What is Financial Year & Assessment Year?
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
income tax act
Know About Cash Payment Restrictions Under Income Tax
By way of putting restrictions on cash transactions, the Government is able to collect more taxes as well as avoid tax evasion.
All you need to know about section 87A at TaxHelpdesk
In order to provide relief and lessen the burden on small taxpayers, the Governmeny had announced the tax rebate scheme by introducing Section 87A in the Income Tax Act.
Section 80U: Deduction in case of disability
Section 80U is a deduction meant for the disabled person. This section provides a flat deduction on the gross total income of the individual on the basis of severity of disability of the disabled person. Further, this deduction is not dependent on the amount of the expenditure.
How to claim deductions if you do not get HRA? | Section 80GG
In cases, where the individuals do not get House Rent Allowance from their employers, they still can get deduction on house rent paid through Section 80GG of the Income Tax Act
Section 80G: Deductions on Donations
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
Clubbing of Income of Husband & Wife
Clubbing of income, as the name suggests is the income of one person is clubbed with the income of the another person. Many of the persons think that if they …
Know about Clubbing of Income of Husband & Wife
Clubbing of income, as the name suggests is the income of one person is clubbed with the income of the another person. Many of the persons think that if they …
High End Value Transactions Tracked by Income Tax Department
The transactions done by the individuals in higher denominations is tracked closely by the Income Tax Department. As a matter of legal obligation provided through Income Tax Act, 1961 – …
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income tax slabs for the financial year 2020-2021
The budget of Financial Year 2020-2021 was presented on 1st February, 2020 by our Finance Minister, Ms. Nirmala Sitharaman and it came effective from 1st April, 2020. According to the …
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