Latest Income tax updates and news in India
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
PAN Card: Features and Benefits in India Read More »
Format of HUF Deed in India: Meaning, Contents, Documents and Sample Format A Hindu Undivided Family (HUF) is a separate taxable entity recognised under Indian income-tax law. An HUF can have its own PAN, bank account, investments and income-tax return. The Income Tax Department currently recognises HUF as a separate PAN category, with the fourth
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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: 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
Understanding the Power of PPF: Features and Benefits Read More »
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
Section 80EEA – Deduction for Interest on Home Loan Read More »
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
Section 43B(h): Disallowance on non-payment/delay in payment to MSME Creditors Read More »
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
Section 80G – Save Taxes with Donations Read More »
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
Section 80E: Income Tax deduction for Interest on Education Loan 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
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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
Deduction under Section 80TTB of the Income Tax Act 1961 Read More »
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