Income Tax

Income Tax law’s Section 35D comes up with the payment reduction policies of specific preliminary expenses borne by an Indian enterprise or a residential individual who is about to start a venture, set up a new industrial department or looking to expand a commercial quest. The deduction is given against the gains secured by the […]

The Annual Information Statement (AIS) is a document issued by the Indian Income Tax Department that consolidates your financial transactions for a specific tax year. It provides a comprehensive view of information for a taxpayer in Form 26AS, including details reported by banks, investment firms, and other institutions. It shows details like salary income (with tax

Section 80GG, a special provision under Chapter VI-A of the Income Tax Act, 1961, offers significant tax relief to individuals who pay rent but do not receive House Rent Allowance (HRA) from their employer. This deduction applies to both salaried and self-employed professionals, enabling them to claim financial relief on rental expenses. To qualify, individuals

Any donations that are made towards rural development and scientific research can be claimed under Section 80G. However, you will not be eligible to claim the deduction if you have any income or loss from a profession or a business. Donations towards rural development and scientific research can be made via cash (maximum of Rs.2,000),

Tax audit, as mentioned in section 44AB of the Income tax Act, needs to be conducted by a professional auditor approved by the Income Tax Department. This professional could be a Chartered Accountant (CA) having a full-time certificate of professional practice or a company specialising in this field. The tax audit ensures the accuracy and

Section 80GGB and Section 80GGC of the Income Tax Act 1961 are provisions that offer tax deductions to individuals and corporate entities who donate to political parties. These provisions were introduced to incentivize individuals and businesses to make donations to political parties in India and support their activities. Section 80GGC of the Income Tax Act

TDS denotes tax deducted at source, while TCS denotes tax collected at source. If an individual makes a payment to the recipient, TDS must be deducted at a specified rate and deposited with the government, according to the Income Tax Act.  In the case of the TCS, the individual accepting the payment is responsible for

As the term suggests, clubbing of income means adding or including the income of another person (mostly family members) to one’s own income. This is allowed under Section 64 of the IT Act. However, certain restrictions pertaining to specified person(s) and specified scenarios are mandated to discourage this practice. Clubbing of income is done to

Section 192 deals with the TDS on salary. It mandates every employer to deduct TDS on salary payments in case the salary of the employee exceeds the basic exemption limit. What is TDS on Salary? TDS on salary falls under the purview of Section 192 TDS. Under this tax provision, employers are entitled to deduct tax

According to Section 139 (1) of India, any individuals whose total income in the last year exceeds the tax exemption bracket should file their ITR or income tax returns. E-filing is the process through which an individual file their income tax returns online.  As a taxpayer, you can seek expert assistance or file your own taxes