Section 80CCD of the Income Tax Act, 1961 allows Income Tax deductions towards the notified pension schemes from the Central Government that is also known as New Pension scheme(NPS). Income Tax Act, 1961 provides various tax deductions under Chapter VI-A…
Section 80C is an income tax deduction which helps to reduce tax under the Income Tax Act, 1961. Section 80C of the Income Tax Act is the most popular tool used for tax-saving by individuals. Eligibility Criteria: Section 80C is…
In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. There…
Under the faceless Assessment, a central computer automatically selects one or more tax returns for scrutiny based on risk parameters and mismatches and then allots them randomly to a team of officers. CBDT had notified the National e-Assessment Centre (NeAC) for all communications with…
Financial Year is the year in which you earn an Income while Assessment Year is the year following the financial year in which you have to evaluate the previous year’s income and pay taxes on it. Every Assessee need to understand…