Income Tax

Income Tax Additional  ₹1.5 lakh income tax deduction on home loan interest paid for buyers of affordable homes till March 2020.Additional income tax deduction of  ₹1.5 lakh to buyers of electric vehicles.Start-ups won’t be subject to scrutiny on angel tax.PAN and Aadhaar to be …

What is Demand Notice? If any demand for tax, interest, penalty, fine or any other sum is raised by the Assessing Officer as per the provision of Income Tax Act, 1961 then he shall serve a notice of such demand to the …

Eligible Person Rebate under Section 87A is allowed only to individuals resident in India whose total taxable income is below the specified limits. Please note that the word is taxable income, so it is after all deductions such as 80C, 80D etc. …

How to make Payment of TDS All corporate assessee and other assessees who are subject to compulsory audit under section 44AB are compulsorily required to use an electronic transfer to make payment of TDS. TDS is paid by Challan No./ITNS 281. Payment link …

Meaning of Clubbing In general, clubbing means including the income of any other person into the Assessee’s total income for the purpose of taxation. Certain cases have been defined under the Income Tax Act, in which the income of other person is …

There are various ways in which you can verify your e-return, one of which is using bank account details. This option comes handy when you do not have a mobile number registered in your Aadhar card and even do not use net …

Many times, deductor have to make the changes in the previously filed TDS return due to some mistake, omission etc. TRACES provide online functionality for making various types of the corrections in the already filed TDS return which are as follows: – …

Meaning of seafarer How seafarer earn Income Tax on seafarer Meaning of Seafarer A sailor, seaman, mariner or a seafarer is a person who navigates water bone vessels or assists as a crew member in their operation and maintenance. Seafarer holds a …

Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall …

MAT stands for Minimum Alternative Tax. MAT was introduced by the Finance Act, 1987 with effect from Assessment Year 1998-99. Later on, it was withdrawn by the Finance Act, 1990 and reintroduced by Finance Act, 1996 with effect from 01St April 1997. …