Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
Mutual fund taxation is dependent on two factors namely: type of the mutual fund and duration of the mutual fund. There is a well-known proverb that the person should not …
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As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.
Section 80TTA of the Act provides deduction on the interest earned on the savings account with a bank / cooperative society / post office. In other words, the deduction is allowed only on interest earned on savings account and not on interest earned or fixed deposits / timed deposits.
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 of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
As per the provisions of Section 80EEB, a taxpayer is allowed a deduction for interest paid on the loan amount taken for the purchase of an Electric Vehicle (EV), whether it is done for personal usage or regarding any business purposes. A taxpayer can avail deduction under this section till the loan is repaid.
With a view to promote “Housing for All”, a new section namely Section 80EEA was inserted in the Income Tax Act. This Section helps first time home buyers to claim an additional tax of Rs. 1,50,000 during each financial year against the home loan interest payments. Further, the rebate amount under this section is over and above the deduction limit mentioned under Section 24(b) of the Act.