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Overview of the Direct and Indirect Tax Proposals in Budget 2023 (Finance Bill 2023) presented by Smt. Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs. Key Highlights of Finance Bill 2023 for Direct Tax In Budget 2023, the Finance Minister announced a number of changes to personal income tax, including a rise in the […]
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 […]
On February 1, 2023, Finance Minister Nirmala Sitharaman will begin delivering the Union Budget 2023-24. Middle-class taxpayers are anticipating for big tax reduction from Finance Minister this time, despite high prices and a global slump. Some of the requests of Indian income taxpayers include an increase in the basic income tax exemption level, a bigger […]
With the advent of social media, there is an increasing need for bloggers and content producers. The popularity of the blogging industry is largely due to its high-income potential as well as the platform it provides for personal expression. The Income Tax Act’s tax regulations apply to the money a blogger makes. Definition of a […]
Deduction for the interest on loan taken for specific house property- Here the discussion is for the Outlines of Section 80EEA, Eligibility conditions to be qualified for deduction under 80EEA, Calculation of Deduction under Section 80EEA with Instances and Taxability of the deduction under Section 80EEA. Introduction to Section 80EEA Section 80EEA of the income […]
Under section 115BAC of the Income-tax Act, 1961, the concessional/New Tax Regime (NTR), which was introduced in the Union Budget 2020, gives individuals and HUF taxpayers the opportunity to pay income tax at reduced rates in exchange for giving up some exemptions and deductions. The NTR was developed to streamline the filing of income tax […]
2% TDS is deductible on common area maintenance charges, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) stated. The two-member bench of C.M. Garg (Judicial Member) and Pradip Kumar Khedia (Accountant Member) revealed that the common area maintenance charges were not counted under the actual rent filed to the owner through the taxpayer […]
Under Section 195 of the Income-tax Act (‘IT ACT’), any payment incur to the non-resident or to the foreign company in which the tax would need to be deducted. This article discusses the issues in dealing with the concern. Critical Points Related to Non-residents Taxation Conditions in Which the Non-resident Does Not Furnish the Return […]
The income tax department has extended the deadline for a variety of compliances linked to the long-term capital gains tax exemption till March 31, 2023, which will be helpful to many taxpayers. In order to claim any exemption under the terms of Section 54 to 54GB of the Income-tax Act, 1961, the Central Board of […]
