Understanding Corporate Bonds in India Corporate bonds are a type of investment where you lend money to a company in exchange for regular interest payments and the return of the initial investment after a certain period. These bonds are issued by companies to raise funds for various purposes like expanding their business, starting new projects, …
Tax planning is a crucial aspect of personal finance management, helping individuals and businesses reduce their tax liabilities within the framework of the law. Two important concepts in this realm are tax exemptions and tax deductions. While both mechanisms serve to lower your taxable income, they function differently. This article elucidates the differences between tax …
Understanding Tax Exemption vs. Tax Deduction in India Read More »
Dividend tax refers to the tax imposed on the income earned from dividends in India. For the Assessment Year (AY) 2024-25, there are certain key aspects to consider regarding dividend taxation in the country. 1. Dividend Distribution Tax (DDT) Prior to the financial year 2020-21, companies were required to pay Dividend Distribution Tax (DDT) on …
Understanding Dividend Tax in India for AY 2024-25 Read More »
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 »
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 »
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 »
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 …
