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
The Budget 2023-24 has extended the benefit of the standard deduction provided under Section 16 of the income tax act to the new tax regime also. “My proposal is for the salaried class and … READ FULL STORY
The Budget 2023-24 has proposed changes in the new tax regime introduced under Section 115BAC of Income Tax Act. The tax structure in the new personal income tax regime, introduced in 2020 with 6 income … READ FULL STORY
The Budget 2023-24 has increased the rebate offered under Section 87A from the current income level of Rs 5 lakh to Rs 7 lakh under the new tax regime. According to new provision, individuals … READ FULL STORY
Established in January 1941, the Income Tax Appellate Tribunal is a quasi-judicial organisation that handles appeals involving the Direct Taxes Acts. The decisions made by the ITAT are final. The High Court may hear … READ FULL STORY
