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Income Tax

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Jun 22 2019

Budget 2019: Hike in the Tax Exemption Limit

In the "Financial Stability and Development Council" meeting held on 20th June 2019, the highlights of the upcoming Budget 2019 were discussed. The last Un...

May 09 2019

All About Deduction Under Section 80GG

Deduction under section 80GG deals with deductions allowed under the Income Tax Act to taxpayers for paying house rent. Generally, salaried employees recei...

May 08 2019

Deduction Under Section 80G – Complete Eligibilit...

The Income Tax Act of 1961 allows certain deductions to taxpayers. These deductions are allowed to reduce the tax liabilities of taxpayers. The section 80G...

All you need to know about EPF Form 10C

Employees’ Provident Fund (EPF) is a retirement benefits scheme which is available to all the employees earning a salary. Under this, a member invests a...

Mar 29 2019

All About Salary Income, Perquisites, and Allowances un...

What is Salary Income? Salary is the amount accrued and is payable to an individual periodically for the services rendered as per the express or implied co...

Mar 27 2019

What is Foreign Tax Credit and How to Claim it?

Section 90 and Section 91 of the Income Tax Act,1961 defines Foreign Tax Credit. Section 90 of the Income Tax Act, 1961 includes a tax credit for countries...

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Mar 13 2019

Section 201 of the Income Tax Act,1961 – Interest on...

As all are aware that the Income Tax Department is the governing body which regulates the income tax collection in India. If liability arises to pay a tax...

Mar 12 2019

Income Tax Provisions for Clubbing of Income

There are many situations in which you have to club income with someone else. Clubbing provisions are governed by Section 64 of the Income Tax Act,1961. Cl...

Mar 08 2019

Section 145 of the Income Tax Act,1961

Section 145 of the Income Act, 1961 deals with the process of standards which following persons are required to follow when it comes to non-compliances to...

Mar 06 2019

Section 40(A) 2: Disallowances of Expenses to Specified...

Section 40(A) 2 of the Income Tax Act provides powers to the assessing officer. In case of expenditure incurred or payment has been made or is to be made t...

Mar 02 2019

Section 143(2) – Notice for Scrutiny and how to Respo...

We file Income Tax Return by assessing our income on the basis of income received. However, there are chances of minor or major discrepancies depending upo...

Mar 01 2019

Link your PAN to your bank account to avail Income Tax...

The Income Tax department recently issued a notification regarding linking your PAN to your bank account and validate your bank account online. Moreover, e...

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