Leave Travel Allowance (LTA)/Leave Travel Concession (LTC) is an exemption granted to the salaried class under Section 10(5) of the Income Tax Act. When an employee retires or is let go from their job, … READ FULL STORY
Section 10A of the Income Tax Act, 1961 includes special provisions, which allow industrial undertakings to avail of certain tax deductions. The Supreme Court, in 2016, ruled that Section 10A of the Income Tax … READ FULL STORY
The term income tax is not defined under the Income Tax Act, 1961. However, the two terms have been separately defined. Income is defined under Section 2(24) of the Income Tax Act 1961, and the … READ FULL STORY
Money received as life insurance is considered income. On this income, the beneficiary has to pay taxes. However, tax deductions are also provided under Section 10 (10D) of Income Tax (I-T) Act of 1961. … READ FULL STORY
Income Tax (I-T) is levied by the government of India on the income of every person in India. The provisions governing the I-T are covered under the Income-tax Act, 1961. The last date to … READ FULL STORY
The terms “income” and “tax” are combined to form the word “income tax.” It implies that income tax is a type of direct tax levied against an individual’s income. The current assessment year’s income-tax … READ FULL STORY
In India, Section 139(5) of the Income Tax Act pertains to filing revised income tax returns. It allows taxpayers to file a revised return if they discover any error or omission in their original … READ FULL STORY
Section 194A of Income Tax Act 1961 deals with the deduction of tax at source from interest other than interest incurred on securities. The tax payable under this section is subject to applicable rates … READ FULL STORY
The Department of Income Tax sends a document to the taxpayer’s registered email address as proof of filing once you submit an income tax return. The Indian income tax return acknowledgement is the name … READ FULL STORY
Under the income tax law in India, your property has the potential to earn a certain income in a year. On this income, you are required to pay taxes. The income tax department taxes … READ FULL STORY
Income details are classified under five heads mentioned under the Income Tax Act. One of these includes the ‘income from other sources’. The other four heads are ‘income from salaries’, ‘income from house property’, … READ FULL STORY
Life insurance policies are one of the most popular choices for tax savings in India. Under Section 80C, taxpayers in India can save up to Rs 1.50 lakh in a year against premiums paid to … READ FULL STORY
Before March 31, 2020, mutual fund houses collected Dividend Distribution Tax (DDT) on mutual funds. Dividends were tax-free in hands of investors. For equity schemes, at least 11.64% DDT was deducted and submitted to … READ FULL STORY
