Palgou India

Section 43B(h): Disallowance on non-payment/delay in payment to MSME Creditors

INTRODUCTION OF SECTION 43B Finance Act 2023, introduced a major amendment in Section 43B of the Income Tax Act, 1961 by adding sub-clause (H) to it. Section 43B deals with allowabilty of certain deductions on actual payment basis. As per Section 43B exepnses are allowed to deducted from Income from Business and Profession based on […]

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Section 80G – Save Taxes with Donations

What is Section 80G? Section 80G of the Indian Income Tax Act gives tax deduction in respect of donation made to approved Charitable Instituitions and funds. Deduction available Under Section 80G is over and above deduction available U/s 80C. Deduction U/s 80G is available only under Old regime, if you are filing ITR under new

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Section 80E: Income Tax deduction for Interest on Education Loan

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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Income Tax Calculator for FY 2023-24 (AY 2024-25)

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

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Consequences of Non-Filing of ITR

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

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Deduction under Section 80TTB of the Income Tax Act 1961

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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Deduction under Section 80TTA of the Income Tax Act 1961

Interest earned on Saving Bank Account is Taxable subject to deduction under section 80TTA. What is Section 80TTA?Section 80TTA of the Income Tax Act 1961 provides a deduction in respect of interest earned on savings account. Who is eligible to Claim Deduction under section 80TTA?Deduction under section 80TTA is available only to Individual and HUFs

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Deduction Under Section 80EEB: Electric Vehicle Loan Tax Benefits

In the ever-evolving landscape of income tax deductions, Section 80EEB takes center stage by encouraging eco-friendly choices. This section caters to individuals who have opted for electric vehicles, providing a unique avenue for tax savings. Understanding Section 80EEB Eligibility Criteria: To be eligible for the deduction under Section 80EEB, the taxpayer must meet certain criteria.

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Public Provident Fund, PPF, Basics about PPF, Features PPF Account

The Public Provident Fund is a government-backed savings scheme introduced in 1968 with the objective of promoting small savings among citizens and ensuring financial security during retirement. Administered by the Ministry of Finance, PPF offers an attractive interest rate, compounded annually, and comes with a lock-in period of 15 years. However, investors have the flexibility

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ITR filing last date for FY 2022-23 (AY 2023-24)

Last date to file ITR for FY 2022-23 (AY 2023-24) Due date to file Income Tax return without penalty in case of Individuals, HUFs and Non-Audit cases for FY 2022-23 (AY 2023-24) was 31st July. However if you have missed ITR filing within due date you can still file a belated return under section 139(4)

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