim deduction for either interest or principal. However, if both the husband and wife shared equally the burden of payment of loan , then both can claim the deduction of interest in proportion of their share in loan repayments.
Views: 7625 Prashant Thakur
HOW TO FILE TAX RETURN FOR BANK INTEREST ON FIXED DEPOSIT| ITR 1
 
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Dear Friends , Case -What to do if Bank deducted TDS @ 10 % is more than applicable tax Solution In various blogs and articles ,i have seen this question being asked by many people . Basically they feel that the bank deducted extra tax on FD interest income @10 % or 20 % and they are clueless as to what to do . First , let me clear the misconception that banks cannot deduct extra tax .They must deduct only 10 % with pan card and 20 % without pan card deposited -as tax on FD interest income ....(in cases where applicant declares that his/her total income falls belowexemption limit set at 2 lakhs for current year )so interest income should not be subjected to tax via a form called 15 G , the bank then deducts no tax ) Now , it is upto the applicant to finally while filing return declare income and as per his/her total income ,only applicable tax will be computed .So ,if bank has deducted more , applicant will get refund .And if bank has deducted less ,applicant will have to pay extra tax before filing return, If bank has deducted 400 [email protected]% TDS(more) , the applicant needs to file return refund for 400 Rs , If bank has deducted 300 Rs @10% TDS(more) ,then applicant needs to file return refund for 300 Rs, So, it really doesn't matter what bank deducts as protocol,it is on applicant to declare income and claim refund or pay extra tax as the case may be while filing return. Note that the tax will be applied as per tax slab only on taxable total income only and nothing else Here ,with a practical example ,we see how to file income return for a applicant aka Seema ,deriving income only from fixed deposit interest income .Since this qualifies as income from other sources as defined under return ITR 1 (which excludes winning race horse money and lottery income) , she has to fill ITR - 1 , Then using form 26 AS from income tax website or form 16 A given by bank , details in ITR -1 is to filled , In Income details sheet , details of income need to be mentioned under head "Other sources "...note once she has populated income , and calculates tax , tax as per applicable income slab gets calculated .It is this tax that she has to pay ....we can see that in applicants case , it is very less as compared to bank deducted TDS deduction @ 10 % ...so she will have to file a return refund accordingly In TDS sheet ,details of tax deducted by the deductors as made available in form 26 AS or form 16A needs to be mentioned, In taxes paid and verification sheet , the applicant details as regards name ,fathers name ,place ,date , bank name ,account number , etc need to be mentioned , We validate each sheet and then compute tax using compute tax button in income details sheet and check whether it matches our tax deducted in TDS sheet ,something which the form automatically does also in sheet "Taxes paid and verification" and lets us know whether we have any tax liability , We generate XML file and upload return online .after generating acknolwedgement (ITR V ) ,applicant needs to sign it and send within 120 days ,via SPEED POST OR ORDINARY POST TO the following address , Income tax department -CPC, POST BAG NO-1, Elecronic city post Office, Bangalore -560100 Karnataka. Since return is file on 10/07/2013 ,he can send it until 10/11/2013 .. Summarising one can observe that the bank deducted TDS has got nothing to do with the income tax slabs and thereby tax fixation .It is on the applicant thereby to understand his/her income tax liability at the end of the year and then fill the return (ITR 1/2/3/4 etc ) accordingly ,wherein he/she will claim refund if bank deducted 10 % turned out more than applicable tax or in case (2) - will pay the extra tax as required if bank deducted tax at 10 % TDS happens to be less than the applicable taxes as per income tax limits What matters finally is that the applicant should at the end of the year be able to sum up his income and file return paying taxes accordingly as per the income tax stipulations and not as per Bank deducted TDS ..... Hopefully that helps , Cheers , Amlan Dutta Please Check my facebook page www.facebook.com/filingreturnsonline where i keep on adding more stuff and where you would find all the stuff that i have created till date .
Views: 37626 Make Knowledge Free
Liability of Advance Tax Payment, Interest @ 1% p.m. under section 234C
 
