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Deductions for Rent paid

When it comes to minimizing our tax liabilities, exploring various deductions and exemptions provided by the Income Tax Act is essential. One such provision that can benefit individuals who do not receive or who are not eligible for house rent allowances is Section 80GG. This section allows taxpayers to claim a deduction from the income [...]
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  • Comments Off on Income Tax E-Verification Process

Income Tax E-Verification Process

Filing your income tax return is an essential responsibility for every taxpayer, ensuring compliance with tax regulations and contributing to the smooth functioning of the economy. After successfully filing your tax return electronically, the next crucial step is to e-verify it. E-verification is the process of validating and authenticating your tax return filing electronically, eliminating the need for physical verification.
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  • Comments Off on Deduction of payment to MSMEs

Deduction of payment to MSMEs

Every business can claim deduction of payments made to the vendors on accrual basis. This means that business can claim deduction of payments to vendors which are not paid in actual but are due for payments as on the last date of the financial year and/or even until filing the return of income.
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  • Comments Off on Senior Citizen – Exempt from Filing their ITR

Senior Citizen – Exempt from Filing their ITR

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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  • Comments Off on Tax Benefit from Electric Vehicle

Tax Benefit from Electric Vehicle

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.

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  • Comments Off on All About Updated Return

All About Updated Return

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.

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  • Comments Off on Tax Exemption and Extension in Timelines under Income Tax

Tax Exemption and Extension in Timelines under Income Tax

Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.

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  • Comments Off on Understanding Residential Status from Tax View Point

Understanding Residential Status from Tax View Point

Income Tax Act, 1961 of India applies to all persons having income earned or accrued in India. However, its applicability differs basis the residential status of a person. The residential status as stated in Income Tax Act should not be considered as a synonym for citizenship of India.

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