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The ITR filing procedure does not finish at the stage of verification. When the person has validated their own tax returns, the income tax department then initiates the process of the tax return. Post the process of the income tax return, the income tax department sends the intimation notice. Under section 143(1) of the Income-tax […]
Education has the capacity to rectify the life of the people with quality. Some advantages are also given to the assessee by the government for the education prospectus. In this discussion, there is an explanation of the advantages of education furnished by the income tax laws in India. Full-time Education in India Deduction Under Section […]
In case you own multiple houses, then the ‘self-occupied property’ is accorded two properties as chosen by yourself. Other than this property/ properties are handled as ‘deemed to be let out’ for the intention of taxation. A self-occupied property is termed as the property which is tenanted throughout the year by the taxpayers for his […]
In the current era, people need ready data to execute their chores more easily and in less time. CA or tax practitioner companies need effective best income tax return software. Also, they seek effective practice management software for ease of filing compliance and laws. Work in distinct companies is executed through distinct capable software. On […]
Income Tax Advantage Upon HRA for WFH Towards salaried individuals, the tax exemption upon the house rent allowance (HRA) is an essential advantage. HRA has arrived through the portion of the salary and can be claimed through the employees residing on rent. There are multiple salaried persons, specifically young ones who live far from the […]
The central government on account to deal with the hurdles faced by the several stakeholders due to Covid – 19 pandemic, has taken into contemplation received by multiple stakeholders has concluded to prolong the timelines for compliances under the Income-tax Act, 1961 ( (hereinafter introduced to as “the Act”) in the following cases, as under […]
The income tax provision applies to all the individuals who have been eligible for the income tax bracket as decided by the government of India. The income tax slab starts from INR 5 lakh for individuals having income yearly. There are also certain provisions and deductions which can be done to save the taxes on […]
The Finance Ministry of India has recently announced the latest set of rules notified under the Income Tax Act for provident fund (PF) savings. The 2021-22 budget speech of Finance Minister Nirmala Sitharaman mentioned that the income on contribution towards PF would be taxed for above INR 2.5 lakh but further, it was extended to […]
The Income Tax Appellate Tribunal (ITAT), Delhi Bench that TDS on publication charges must be deducted beneath section 194C at the 2% and not 194J at the rate of 10%. The taxpayer Perfect Probuild P. Ltd is a private limited company engaged in the business of construction. The taxpayer has done the lease agreement with […]
