A PAN (Permanent Account Number) card is a unique 10-digit alphanumeric identification number issued by the Income Tax Department of India. It serves as a crucial document for various financial transactions and is mandatory for certain activities. Features of PAN Card: 1. Unique Identification: Each PAN card has a unique number assigned to an individual …
Introduction:Section 80EE of the Income Tax Act is a provision that offers tax benefits to individuals on the interest paid on home loans. Introduced to encourage homeownership, this section provides an additional deduction over and above the benefits available under Section 24(b) of the Income Tax Act. Features of Section 80EE: Benefits of Section …
Understanding Section 80EE of the Income Tax Act: Features and Benefits Read More »
Introduction: In the dynamic landscape of India’s financial sector, digital payment banks have emerged as catalysts for change, revolutionizing the way individuals access and manage their finances. This article explores the distinctive features, myriad benefits, and the unique challenges faced by digital payment banks in the Indian context, showcasing their pivotal role in reshaping the …
Introduction: Public Provident Fund (PPF) stands as a stalwart in the realm of investment and savings options, offering a secure and lucrative avenue for individuals to grow their wealth while enjoying tax benefits. Established by the Indian government, the PPF scheme has become a cornerstone for long-term financial planning for millions of individuals. In this …
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By implementing these creative ways to save money in India, you can make a significant impact on your finances and achieve your financial goals. Remember, small changes can lead to big savings over time.
BACKGROUND Finance minister Nirmala Sitharaman introduced Section 80EEA in the 2019 Union Budget to give a boost to the Centre’s Pradhan Mantri Awas Yojana (PMAY) and further boost real estate sector. The Section 80EEA deduction is over and above the Rs 2 lakh deduction limit allowed under existing provisions of Section 24 (b). WHO IS …
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Education is the cornerstone of personal and societal development. Recognizing the importance of higher education, the Indian government has introduced various measures to facilitate access to quality education. One such initiative is the provision of tax benefits under Section 80E of the Income Tax Act, 1961, which allows individuals to claim deductions on the interest …
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As FY 2023-24 is closing soon employee need to know and sumbit their tax liability to their employees. To help employees calculate their Tax Liability fo FY 2023-24 Palgou has made this Free of Cost Tax Calculator available for you. You Can check your Tax Liabilty for FY 2023-24 using this Calculator Online. If You …
Income Tax Calculator for FY 2023-24 (AY 2024-25) Read More »
Filing your Income Tax Return (ITR) is not just a legal obligation; it’s a crucial financial responsibility. Neglecting this duty can have far-reaching consequences that extend beyond the immediate repercussions. Let’s have look on consequences of not filing your ITR. Penalties & Late Fees: Penalty under section 235F will be levied upto Rs. 5000/- for …
Interest earned by Senior Citizens on Deposits is Taxable subject to deduction under section 80TTB. What is Section 80TTB?Section 80TTB of the Income Tax Act 1961 provides a deduction in respect of interest earned on Specified Deposit to Senior Citizens and Super Senior Citizens. Who is eligible to Claim Deduction under section 80TTA?Deduction under section …
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