Section 80G: Deductions on Donations
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
ITR
Meaning, Types, Treatment of Dearness Allowance
Dearness Allowance or D.A. essentially is considered to be as a component of salary, which is some fixed percentage of the basic salary. It is provided to the central government/public sector employees to bear with the consequences of inflation. Furthermore, the D.A varies from place to place and sector in which the employee is employed.
know Tax benefits on health insurance and medical expenditure
In these unprecedented times, we all have realised that ‘Our Health is Our Wealth’ and in order to keep us protected from these uncertain times, we have taken every possible measure to meet the medical expenditures, if needed. Further, to promote health planning and well being of the people, Section 80D of the Income Tax Act was introduced by the legislature. This section allows deductions on the health insurance and medical expenditures incurred by the persons. Through this, double benefits are provided to persons – one to the policy holder or his family members and the other is tax benefit to the person.
Income Tax Return Extended Dates for Assessment year 2020-2021
The Income Tax Return extended due dates are due to the pandemic COVID-19. Having stating that, the Central Board of Direct Taxes has extended the due date for the third …
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which Tax Regime Suits you: Old v. New?
Through the Union Budget of Assessment Year 2021-22, the Finance Minister Nirmala Sitharman introduced the new tax regime with lower income tax slab rates. The taxpayers which are either individuals …