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#SBR_066_09_06_18 https://youtu.be/4OGbRzP2yXU (24 Minutes) Instalment Last Date First.... 15-Jun- .....15% Second... 15-Sep-...45% Third... 15-Dec...75% Fourth.. 15-Mar-100% CALCULATION OF INTT. UNDER SECTIONS 234C TOTAL TAX LIABILITY INCL. EDU CESS LESS : TDS BY EMPLOYER, BANK LIABiLITY FOR ADVANCE TAX ONLY IF AMOUNT EXCEEDS Rs. 10000 CALCULATION OF INTT. UNDER SECTIONS 234B LIABLITY FOR ADVANCE TAX LESS : ADVANCE TAX PAID LIABILITY FOR SHORTFALL CALCULATION OF INTT. UNDER SECTIONS 234A TOTAL TAX LIABILITY INCL. EDU CESS LESS : TDS BY EMPLOYER, BANK LIABILITY FOR DELAY IN FILING RETURN
What Type Of Interest Is Tax Deductible
 
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What type of interest is tax deductible KNOW MORE ABOUT What type of interest is tax deductible Tax deductible interest payments the motley fool505 expense. Is interest on credit cards tax deductible? Turbotax tips can i write off card my taxes? deducting expenses your business taxes. Need to save money? Here's a secret write off loan interest. Five tax deductions you never thought about can write off mortgage interest on your taxes in 2018? . Credit card and installment interest incurred for personal expenses the irs allows you to deduct certain from your total income arrive at taxable income, which is portion of earnings that subject tax you're allowed take a deduction some types payments, but unfortunately, credit not among them. Interest is tax deductible student debt relief. Plus, you may be able to 1 jun 2015 why is business interest deductible against taxes on earnings? Neither political party favors this sort of revenue neutral tax reform 17 apr 2018 as a matter fact, can even claim boat or motor home home, second and thus mortgage these items also 8 dec 2017 expense reported form 1040, schedule along with other itemized deductions subject some 7 feb don't forget write off loan interest, else you're just leaving there are several types that not they include 19 do qualify deduct the your interest? For cash, probably won't type learn specifics when it comes deducting service (irs) allows different expense, many have overlooked laying equity pay credit card debt has more benefits lower rate 30 jan about two thirds american homeowners their homes then, add deductibility nearly all which payments. Tax deductible interest investopediawhat is tax interest? Definition and meaning what types of payments are deductible? Advice company. The tax code classifies the 13 may 2018 how to deduct types of interest expenses for your business, and income affects taxes 7 jul while credit card is a fairly uncommon deduction, other deductions are far more common. Jph deducting business related interest loan payments. Googleusercontent search. The three main types of interest deductions for individuals are home mortgage and equity loan interest, margin account definition tax deductible amount paid as (on a or other qualifying loans) that is allowed by taxation authorities the question what payments used to be simple one, but since 1986, law governing certain can serve eligible. Is interest on business loans tax deductible? Great news fundera. Is your mortgage interest tax deductible? The balance. On overdue taxes (only c corporations can deduct this interest)Tax deductible interest investopediawhat is tax interest? Definition and meaning what types of payments are deductible? Advice company. When is interest expense deductible? Taxact blog. Types of interest that are tax deductible include mortgage for both first and second (home equity) mortgages, investment properties, student loan interest, the on some business loans, including credit cards deductions reduce
Views: 0 SS Insure Facts
7 tax saving tips you might not know
 
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This video talks about 7 tips which can help a person in saving more tax in India. Those tips are 1. Gift money to your major children and Save tax on Future Income 2. Claim stamp duty and registration fees in 80C 3. Get deduction for rent even without HRA 4. Declare your losses in tax return to save tax in future 5. Buy House with Parent or Siblings as joint-owners 6. Use education loan to lower tax for your Children in Future 7. Take unlimited deductions for your second home loan interest payment Created by : www.jagoinvestor.com
Views: 128156 jagoinvestor
Advance Tax - How to Calculate and Penalties involved on missing deadline
 
