Tax savings u/s 80G: Some time your tax benefit can be more than money donated
If you have already exhausted the Rs1.50 lakh limit investment under section 80C, also bought a health insurance policy, made an additional contribution to NPS(u/s 80CCD), you still have ways and means to reduce your tax liability. You can save tax using the deductions available under section 80G of the Income Tax Act. Section 80G…
Read article
CBDT introduces two new sections206A &206CCA to identify non-filers of income tax.
In line with the announcements made in the Union Budget 2021, CBDT brought new functionality for compliance checks which mandated that non-filers of income tax returns for past two fiscal years would be subjected to higher tax deducted at source (TDS) and tax collected at source (TCS) rate if such tax deduction was Rs 50,000…
Read article List of incomes that are exempted from income tax under the new tax regime
In the budget 2020, FM Nirmala Sitharaman has introduced a new tax regime along with the old regime. The new regime comes with reduced tax rates of various income slabs as well as the removal of rebates and exemptions. Salaried individuals, who have no business income, will have to choose between the existing and new…
Read article
Do you know entire donations to political parties can be claimed as a tax deduction?
Chapter VI A of the Income Tax Act contains various sub-sections of section 80 that allow an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations, etc. Such deductions allow an assessee to considerably reduce the tax payable. Donation made to political parties or electoral trust…
Read article
Beware! your PAN card may become inoperative if not linked to Aadhar by June 30
The recent amendments to the Income Tax Rules have made it mandatory to link Aadhaar with PAN, on or before June 30, 2021. If the PAN is not linked with Aadhaar, the PAN shall be deemed to have become inoperative / invalid in accordance with Rule 114AAA(3) of the Income-tax Rules, 1962 (‘Rules’), from July…
How to download an instant e-PAN card from Incometax Portal?
Your Permanent Account Number or PAN is an important document required to you to file your income tax return (ITR). In case you have lost or misplaced your PAN card, there is a provision of issuing instant e-PAN card by the Income Tax Department at their new income tax portal. There is also a facility…
Read article