The Income Tax Return, or ITR, is a mechanism that taxpayers use to provide reports to the IRS about their earnings and tax payments. A taxpayer must register his or her ITR on or before the deadline. Before filing an ITR, any taxpayer can assess their tax liability and make payments. For instance, in the […]

Section 54 of the Income Tax Act provides exemption on long term capital gains from the sale of residential property if the proceeds from such sale are reinvested in purchasing or constructing another residential property within a specified time frame. Section 54F exemption is allowed only on long-term capital gains. Budget 2024 Updates Key changes

The income tax rebate under Section 87A provides some relief to the taxpayers who fall under the tax category of 10%. Any individual whose annual net income does not exceed Rs.5 Lakh qualifies to claim tax rebate under Section 87A of the Income Tax Act, 1961. This implies an individual can get a rebate on the tax

Section 194Q of Income Tax Act, 1961 was introduced on July 1, 2021, by the Central Board of Direct Taxes. This section deals with the Tax Deducted at Source on the purchase of goods. It is predominantly a buyer-specific section that specifies the TDS provisions for buyers who purchase goods from Indian sellers. Under section

The Section 80D of the Income Tax Act allows a taxpayer to claim deductions of up to ₹25,000 for individuals and ₹50,000 for senior citizens. 80D tax deductions include medical insurance premiums for self, parents, dependent children, and spouse. The idea is to encourage people to secure themselves and their families against unexpected medical expenses. Section 80D tax

Section 194C of Income Tax Act, 1961 deals with the TDS that has to be deducted from specific payments made to resident contractors and sub-contractors. Generally, individuals paying the contractors or sub-contractors are entrusted with the responsibilities of deducting TDS.  As a result, both parties involved, i.e. a contractor and a payer (party or person)

Electoral Trusts Scheme, 2013 was notified by the Central Board of Direct Taxes (CBDT). An Electoral Trust is a Trust set up by companies with the sole objective to distribute the contributions received by it from other Companies and individuals to the political parties. Only the companies registered under Section 25 of the Companies Act, 1956 are eligible to make an

TR filing is mandatory for individuals who have an annual income exceeding the basic exemption limit. There are various types of Income Tax return forms that taxpayers have to fill to complete e filing Income Tax Return process. These ITR forms are classified on the basis of the nature of income. However, the ITR form

Under the Income Tax Act of India, Section 80CCD is a provision that allows individuals to get a tax deduction for contributions made to their pension account, including the National Pension Scheme (NPS) and the Atal Pension Yojana (APY). Section 80CCD is a provision in the Income Tax Act that offers a deduction for taxpayers earning pension income related to the

Section 80C of the Income Tax Act allows for certain expenditures and investments to be exempt from income tax. If you plan your investments across different financial assets such as PPF, NSC, ELSS, etc., you can claim deductions of up to Rs.1.5 lakh under Section 80C, thereby lowering your tax liability. Section 80C of the Income Tax Act