Post by: Dinesh Pandiyan in Income Tax
Section 10 of the Income Tax Act: Exemptions & How to Claim? Section 10 of the Income-tax Act, 1961, provides several exemptions and allowances to reduce income tax burdens for taxpayers, particularly salaried professionals. Introduced by the Government of India,…
Post by: Dinesh Pandiyan in Income Tax
80EE vs 80EEA: Know the Difference for Home Loan Deductions Sections 80EE and 80EEA of the Income Tax Act offer valuable deductions for first-time homebuyers, allowing them to reduce specific amounts of expenses from their net taxable income. These deductions,…
Post by: Dinesh Pandiyan in Income Tax
ITR1 vs ITR2: Know the Differences, Meaning & Applicability Navigating the complexities of filing income tax returns in India requires a clear understanding of the right form to use—ITR 1 or ITR2. The IT department oversees this process, and improper…
Post by: Renu Suresh in Income Tax
Crypto Tax in India: Taxation On Cryptocurrency The Income Tax Department (ITD) has not provided specific guidance on crypto taxes for Indian investors. However, the Income Tax Act includes key provisions—Section 115BBH and Section 194S—that govern the taxation of Virtual…
Post by: Renu Suresh in Income Tax
Section 90 of the Income Tax Act: Relief from Double Taxation In a globally connected world, individuals and businesses often earn income from multiple countries. This international income can lead to a situation where the same income is taxed by…
Post by: Dinesh Pandiyan in Income Tax
Section 144B of Income Tax Act: Faceless Assessment Section 144B of Income Tax Act introduces a transformative approach to income tax assessments by emphasising transparency, efficiency, and accountability. Under section 144B, the Central Government's Faceless Assessment Scheme aims to eliminate…
Post by: Dinesh Pandiyan in Income Tax
Union Budget 2024-25: Income Tax Changes & Updates The Union Budget 2024-25, presented by Finance Minister Nirmala Sitharaman, prioritises simplifying the tax system and improving taxpayer services. Building on previous efforts to streamline corporate and personal income tax structures, the…
Post by: Renu Suresh in Income Tax
Can I file ITR for Last 3 Years now? If you're wondering, "Can I file ITR for last 3 years now?" the answer is a yes! It's a common scenario: the income tax return (ITR) deadline passes, and you realize you've missed…
Post by: Dinesh Pandiyan in Income Tax
ITR Processing time: How long does ITR return take to process? Income tax return (ITR) processing is a crucial step carried out by the Central Processing Centre (CPC) in Bangalore, responsible for primary assessments. Once the Income Tax Department receives…
Post by: Dinesh Pandiyan in Income Tax
ITR Refund Delay: How to Resolve it? Experiencing an ITR refund delay can be frustrating, especially when you've carefully planned your investments and savings to maximize your tax benefits. Filing your income tax returns (ITRs) early is crucial for a…