income tax

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...

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...

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

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...

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

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

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

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...