Have you been thinking of buying an electric vehicle lately? In addition to compensate the rising fuel prices, purchasing an electric vehicle shall also give you a tax benefit under income tax.
The Finance Bill 2022 has inserted a new section, Section 139(8A) in Income Tax Act. This new section provides for facilitating filing of ‘Updated Return’ by the taxpayers. This section has effect from 1st April 2022.
Income Tax Act has broadly defined taxability of income under five heads of Income. One of them is Capital Gain, where gains arising out of sale of capital assets are taxable in the hands of the seller of the capital asset. However, with the intention of tax evasion, assesses started entering into an agreement with the buyer, where the sale value declared by the seller is less than the actual sale consideration. This led to loss of tax to the government, and thus to avoid this, section 50C and Section 56 (2)(x) was introduced as two sides of a coin. Section 50C states taxability of such cases in the hands of the seller while Section 56 (2)(x) specifies about the taxability of such transactions in the hands of the buyer.
Whenever we come across an individual who is suffering from disabilities, the first reaction of most people is to pity them. However, it should not be the case. There are many stories of individuals who, despite suffering from disabilities, have soared the heights of success.
Every person who earns income chargeable to tax should file its income tax return with the Income-tax Department before the due date and pay the taxes as applicable for the financial year. If any person fails to do so, such person shall be liable to pay interest as imposed by the Income Tax Act. Under the Income Tax Act, interest is imposed under three subsections of Section 234, viz., 234A, 234B, and 234C.
Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.
In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.
It is always advised to everyone that better be safe than worry. It applies not just for health but also financial requirements for health. Thus, health insurance, popularly known as medical insurance is an important and mandatory investment in your investment portfolio. To encourage this investment, government provides tax benefits in the form of deduction of the investment made in medical insurance. This tax benefit is over and above of the investments stated under Section 80C/CC/CCD and is claimed under section 80D.
