Under the Income Tax Act 1961, every person who has been allotted Permanent Account Number (PAN) and is eligible to obtain an Aadhaar Number shall mandatorily link PAN with Aadhaar. The deadline to link PAN with Aadhaar was extended from the…
Every salaried person must pay an amount from their salary as tax under the Income Tax Act of 1961. Under the Income Tax Act of 1961, there are many provisions and variations with subsections describing the details of tax payments,…
What is Section 80TTB? Section 80TTB of the Income Tax Act, 1961 allows a resident senior citizen to claim a deduction against interest on the deposit. Under Section 80TTB deduction, senior citizens can claim income tax exemption of upto Rs. 50,000/-…
It is mandatory to link Aadhaar card with PAN card before 30th June 2023. Under new rule income tax return would not be processed if your Aadhaar is not linked with PAN. The Income tax Department’s e-Filing portal provides an easy and…
As per Income-tax Act, 1961, it is mandatory for all PAN holders, who do not fall under the exempt category, to link their PAN with Aadhaar on or before 30th June 2023, or else the PAN will be inoperative from 1st…
What is Form 16? Form 16 is a certificate that gives information on the Tax Deducted at Source (TDS) of your annual income under Section 203 of the Income Tax Act, 1961. It is a TDS certificate which reflects TDS deducted on the salary income…
What is CESS? Cess is a tax on tax that is imposed by the central government for the purpose of creating funds that earmarked for a specific purpose. Article 270 of the Constitution describes a cess. Cesses may be levied by…
What is a tax audit? Tax audit refers to the verification of the books of accounts maintained by a taxpayer. The purpose of a tax Audit is to find an audit of the accounts of the taxpayer. The audit is…
What is the ITR 2 Form? ITR-2 form is one the form that must be completed as part of the tax filing procedure. ITR-2 form can be used by an individual or a Hindu Undivided Family (HUF) who is not eligible…
Definition of Allowance Allowances are fixed amount given by the employer to the employee for carrying out the job responsibilities in an efficient manner. Allowances are the financial benefits that are provided to the employees by the employers over their…
