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Section wise Income Tax Deductions for AY 2021-22

Section Nature of deduction Who can claim (1) (2) (3) Against ‘salaries’ 16(ia) Standard Deduction Individual – Salaried Employee & Pensioners 16(ii) Entertainment allowance Government employees 16(iii) Employment tax Salaried assessees Against ‘income from house properties 23(1), first...

5 Points to Keep in Mind Before Opting Old or New Tax Regime

From the financial year (FY) 2020-21, an individual taxpayer has to choose between the new income tax regime (without tax-exemption and deductions) and the...

Income Tax: 3 changes to keep in mind in the financial year 2020-21

Though the FM Nirmala Sitaraman has extended numerous statutory deadlines related to taxation from 31 march to 30 June, the Finance Bill 2020 will...

The common mistakes done by people while filing ITR

Every year whose income is more than the basic exemption limit is required to file ITR. To reduce unnecessary problems, it’s mandatory to file...

Section 269SU – Constitutional Validity & Applicability

To promote a cashless economy and digital mode of accepting payment, the government of India has introduced section 269SU under Income Tax 1961. Section...

Important pointers of The Taxation Laws (Amendment) Ordinance, 2019

As we all know about the recent announcement made by the FM - Nirmala Sitaraman. I am sharing the important pointers of the Direct...

Intimation under section 143(1) of Income Tax Act 1961.

Income tax return (ITR) can be either filed voluntarily under Section 139 or on-demand by the income tax department (ITD) under Section 142(1). It is...

What is Angel Taxation in India?

What is Angel Tax? Angel tax was introduced in 2012. The main focus of angel tax is on reducing money laundering through the purchase of...

Section 5A : Portuguese Civil Code in Income Tax Return

Portuguese Civil Code in Income Tax The Portuguese Civil Code deals in the apportionment of income between spouses. The Portuguese Civil Code is applicable only...

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