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As the name suggests, Advance Tax is part payment of your income tax liability in advance. So instead of paying everything at the end of the year, you pay it 3 times in a year in parts. The concept of Advance tax exists because govt wants you to pay income tax as you earn month after month and not at the end of the year. Advance tax is to be paid when your annual tax liability exceeds Rs 10,000 overall . However important point is that Advance tax is applicable on your Income from sources other than your Salary like 1. Interest on Fixed deposits or Savings bank deposits exceeding Rs. 10,000/- 2. Rental income on House Property/properties 3. Capital Gains on sale of Mutual Funds or Shares 4. Income from any other sources not mentioned as above. Which means that if you are a salaried employee who does not have any other income source and if your employer deducts TDS regularly , then Advance Tax is not applicable in your case. You dont need to worry about it. You have to pay advance tax 3 times in a year, which is 15th Sept , 15th Dec and 15th Mar and you should be paying not less than 30% , 60% and 100% of your income tax liability before these dates. Below picture makes it clear for you. Which means that if your income tax liability for a year is Rs 1,00,000 , then you should pay advance tax of Rs 30,000 by 15th Sept, another Rs 30,000 by 15th Dec and rest Rs 40,000 by the end of 15th Mar What if I don’t pay Advance Tax on time ? If Advance Tax is applicable in your case, then you should be paying it on time, but if you don’t pay it on time, then you can pay it on the next due date along with the interest. So those who have not paid the first installment (i.e. September 15) of Advance Tax (if applicable to you), then you can pay it together with second installment (on of before 15th Dec), but with interest on the first instalment for deferment of the same by three month and if you are not paying it even on Dec 15th , then you can pay it by the end of the year along with the interest. You will be charged with penalty under Sec 234B and 234C incase you don’t pay your advance tax on time. Let me quickly share what is sec 234C and sec 234B Understanding Penalty under Section 234C Lets first understand sec 234C. Under this section, if you don’t pay your installments of advance tax on time, then you are charged 1% of simple interest for next 3 months on the amount of shortfall. So this is the penalty to be paid because of DELAY! Understanding Penalty under Section 234B If your total advance tax paid by last due date (15th Mar) is less than 90% of your advance tax liability, then you will have to pay 1% interest on the balance amount each month until you complete the payment. which means that suppose your income tax liability is Rs 1,00,000 in total and if you have not paid anything upto 15th Mar, then you will be charged 1% on the outstanding balance (Rs 1 lac in this case) each month, unless you pay it, so if you pay in June , then you will be charged for 3 months penalty and it would be Rs 3,000 in total other than penalty under sec 234C. Lets understand sec 234B and 234C with help of case studies. Lets assume that your total Income Tax payment for the year would be Rs 50,000, then as per rules of Advance tax, you should be paying - Rs 15,000 by 15th Sept - Another Rs 15,000 by 15th Dec - And Rest 20,000 by 15th Mar Now imagine you don’t pay any advance tax , then how much penalty you will pay under sec 234B and 234C under various situations ? Below I have explained 4 situations where you pay your full income tax on different dates. Check out how much penalty you will have to pay under these situations ! More at http://www.jagoinvestor.com/2014/12/advance-tax-and-penalty.html
Views: 12208 jagoinvestor
984 Will taxpayer have to still pay tax on interest income if bank has not deducted tax?
 
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984 (Income tax) Will taxpayer have to still pay tax on interest income if bank has not deducted tax? Video Link - https://www.youtube.com/watch?v=DKtmhqCb9bA Narration - By Amlan Dutta Say the taxpayer falls in taxable slabs ,however the bank has not deducted tax on interest income . Will the taxpayer then be still required to pay tax on FD interest income. Yes , taxpayer is required to pay tax on income whether deductor deducts TDS or not
HOW TO SHOW HOME LOAN INTEREST FOR SELF OCCUPIED HOUSE IN TAX RETURN?
 
