15th June: Assuming if your income tax liability will be 10000 and more than pay first instalment due date is 15th June If you miss the advance tax deadlines, there are penalties under Section 234B and Section 234C of the Income Tax Act: Section 234B: If you haven’t paid …
Filing income tax returns can get confusing, but the Income Tax portal offers two key tools to simplify the process: Annual Information Statement (AIS) and Taxpayer Information Summary (TIS). Let’s break down the difference: 🔍 AIS – Your Financial Transactions at a Glance: Provides a comprehensive view of your financial …
What is Form 10IEA? Form 10IEA is a declaration form used under the Indian Income Tax Act to switch between the old and new tax regimes. Taxpayers can use this form to declare their preference for a particular tax regime, especially when they have business income. This declaration helps in …
1. Income from Salaries Income from salary xxxx Add: Taxable allowances xxxx Add: Taxable perquisites xxxx Gross Salary xxxx Less: Deductions u/s 16 – Standard deduction – Entertainment allowance xxxx – Professional tax xxxx Taxable Income under the head ‘Salaries’ xxxx 2. Income from House Property Net Annual Value xxxx …
For getting the better understanding about the Applicability of Income tax first we need to understand the Basics of Income: Income Includes : Profits and gains; Dividend; Voluntary contributions received by a trust which is created wholly or partly for charitable or religious purposes; or by educational institutions, hospitals or …
As a residential property is the prime asset of most individuals living in India, taxes paid on its capital gains can be heavy and discouraging to sell it. However, the government has granted some incentives, including exemptions from capital gains tax on the sale of residential property. It has incentivised new-home …
Let’s understand the various Types of ITR : ITR-1 (SAHAJ): This form is most likely the one you would be filing your tax return from. It is the ultimate ITR form for individuals, both salaried and other income, such as agriculture, pension, etc. Individuals earning up to ₹50 lakh or agricultural income …
Section 80C: This is perhaps the most well-known píovision. It allows deductions foí investments such as: Equity Linked Saving Scheme (ELSS) National Pension Scheme (NPS) Unit Linked Insuíance Plan (ULIP) Public Píovident Ïund (PPÏ) Sukanya Samíiddhi Yojana (SSY) National Savings Ceítificate (NSC) Ïixed Deposit (ÏD). Section 80D: Deductions for health …
Let’s understand the same through analysis of Landmarking Judgement. LGW INDUSTRIES LTD. vs. UNION OF INDIA (CALCUTTA HIGH COURT) Entitlement of ITC to be considered afresh where ITC was denied on the ground that suppliers were non-existent but the transactions were found to be genuine. Background: Notices were issued to …
Amidst all the talk about tomorrow, let’s not forget the joys of today. When it comes to managing money, there’s no fixed rulebook. But here’s a simple guide, sprinkled with happiness and practicality, ensuring a present full of smiles and a future full of security. Alright, imagine this: you’ve finally …