Bangalore Metro’s Purple Line Line travels across the city’s most popular activity areas. Among other places, it passes through Baiyappanahalli. In 2011, Namma Metro opened this particular metro stop. The Baiyappanahalli Metro Station is … READ FULL STORY
Companies paying dividends to their resident Indian customers are responsible to deduct TDS from this income under Section 194 of the income tax law. This rule is not applicable on business trusts and special purpose vehicles. See also: How TDS on securities interest is … READ FULL STORY
Who is a senior citizen in India? A senior citizen in India is a person who is above 60 years and below 80 years during the financial year. Pension, fixed deposits, rental income, post … READ FULL STORY
Section 234D of Income Tax (I-T) Act Sometimes, it may happen that a taxpayer is given an excess tax refund after he has filed for his Income Tax Return (ITR). The refund is given … READ FULL STORY
The Finance Act of 2021 incorporated Section 148A in the Income Tax Act, 1961, effective for the 2021-22 tax year. Its purpose is to require the assessing officer to make any necessary inquiries, with … READ FULL STORY
The government has implemented several profit-linked deductions and incentives to promote investment across a range of industries. Even though they can pay regular taxes, taxpayers who qualify for such deductions or incentives may become … READ FULL STORY
There are several upsides to filing your income tax returns on time. Those who fail to file their tax returns or pay taxes on time face several fines and even legal action, as outlined … READ FULL STORY
Your basic salary is entirely taxable. However, this is not true for some other components of your salary, including the HRA component. What is HRA? Almost always, house rent allowance (HRA) is an … READ FULL STORY
As the name indicates, a savings account is designed to incentivise people to save money and deposit it securely with a bank. It is an interest-bearing bank account that enables you to take out … READ FULL STORY
Salaried individuals and pensioners who have undergone treatment for certain critical illnesses can claim tax deductions against the medical expense under Section 80DDB of the income tax law. In this guide, we explain the … READ FULL STORY
A Section 143(2) notice is issued when the internal revenue service discovers inconsistencies in your tax filings. Both under and overstatement of revenue or losses may contribute to disparities. The assessing officer can’t serve … READ FULL STORY
To advise the Central Board of Direct Taxes (CBDT) of their election to exercise or withdraw from tax liability under section 115 BAC of the Income Tax Act, 1961, taxpayers must complete Form 10-IE, … READ FULL STORY
In India, every person within the tax bracket has to provide income details to the Income Tax (IT) department. These are submitted by way of filing IT returns. Once filed, the IT department verifies … READ FULL STORY