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2 How to show home loan interest for self occupied house in ITR 1 tax return ? Project - Make Knowledge Free In ITR1 which column I can use for deduction under 24B ( Home loan Interest upto 2laksh)? Solution - By Amlan Dutta In ITR 1, you don't depict home loan interest separately ...Here's how you do it , you compute the compute entire income from house property and then show this income ( positive/negative ) under income head ... Let me make this clear with a example . Firstly property can be self occupied or let out (a) Self occupied house If suppose property is self occupied house and loan interest is 140000 Rs . Then this translates to house property income as = ( Net annual value - standard deductions ) (Std deductions are 30 % of net annual value and home loan interest under 24(b) .Note that Net annual value (NAV of a self occupied house is always zero ) = 0 - !40000 = -140000 Rs......you will be then required to put this value directly there (b)Let out house If suppose property is let out , again first arrive at income of house property = (Net annual value - standard deductions ). (Std deductions are 30 % of net annual value and home loan interest under 24(b) .Note that Net annual value (NAV of a self occupied house is always zero ) = Say X Rupees. You are then required to directly put the final value of this income in the income from house property field , . .( It is only in higher ITR's (ITR 2/3/4 ) etc that breakup is required and fields are given where you can directly put in interest component etc etc ...if you still get stuck , my watsapp is 0 9 1 6 7 0 0 2 3 2 7
Views: 54724 Make Knowledge Free
ONLINE INCOME TAX कैसे जमा करें? (How to Pay Income Tax Online?)
 
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How to pay income tax online. How to pay self assessment tax and advanced tax online. This video tells you about how to pay income tax online. Music Credits: Carefree by Kevin MacLeod is licensed under a Creative Commons Attribution license (https://creativecommons.org/licenses/by/4.0/) Source: http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1400037 Artist: http://incompetech.com/ Copyright Disclaimer under section 107 of the Copyright Act 1976, allowance is made for “fair use” for purposes such as criticism, comment, news reporting, teaching, scholarship, education and research.
Views: 25481 Average Indian
Excel Finance Class 58: After Tax Cash Flows & After Tax Interest Rates
 
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Download Excel workbook http://people.highline.edu/mgirvin/ExcelIsFun.htm Learn about how tax rates affect cash flows and interest rates. See calculations for Interest Revenue and Interest Expense.
Views: 11584 ExcelIsFun
Benefits of home loan (Principal and Interest)as per income tax act 1961
 
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Income tax Benefits from housing loan for construction or purchase of New house , Housing loan for renovation ,reconstruction or repairs of existing loan... in telugu
Views: 3681 GST CONSULTANTS
home loan benefits under income tax laws explained by Balwant Jain on CNBC  AWAAZ
 
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When can one claim tax benefits for repayment of home loan under Section 80 C? When the deduction under Section 24(b) for interest on home loan can be claimed? Is competition of construction a precondition for claiming tax benefit under Section 80 EE?
Views: 3427 Balwant Jain
Self Assessment Tax explained in a super simple manner with charts and diagrams
 
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Self assessment tax explained in a very simple manner. Tax on TI (Returned Tax) xxx Less : Advance tax (xxx) Less : Tax Deducted at Source (xxx) Less : Relief u/s 89 (Salary relief) (xxx) Less : Relief u/s 90, 90A, 91 (DTAA) (xxx) Less : Tax credit u/s 115JAA (MAT credit) (xxx) -------- Tax xxx + Interest u/s 234A, B & C xxx -------- Self Assessment Tax xxx SAT alongwith interest is required to be deposited before furnishing the return of income and the proof of such payment should be attached with the return of income. Note 1: Where the amount paid by the assessee under section 140A is less than the amount required to be paid under section 140A, then the amount so paid shall be first adjusted towards the interest aforesaid and the balance towards the tax. Visit us at taxbykk.com
Views: 5169 kaushal agrawal
ADVANCE TAX | Interest u/s 234A B C
 
