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
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
If a taxpayer has paid more tax than the amount, he is liable to pay, he can claim an income tax refund from the Income Tax (I-T) Department. However, there may be a possibility … READ FULL STORY
Under the income tax laws in India, employers have been tasked with the job of deducting tax from the income of the employees at the time of payment of the salary. Section 192 of … READ FULL STORY
March 15, 2023 is the last day to pay the final instalment of your advance tax. failure to do so will invite penalties under various sections of the income tax department, including Section 234C. … READ FULL STORY
While filing income tax returns (ITRs), it is important to know about various sections of the Income Tax (I-T) Act under which you must declare your income, expenditure, and investments. As a taxpayer, you … READ FULL STORY
As an individual earning a regular income in the form of salary, you would be required to pay professional tax. However, unlike the income tax one pays to the central government, the professional tax … READ FULL STORY
If you are a salaried individual, you are required to submit investment proofs to your employer every financial year. Dealing with taxation-related matters, such as filing tax returns, can be daunting. You may also … READ FULL STORY
Cash withdrawals are discouraged by the Government of India by making it expensive through TDS cut. This is where Section 194N comes into force. See also: TDS: All you need to know about … READ FULL STORY
It is extremely painful to see your hard-earned money get deducted in taxes, the good use it is put to notwithstanding. A financially prudent taxpayer in the country must make use of all legally … 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
