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Under section-80C the income tax act 1961 there are various tax-saving methods that can be accessed in the permitted policies like PPF, ELSS and insurance. However, one can claim the subtraction in tax with the help of section 80C Several section-based income tax saving tips are available in the Indian IT act. We have described […]
Looking for growing the routes for the market but plunge by maintaining the balance sheet? Or a freelancer who has no time for maintaining the balance sheet? If the answer is yes then the burden for conserving the tax can be released and one does not have to worry during the tax filing season. Latest […]
“Profits and Business or Profession” are the sources from where the tax is filed. While the payrolls are taxable inside the administrator salaries. As a salaried person, one can claim up to INR 50,000 as a conventional reduction to take charge of costs taken towards the income without submitting any documentary proof. For the consultant, […]
Before Independence Day, the Prime Minister of India Narendra Modi with the Principal Chief Commissioners of Income Tax on August 13 had called a meeting for launching the new tax program, ‘Transparent Taxation Honouring the Honest’. Chairman of Central Board of Direct tax PC Mody shared the scheme on Tuesday with senior tax officers said […]
Some Reports state that a notable decrease has been noticed in the number of Income Tax Returns (ITR) picked up for scrutiny. Besides the percentage, there is no exact number of such cases, but expert believes that better data collection and digging deep into details are the two key factors that play a huge role in […]
Sometimes, the assessees have to face harassment from the tax officials so for the benefit of such assessees, the government has started a faceless Income tax assessment. Previously, the assessee had to visit the office of the I-T department if there was an error in the return and the same was the case if there […]
The Financial Year 2019-20 has not ended well, the last dates of some tax compliance Check out the compliance calendar of Income-tax and GST for Feb to May 2020 with brief details. Also, we attached the latest notification of Income-tax and GST. Read more have been extended till 30th June but not the Financial year. […]
The CBDT which stands for The Central Board of Direct Taxes provided a big relief to all the taxpayers. CBDT through an order directed all the authorities to not send any adverse message and letters to any tax assessee for mistakes during the first quarter of Financial Year 2020-21. CBDT with this step reflecting that […]
The Delhi High Court on Tuesday 5th May asked the IT department to go through the applications of the pensioners whose pension account has been attached by the Department. The petition was filed by Lalita Aggarwal for amendment in the attachment of the Petitioner’s bank account, to provide a permit for the cash withdrawal (Pension) […]
