Blogs

A Goods Transport Agency (GTA) means any person who is engaged in the business of providing services with respect to transportation of goods by road.

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CBDT has notified the Cost Inflation Index for Financial Year 2023-24 vide Notification No. 21/2023 dated 10th April, 2023. The Cost Inflation Index for FY 2023-24 relevant to AY 2024-25 & subsequent years is 348.

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All the income earned through winnings from lottery, crossword puzzle, gambling, betting, horse racing and any similar nature were taxed under section 194B of the Income Tax Act, where the payer of such winnings would require to deduct TDS at 30% if such winnings exceed Rs 10,000/-

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To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return.

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Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act.
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