Browsing author
To put it briefly, PAN is a ten-digit identification number assigned to individuals who have applied for it. The purpose of introducing PAN was to keep track of financial transactions that are taxable. PAN card acts as a form of identification and helps prevent tax evasion. Companies, banks, and other business commodities can verify an […]
For the purpose of reporting deductions under Section 80GG of the Income Tax Act, Form 10BA is a tax form used in India. If the person does not own a home or if the home is not accessible for his use, this clause permits deductions on rent paid for residential accommodations. The document must be […]
What is IT Section 80IAC? The Government of India has taken the initiative of Startup India to enhance the startup environment in the country. The major purpose of the same is to make an environment facilitative to the growth and development of startups in India. Section 80IAC of the Income Tax act, it furnishes tax […]
Easy to Understand Balance Sheet Balance sheets are financial statements that show liabilities, assets, etc. at a particular point in time. Investors evaluate a company’s capital structure and compute returns based on the balance sheet. As a financial statement, a balance sheet shows what a company owns and owes, as well as the amount shareholders […]
Simple to Understand PAN Card For the purpose of uniquely identifying taxpayers, the Indian Income Tax Department issues PAN cards. Every taxpayer has access to this 10-digit alphanumeric code. The Permanent Account Number card makes it simple for taxpayers to conduct a variety of financial transactions while also assisting the Income Tax Department in tracking […]
What is Form 16B? The amount of money deducted as property TDS is essentially shown by Form 16B. In this instance, the buyer must essentially deduct the TDS from the property at the time of sale. The amount deducted as TDS on the sale property that the buyer had deposited with the Income Tax Department […]
An Intro About Form 10E Section 89(1) of the Income Tax Act 1961 requires you to submit Form 10E in order to claim tax relief. A delayed salary received in the form of arrears is eligible for tax relief under Section 89(1) of the Act. Your Form 16 includes a line for any arrears received. […]
What is an ITR Computation? You can use an ITR Computation to explain your income tax liability and source of income. It’s a simplified document that’s already paid via the Authorized ITR Acknowledgment. Official Income Tax Return Forms-1,2,3,4 usually take 8-15 pages to complete, so bank officials don’t use them for checking income. They need […]
There is a tax levied on the severance pay proposed to the laid-off employees, and certain options would be made for them to claim the income tax exemptions/relief. The below-mentioned options are available for those employees who are finding tax exemptions on severance payments under the income tax rules. Retrenchment Tax Exemption Under Section 10(10B) […]