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Tax Deduction Towards the Employment of the New Employees u/S 80JJAA In which the total income of the taxpayer towards whom section 44AB applies, poses any profits and gains made through business, under the compliance mentioned in sub-section (2), be permitted a deduction of an amount identical to 30% of additional employee cost made for […]
The Bombay high court (HC) ruled that a salary slip that mentions a standard deduction of the professional tax was enough proof of an employee salary slip if there is no income certificate given by the heads. state governments and Union territories impose the professional tax on all the salary-earning people and are restrained to […]
The Central Board of Direct Taxes (CBDT) has released a circular concerning Tax Deduction at Source (TDS) and income tax deduction on salaries for the year 2021-22. The circular provided today comprises the rates of the deduction of the income tax via payment of the income chargeable beneath the head salaries in the FY 2021-22 […]
Definition of Section 80P for Co-operative Society A cooperative society is not being found out, particularly for the intention of section 80P. But section 2(19) of the Income Tax Act, 1961, defined the co-operative Societies Act, 1912 or beneath the additional law of controlling the enrollment of the co-operative societies in any state. Note: “The […]
Policyholders do not have the major intention about the personal accident insurance covers. However, it is an essential cover for the majority of the people it is not being purchased normally. If in the union budget 2022 they mentioned that provide the tax deduction towards the premium furnished to buy the Personal accident insurance then […]
When you furnish the ITR in the current year through pre-filled forms then you can not claim the specific tax deductions which do not show on your Form 26AS or new I-T Annual information statement and thus do not get auto-populated in the income tax return forms. You do not need to think about furnishing […]
The government of India has declared in the union budget for 2019 an incentive to buy electric vehicles (EV). Inside the budget, the finance minister has specified that the advanced battery and the enrolled EVs shall motivate by the policy. Latest section 80EEB of the income tax act 1961 has started which permits the tax […]
In this post, you are required to find out the relief when salary, etc. is furnished in arrears or in advance: There are various cases in which an employee might obtain the salary arrears for the present year for any previous year’s left dues to furnish the amendments. The tax payable for the present year […]
It has been held by the Income Tax Appellate Tribunal (ITAT), Bangalore Bench that income tax deduction could not be allowed to those assessees who are paying the Professional & consultancy charges for acquiring the companies. The reason being the aforesaid expenditure is Capital Expenditure. Here, in this case, the assessee Steer Engineering Private Limited […]
