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
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
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 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
Perquisites are extra benefits that employees receive on top of their pay. Depending on their nature, certain perks or perquisites may or may not be taxable. The term fringe benefits or perks refers to … READ FULL STORY
The Government of India offers several provisions under various sections of the Income Tax Act, 1961, under which taxpayers can take advantage of tax benefits by contributing to various funds. Users may claim a … READ FULL STORY
The income tax Form 13 is associated with TDS, which stands for ‘Tax Deducted at Source’. According to the Income Tax (IT) Act, TDS must be deducted at the time of any payment. TDS … READ FULL STORY
In India, the Income Tax (IT) Act of 1961 sets the rules and regulations for the levy and collection of income tax, a tax that is charged on the income of all individuals and … READ FULL STORY
Each investment decision is primarily influenced by the rate of return and the level of risk. Those who prefer minimal risk over high returns typically choose fixed deposits (FDs). They are inevitably among the … READ FULL STORY
According to Section 92E of the Income Tax Act of 1961, it is mentioned that whoever is connected with any international transaction or specified domestic transactions has to acquire a report from an accountant. … READ FULL STORY
Challan 281 is a form used by the Indian Income Tax Department to deposit tax or other amounts payable under the Income Tax Act 1961. It is used to deposit various types of taxes, … READ FULL STORY
In Indian tax law, section 269SS of the Income Tax Act is a provision for accepting loans or deposits by individuals or businesses. It specifies that no person shall take any loan from any … READ FULL STORY
Did you know that the interest you earn on the money lying in your savings account is taxable? However, deduction is also available on this income under Section 80TTA of the Income Tax Act. … READ FULL STORY
