Income Tax

Finance plays a significant role in every business. In many circumstances, the own finances of an individual are not sufficient to fulfill the requirements...

A taxpayer must pay the taxes timely and also filing of the income tax returns assures that the Government has the money for public welfare and public bene...

Section 80TTA of the Income Tax Act provides the privilege to claim deductions on savings accounts deposits that are held in a bank, post office, or co-ope...

The Income Tax Act, 1961 allows deductions from the total gross income, before charging the tax, in case medical expenditure has been made on the treatment...

The current FY 2019-2020 closed on March 31 as usual, and the new financial year 2020-21started from April 1, 2020. The Government on analysing the lockdow...

Deferred Tax Asset or Liability is an integral part of the financial statements. Adjustments made in the year-end in the books of accounts affect the incom...

Whenever the gross annual income exceeds the threshold of basic exemption limit of Rs 2.5 lakh, then that earning individual has to file an ITR (Income Tax...

Income Tax is calculated on the taxpayer's total income earned or received during the financial year. An employee’s tax liability might increase on recei...

The Tax Compliance Calendar for March 2020 is provided by the Income Tax and GST departments well in advance. As the end of the financial year 2019-20 is a...

Filing of Income Tax Return is the process of submitting a declaration about the income earned and expenditure incurred by the concerned taxpayer in the pr...

In India, taxes play an important role, as a major part of the government income is formed out of the taxes paid by the citizens. That’s why an individua...

Having been extended multiple times earlier, the income tax department finally comes up with a formal notification dated 13th February 2020 to set up the d...