Mandatory / Optional Filing of Form 10-IE by TaxPayers
The finance ministry has introduced a ‘New tax regime’ in the Finance Act 2020. Form 10IE is a declaration made by the return filers for choosing the ‘New tax regime’…
Key Direct Tax Highlights of Union Budget 2021
Finance Minister Nirmala Sitharaman presented the Union Budget 2021-22 in Parliament on 1st Feb. 2021. Union Budget 2021 is completely paperless in the view of the ongoing COVID-19 pandemic. This…
TDS Refund under Income Tax Act
What is TDS? Tax Deducted at Source, is tax which is deducted from the income at the time of earning the income. As per the Income Tax Act, any company…
TDS Calculation on Salary
Introduction: TDS on salary falls under the purview of Section 192 of Income Tax Act. Salary is the compensation that an individual receives for providing services to a company as per…
Know all about Tax Deducted at Source (TDS)
TDS stands for tax deducted at source. TDS is a direct tax which is collected from the people at the time of payment like salary, rent, commission, etc. It is…
Section 80U: Tax Deduction For Physically Disabled Persons
The Income Tax Act, 1961 provides tax benefits to individuals if either they or any of their family members suffers from certain disabilities. Section 80U offers tax benefits if an…
Old and New Tax regime for the individuals under income tax in India
In the new budget for the fiscal year 2020-21, Finance Minister introduced the new income tax rate for tax-payers in India. Individuals and Hindu Unified Families (HUF) have the option to…
Deduction under Section 80GG for payment of Rent.
80GG allows the individuals to claim a deduction in respect of house rent paid. 80GG is a deduction under Chapter VI-A of the Income Tax Act, 1961. It has been introduced to…
Section 80G: Deductions for Donations
Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. To encourage people to donate, the government also allows for income tax…
Section 80EE: Deduction for Interest on Home Loan
Section 80EE of the Income Tax Act, 1961 provides benefits for tax deductions on the interest paid on home loans. Individual taxpayers who have bought a house for the first…