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Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An... Read More
A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the... Read More
The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return... Read More
In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent... Read More
A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is... Read More
Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the... Read More
The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine... Read More
In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (... Read More
In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward... Read More
The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to... Read More
Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The... Read More
Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation... Read More
If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next... Read More
Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income... Read More
Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset... Read More
If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the... Read More
If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from... Read More
Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction... Read More
At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of... Read More
If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while... Read More
If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave... Read More
Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this... Read More
In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous... Read More
The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer... Read More
TDS certificate is issued by the deductor to the deductee. Form 16: It is issued by the employer to the employee, it indicates details of tax... Read More
When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually... Read More
Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if... Read More
Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net... Read More
Selection of ITR form depends on the nature of Income: ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources... Read More
The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet... Read More
When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also... Read More
The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in... Read More
The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic... Read More
Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax... Read More
Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to... Read More
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax... Read More
Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given... Read More
Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income... Read More
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The... Read More
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax... Read More
Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated... Read More
Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An... Read More
A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the... Read More
The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return... Read More
In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent... Read More
A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is... Read More
Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the... Read More
The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine... Read More
In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (... Read More
In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward... Read More
The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to... Read More
Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The... Read More
Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation... Read More
If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next... Read More
Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income... Read More
Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset... Read More
If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the... Read More
If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from... Read More
Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction... Read More
At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of... Read More
If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while... Read More
If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave... Read More
Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this... Read More
In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous... Read More
The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer... Read More
TDS certificate is issued by the deductor to the deductee. Form 16: It is issued by the employer to the employee, it indicates details of tax... Read More
When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually... Read More
Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted... Read More
A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if... Read More
Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net... Read More
Selection of ITR form depends on the nature of Income: ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources... Read More
The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet... Read More
When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also... Read More
The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in... Read More
The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic... Read More
Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax... Read More
Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to... Read More
Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax... Read More
Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given... Read More
Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income... Read More
Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The... Read More
Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax... Read More
Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated... Read More
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