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…
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…
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…
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…
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…
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…
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 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 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…
Section 80E of the Income Tax Act allows you to avail of tax deductions for loans taken out for higher education. Section 80E covers the deduction on the “interest component”…