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Section 80TTB Income Tax exemption limit for senior citizens: The exemption is there on the Interest income of up to Rs 50,000 on savings accounts, fixed deposits, and recurring deposits from income tax for senior citizens under Section 80TTB of the Income Tax Act. SBI Research recommended in its recent report that this limit must […]
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 […]
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 […]
Short Brief About Advance Tax Advance Tax is a part of your tax payment that must be made before the end of the year. The tax should be paid in the same year as the income is received. Therefore, it is a popular name called a pay-as-you-earn scheme. Who is Required to Pay Advance Tax […]
More than 40% of the total wealth made is held by the top 1% of the wealthy people in India from 2012-2021, but only 3% of the wealth would come into the account of the bottom 50%. Only 5% of the Indians hold more than 60% of the country’s wealth. The same would be directed […]
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 […]
The TDS Credit was permitted for the assessment year in which income is assessable by the Delhi bench of the Income Tax Appellate Tribunal (ITAT). In addition to operating and maintaining a nursing home, the assessee, Prakash Sunrise Healthcare Limited, has been providing medical treatment to different government workers, including military personnel, on behalf of […]
The yearly payment of lease rentals will be subject to TDS under section 194-I of the Income Tax Act of 1961, according to the Delhi bench of the Income Tax Appellate Tribunal (ITAT). The firm being assessed, Ajnara India Ltd., is in the business of planning and building infrastructure and real estate projects. In order […]
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 […]
