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 [...]
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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Every Limited Liability Partnership registered under the Limited Liability Act, 2008 has to make certain compliances. One of such compliance is the filing of Form 11 with Ministry of Corporate Affairs. Every financial year, an LLP has to file this Form 11 online on the MCA Portal.
The Finance Act 2021 has introduced two new sections in the Income Tax Act, viz., Section 206AB & Section 206CCA.
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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