If you’ve recently received an income tax notice regarding Section 80GGC, it’s important to understand what this section entails and how it impacts your tax liabilities. In this article, we will walk you through the basics of Section 80GGC, the possible reasons for receiving an income tax notice, and how to address the issue. We … Read more
Have you taken an SBI home loan? If yes, then this article is for you. In this article, we will discuss how to download the SBI home loan interest certificate from the SBI website. This certificate is required to produce to the employer for incorporating the same in form 16 to save income tax. What … Read more
As announced in the Union Budget 2020, the Income Tax department has launched a facility for issuing instant PAN through Aadhaar card. Through this facility, an instant PAN card can be generated and downloaded from the income tax website. How to apply for Instant PAN through Aadhaar card? Applying for the PAN card is not … Read more
Tally ERP (Enterprise Resource Planning) is an accounting and financial management software developed by Tally Solutions Pvt. Ltd. It is a comprehensive business solution that helps businesses manage their financial operations, including accounting, inventory management, invoicing, banking, payroll, and taxation, among others. In this article, we will discuss advantages of tally software and other aspect … Read more
You must have filed your income tax return before 31st July 2022. Now you must be waiting for refund of income tax if you are eligible. Make sure few very important details are accurate on the income tax portal in order to get the timely refund. If these details are not accurate, you have to … Read more
If you are claiming HRA in your income tax return, you need to furnish the rent receipt along with the rent agreement. You have to either collect it from your landlord or you can get the same online for free. It is now very easy to get the rent receipt online through various websites. Today … Read more
The income tax department has launched a new income tax portal on 7th June 2021. The new e-filing portal is aimed at providing taxpayers a convenient and seamless experience. Today, in this article, we will discuss the features and benefits of the new income tax portal. Why New Income Tax Portal is required? Before we … Read more
The concept of Advance Tax in India is one that is relatively unknown to the general public. While most people are aware of the basic concept of taxation, few are familiar with the intricacies of Advance Tax. In this article, we will take an in-depth look at what Advance Tax is, how it works, and … Read more
Income Tax in India is a form of tax levied by the Central Government on the income of individuals, businesses, and corporations. It is a crucial part of the country’s revenue collection and plays a significant role in the economic growth of India. These forms serve as a means for the government to gather information … Read more
Leave Travel Allowance (LTA) is a type of allowance offered by employers to their employees as a part of their salary package. LTA is intended to cover the expenses incurred by the employee and their family members while traveling on leave from work. The objective of LTA is to provide tax benefits to the employees, … Read more
In the Union Budget 2020, the finance minister has announced the new income tax clause section 285BB under which the existing form 26AS will no longer be available. In this article, we will discuss what is section 285BB and how will it affect you as a taxpayer. Before we move ahead, let’s first understand what … Read more
Salaried people in India often face the challenge of maintaining a balance between their expenses and income. Although many companies provide their employees with a decent salary, it may not always be sufficient to meet their needs. This is where special allowances come into play. In this article, we will discuss the various special allowances … Read more
Tax season is going on and you want to finalize your investments to save tax. Investment decisions are based on three important consideration viz. Return, risk, and liquidity. Saving taxes can also be included in the return. Out of three only first two qualify for tax deduction under Section 80C and 80 CCD of Income … Read more
After the demonetization and GST tax regime by the Modi government, digital transactions are on a rise. There is a number of people who have used the digital payment for the first time after the demonetization. Do you know that which are the transactions done by you are being tracked by the income tax department? … Read more
In Budget 2020, the finance minister has introduced a new income tax structure along with the existing tax structure. The new tax structure is optional so the taxpayer has now the option to choose between existing and new tax structure. How to do Income Tax Slabs Calculation FY 2020-21? Which Tax Structure to Select? So … Read more