RUN (Reserve Unique Name) is a new web based application launched by ministry of corporate affairs in order to simplify the company name approval process. The web service helps you verify whether the name you’ve chosen for your company is…
MCA has introduced a new form which replaces the existing SPICE Form which is known as SPICE+ Form. SPICe+ stands for Simplified Proforma for Incorporating Company electronically Plus. SPICe+ would offer 10 services by 3 central government ministries & departments…
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 will be the first time in independent India that the…
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 or person making a payment is responsible to deduct TDS…
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 the contract between two parties – an employer and an…
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 governed under the Income Tax Act, 1961 and managed by…
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 individual suffers a disability. Eligibility criteria under Section 80U: A…
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 pay tax as per the new regime In this new…
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 provide relief to those individuals who do not receive any…
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 deductions under Section 80G for the amount which has been…