Deadline to choose between old and new tax regime?
In India, there technically isn’t a strict deadline to choose a specific tax regime for salaried individuals for the FY …
DEDUCTIONS
Got a tax notice for claiming higher deduction in ITR? Here is what to do
Around 22,000 taxpayers, including high-net-worth individuals, salaried individuals, and trusts, have already received notices from the Income Tax Department because …
Date Extended for ITR for Co operative societies for various assessment years from AY 2018-19 to AY 2022-23.
Circular 13/2023 Dated 26 July 2023 of Income Tax is issued to give relief to co operative societies Subject: Condonation …
Deduction in respect of purchase of electric vehicle (EV’s) – 80EEB
Section 80EEB is a provision under the Income Tax Act, 1961, which provides tax benefits on the interest paid on …
Deduction in respect of royalty on patents – Section 80RRB
Deduction in respect of royalty on patents. 80RRB. (1) Where in the case of an assessee, being an individual, who is— …
Deduction in respect of contributions given by any person to political parties – 80GGC
80GGC. In computing the total income of an assessee, being any person, except local authority and every artificial juridical person wholly …
Section 80CCD – Deduction for Contribution to Pension Funds (NPS & AYP) by employee, employer and voluntary contribution
Section 80CCD of the Income Tax Act, 1961 is a provision that provides tax benefits for contributions made towards the …
Section 80DD:Deduction in respect of expenditure on medical treatment of a dependent, being a person with disability
A resident individual/HUF, incurring expenditure on maintenance of relative dependent, being a person with a disability, can claim deduction under …
