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Income Tax Deduction Related Articles

Nov - 2024

07

Section 24 of Income Tax Act

Section 24 of Income Tax Act

Section 24 of Income Tax Act Section 24 of the Income Tax Act 1961 offers substantial tax benefits for homeowners by allowing deductions on income generated from house property. Given that purchasing a home is a significant milestone for many middle-class Indians, home loan EMIs often become a majo ...

Apr - 2024

01

Section 80GGA: Tax Deductions for Donations of Scientific Research

Section 80GGA: Tax Deductions for Donations of Scientific Research

Section 80GGA: Tax Deductions for Donations of Scientific Research Section 80GGA of the Income Tax Act allows taxpayers to claim tax deductions for donations given to scientific research or rural development. By claiming deductions under this section, taxpayers can reduce their tax liability, contr ...

Feb - 2023

27

How do I know if I have an Income Tax Notice?

How do I know if I have an Income Tax Notice?

How do I know if I have an Income Tax Notice? When a taxpayer files an Income Tax Return (ITR) with the department, the department processes the return. It may issue a notice to the taxpayer, which could be an Intimation or scrutiny. A tax notice can be of various types due to various reasons. It m ...

Feb - 2023

22

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice? Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are various reasons that the department may send a notice; they may ask the taxpay ...

Feb - 2023

17

What is Income Tax Notice?

What is Income Tax Notice?

What is Income Tax Notice? Receiving an income tax notice can be daunting, especially if you believe you've paid all your taxes and filed your returns correctly. Understanding these notices can make them seem less intimidating. Income tax notices are official communications from the Income Tax Depar ...

Nov - 2021

08

Tax deductions on Donations

Tax deductions on Donations

Tax deductions on Donations Section 80 G of the Income Tax Act allows tax deductions on donations, that are made to any charitable trust. One of the best ways to save money while doing their bit for contributing to the world is making that allows deductions under Section 80 G. Towards this generous ...

Jun - 2020

18

Reduced Rate Of EPF Contribution & Impact On Stakeholders

Reduced Rate Of EPF Contribution & Impact On Stakeholders

Reduced Rate Of EPF Contribution & Impact On Stakeholders The cash flow crunch due to the imposition of the Covid -19 national lockdown across the nation has drove the Indian Government to announce the Atmanirbhar Bharat Stimulus Package that also aims at reduced rates of EPF contribution for b ...

Mar - 2020

26

Income Tax Deduction from Salary

Income Tax Deduction from Salary

Income Tax Deduction from SalaryIncome tax deduction from salary is a crucial aspect of tax compliance for salaried individuals in India. Governed by Section 192 of the Income Tax Act, the deduction ensures that tax is withheld at source (TDS) based on applicable income tax slabs, surcharges, and ex ...

Mar - 2019

05

Section 94A of Income Tax Act

Section 94A of Income Tax Act

Section 94A of Income Tax Act Section 94A of the Income Tax Act empowers the Indian Government to issue a notification to any of the applicable countries that fail to provide assistance in relation to the issue of the mandatory exchange of tax-related information. Its areas of coverage include decl ...

Jan - 2019

10

Income Tax for Freelancers

Income Tax for Freelancers

Income Tax for Freelancers Freelancing has emerged over the past few years as a significant source of income for several taxpayers across India, especially for the younger generation. The significant advantage that the freelance sector has is the benefit of earning regardless of an individual's age ...

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