Under the Income Tax Act of India, Section 80CCD is a provision that allows individuals to get a tax deduction for contributions made to their pension account, including the National Pension Scheme (NPS) and … READ FULL STORY
May 25, 2023: The government today notified the Increased limit of Rs 25 lakh for tax exemption on leave encashment for non-government salaried employees. The entire leave encashment amount received is tax exempt for government … READ FULL STORY
People can claim income tax (IT) deductions of up to Rs 1.5 lakh per year for payments made to specific pension plans as per Section 80CCC of Income Tax Act, 1961. Section 80CCC was … READ FULL STORY
The Budget 2023-24 has capped the deduction from capital gains on investment in residential house under Sections 54 and Section 54F at at Rs 10 crore for better targeting of tax concessions and exemptions. … READ FULL STORY
Section 115AD of the Income Tax Act covers numerous clauses to calculate in some unique situations. The tax on foreign institutional investors’ (FIIs) income from securities or capital gains resulting from their transfer is … READ FULL STORY
May 22, 2023: Prime Minister Narendra Modi will inaugurate the Vande Bharat Express on May 25, 2023, which will connect Uttarakhand’s capital Dehradun to Delhi. The train will start daily operations from May 29, … READ FULL STORY
An income tax refund is a preeminent work of the Income Tax department, and it was started when taxpayers had paid an extra amount more than the original tax amount. The refund amount is … READ FULL STORY
According to the norms and regulations of the Income Tax Act of 1961, every Indian citizen who owes income tax must pay that tax. However, this does not imply that you must pay taxes … READ FULL STORY
Despite the increasing number of fire accidents, the city has insufficient fire safety and evacuation measures. Since the 1944 explosions, Mumbai has witnessed some of the worst fire accidents. Whether the July 2014 fire … READ FULL STORY
May 23, 203: Money received from the sale of agricultural land can’t be treated as capital gains, the Chennai Bench of the Income Tax Appellate Tribunal (ITAT) has ruled recently. If an agricultural operation … READ FULL STORY
IT is a well-known fact that investment in agricultural property is a safe option for parking one’s funds as the return on investment is usually higher than other investments and also lends safety to … READ FULL STORY
As India is basically an agrarian economy, several incentives and perks are offered to those making a living through agriculture, known as agricultural income. Farmers are, for example, exempted from paying any tax on … READ FULL STORY
Through the Taxation (Amendment) Ordinance, 2019, the government amended the Income Tax Act, 1961, in various manners. One of these amendments was the addition of Section 115BAA. The government lowered the corporate tax rate … READ FULL STORY
