25th March, 2023 Introduction: TDS on salary is a critical aspect of the Indian taxation system that employees and employers need to understand. It is a tax deduction at source (TDS) mechanism that enables the government to collect taxes from salaried individuals as they earn their income throughout the year …
Introduction: As a responsible citizen, you must pay taxes. However, no one wants to pay more than they have to. It is fortunate that there is a variety of tax-saving options available that are designed to help you reduce your tax burden and keep more of your earnings. In this …
Sec 80GG – Deduction in respect of rent paid This section has been introduced to provide relief to those individuals who do not receive any HRA but are paying rent for the stay. Thus, an individual (i.e. Deduction not available to any other taxpayer) can claim a deduction for rent …
Sec 80EEB – Deduction in respect of purchase of electric vehicle. To promote the use of Electric vehicles in India, the government come up with new section to give tax relief to EV buyers. Eligible Assessee An Individual who has taken a loan for purchase of E-Vehicle from any Financial …
To promote the higher education in India, the Government of India desired to provide a tax deduction on the interest component of higher education loans. However, the deduction is provided only for the interest part of the EMI. There is no tax benefit for the principal part of the EMI …
Section 44ADA – Presumptive Tax Scheme for Professionals -A scheme for presumptive taxation was introduced under section 44ADA from the FY 2016-17. -Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section …
Namaste to all the lovely ladies out there! Are you ready to learn about a special savings scheme exclusively for women and girls? Well, hold on to your seats because I have some exciting news for you! Introducing the Mahila Samman Savings Certificate Scheme – a savings plan designed to …
As a freelancer, it is crucial to have a good understanding of your tax obligations and make sure that you file your taxes correctly every year. However, this can be a complex and challenging process, especially if you are new to self-employment. In this comprehensive guide, we will provide you …
The Indian Partnership Act, 1932 (the Act”) was enacted in 1932 and came into force with effect from 01st October, 1932 except section 69 of the Act which was came into force w.e.f. 1st October, 1993. A “contract’ is essential for every Partnerships and the same is governed by the Indian Contract. …
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. Ultimately, this helps to maintain the financial health of the nation and …
