Section 154 of Income Tax Act pertains to rectifying mistakes in an income tax return or assessment. It allows the taxpayer or the tax assessing officer to correct any mistakes or errors in the … READ FULL STORY
In the Budget 2023-24, the government has reduced the highest surcharge on personal income tax to 25% from the previous 37%. The reduced rate is applicable only on taxpayers who opt for the new … READ FULL STORY
If you have paid excess amount of tax than your actual tax liability, you can claim an income tax refund. The Income Tax (I-T) Department will verify the returns and process the ITR refund. … READ FULL STORY
The government levies income tax on the money that people, companies, and other entities make. The tax is commonly collected by the government through payroll deductions for workers or by having people and businesses … READ FULL STORY
After being founded, a trust or non-profit organisation must register under Section 12A of the Income Tax Act to claim an exemption under Sections 11 and 12. Under Sections 11 and 12 of the … READ FULL STORY
In a bid to make senior citizens financially independent, the government introduced section 80TTB in 2018. What is section 80TTB? Section 80TTB of the Income Tax (IT) Act facilitates senior citizens to claim up … READ FULL STORY
Insurance policies are beneficial when it is all about a financial crisis based on various medical issues. So, it is a must-have plan to go for insurance coverage for both you and your immediate … READ FULL STORY
Everyone has heard about ITR or Income Tax Returns. However, not everyone completely understands what this entails and why it is needed. The Income Tax Act oversees the entire process of ITR filing and … READ FULL STORY
Professionals in India are taxed under specific provisions of the income tax law. Section 44AA requires such professionals to maintain accounts if their gross receipts exceed a certain threshold. See also: Provisions under … READ FULL STORY
Fixed deposit (FD) guarantees the protection of capital along with some interest income. But you should know that the interest on fixed deposits is taxable. Investors give little thought to paying taxes on interest … READ FULL STORY
The income tax notice is one of the most known things which can be sent to the taxpayer for various purposes. There can be errors in the tax file, not filing the tax properly, … READ FULL STORY
In the Finance Act of 2021, a new Section 194Q, TDS on Purchase of Goods, was added. This section became operative on July 1st, 2021. It applies to the buyer who is in charge … READ FULL STORY
Any income tax return filed by a taxpayer will be processed online at the CPC, which is known as the Centralised Processing Center. When the tax refund details are processed entirely, the ITD or … READ FULL STORY
