Paying taxes on time is the responsibility of the taxpayer citizens of India. But sometimes, individuals do wish for tax exemptions to release some financial burden. To help individuals, the Government provides tax exemption under Section 10 of the Income Tax Act. Section 10 of the Income Tax Act (ITA) specifies that some incomes are […]

Section 80TTA is a part of the Indian Income Tax Act introduced in 2013, aimed at providing tax relief to individuals and Hindu Undivided Families (HUFs). It allows a deduction of up to Rs.10,000 from the taxable income for interest earned on savings accounts held with banks, cooperative societies, or post offices. This provision encourages savings and financial

According to the Income Tax Act of 1961, there are some organisations that are eligible for tax exemptions. Tax exemptions are made available to organisations that do not operate for profit, such as Section 8 businesses, charitable trusts, and NGOs. Institutions formed in India that are not operating for profit are eligible for such exemptions

Section 80CCD1B of the Income Tax Act was brought into the ambit of section 80 CCD with effect from April 1, 2016. According to the Income Tax Act, all individuals who are eligible for claiming tax deduction under section 80CCD 1 can claim an additional deduction of Rs 50,000 for their contribution to pension schemes.  What is

The IT Department sends out notices and reminders to people who have taxes due, thereby ensuring that people are aware about their tax liability and can pay the same in order to avoid penalties in the future. Steps to Pay your Due Income Tax Step 1: Click on the link https://www.incometax.gov.in/iec/foportal/. Step 2: Log in using

House rents can become a real burden, mainly in metropolitan cities where getting a house on rent is difficult. Since the demand for the rented house is so high, the rent skyrockets daily. However, HRA is a financial benefit for salried employees that provide them with tax exemptions on the rent they pay for their

Section 80TTB of Income Tax Act, 1961 was introduced in the Budget 2018. This provision is concerned with the deductions applicable to the interest that senior citizens earn on their savings deposits. To enjoy the deductions made available under this provision, senior citizens Section 80TTB is a provision under the Indian Income Tax Act that offers

A new Section 115 BAC of the Income Tax Act has been added by the Finance Act of 2020, giving individuals the opportunity to choose between the old regular tax rates and new concessional tax rates without taking into account the legal requirements for exemptions or deductions. According to Section 115BAC of the Income Tax

Income Tax is levied on a person who was in India for 182 days during the previous tax year or the person who was in India for at least 60 days during the previous tax year and for at least 365 days during the preceding 4 years will be taxed. Section 17 under the Income Tax

Section 145 of the Income Tax Act deals with the processes and standards of accounting for business owners and professionals. It allows an assessee to follow one of the following accounting systems — cash system or mercantile system as per ICDS (Income Computation and Disclosure Standards). On April 1 1999, the Government of India introduced