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ADVANCE TAX COMPLETE INFORMATION Interest u/s 234A Interest u/s 234B Interest u/s 234C EXPLANATION Salaried,freelancers and businesses– If your total tax liability is Rs 10,000 or more in a financial year you have to pay advance tax. Advance tax applies to all tax payers, salaried, freelancers, and businesses. Senior citizens, who are 60 years or older, and do not run a business, are exempt from paying advance tax Introduction to Section 234A – Interest for Default in Filing Tax Return What is 234B interest in Income Tax? Interest under section 234B of Income Tax Act is levied upon those taxpayers who default in payment of Advance Tax. There are other similar interest penalties applicable under section 234A (delay in filing tax return) and section 234C (defaulting payment of Advance Tax instalments). INTEREST U/S. 234-C FOR DEFERMENT OF ADVANCE
Views: 990 Venkat S
What To Do If You Can't Pay Your Taxes
 
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If you owe taxes, you are supposed to send your payment with your tax return on or before April 15th, or the following Monday if April 15th is on a weekend or holiday. You should file a tax return even if you cannot pay. This video will discuss three options for dealing with tax debt if you cannot pay your taxes. Once you file a tax return, in most cases, the IRS has 10 years to try to collect taxes from you. At the end of 10 years, by law, the IRS may not collect the debt from you. If you cannot pay your tax debt at the time that you send your tax return, there may be other ways to pay that debt. If you cannot pay your taxes, you have three options: Installment agreement Currently not collectible status Offer in compromise Installment Agreement is your first option. If you choose this option, you will be paying your tax debt plus interest until your tax debt is fully paid. You must be able to make a payment to the IRS every month for a total of no longer than 36 months or three years until you pay the total tax debt. If you choose this option but then cannot make the payments you should contact the IRS right away. If you miss a payment, the IRS may try to collect the money you owe. Before they do this, you will receive IRS notices. To request an Installment Agreement use IRS Form # 9465. The form is available at the IRS website, www.irs.gov. Currently Not Collectible is your next option. If you have no money at all to pay your tax debt, but expect to have money to pay in the future, you may contact the IRS and ask that they place your tax account in “currently not collectible” status. To qualify for this status you must: Explain to the IRS that right now, you simply have no money left at the end of the month to pay your tax debt and give the IRS information about your monthly income and expenses to support your claim. The IRS may get your income and expense information from you over the telephone or may ask you to fill out a financial information sheet known as a Form 433-F. If your account is placed in “currently not collectible” status, the IRS may not take any collection action against you at this time for this particular debt, such as garnishing your wages or levying your bank account. Note that the account balance still exists, and interest and penalties will accumulate. The IRS may also file a lien even though your account is in “currently not collectible status.” The IRS may also keep any future refund that you may be owed and apply it to your past tax debt. The IRS will send you quarterly or yearly account statements until the debt is paid or until 10 years have passed. Offer in Compromise is your final option. If you believe that you will never be able to pay your tax debt, you may apply for the “offer in compromise” option. To apply for this option you must: File all of your tax returns for the past 6 years and convince the IRS that you will probably never be able to pay the taxes that you owe. Because the IRS is agreeing to forgive your debt, it will carefully examine your financial situation, education, work history and health. To do this the IRS will look at your bank account statements, proof of living expenses and income for several months. You may offer to pay a part of the total tax debt that you owe, and the IRS will forgive the rest of the debt. However, you should only offer an amount that you can actually afford. If you owe taxes and you cannot pay the IRS at the time that you are filing your tax return, call the Legal Services of New Jersey Low-Income Tax Clinic at the toll free Legal Services of New Jersey hotline number, 1-888-LSNJ-LAW for free assistance. Visit http://www.lsnjlaw.org for information about various areas of law, or http://www.lsnj.org to see client testimonials. Legal Services of New Jersey is a non-profit organization that oversees the coordination of five regional Legal Services programs. Our mission is to provide representation and advice to low-income New Jersey residents in civil legal cases. Twitter: https://twitter.com/LSNJ Facebook: https://www.facebook.com/LegalServicesOfNewJersey
Views: 1839 LegalServicesNJ