Income Tax

List of Various Deductions Under Section 80C. deduction under section 80c. Deduction U/S 80C in respect of Life Insurance Premium, Contribution to PF, etc., (Only Individuals/HUF). Find List of Income Tax Deduction under section 80C.…

Belated Return Section 139(4). Filing of Income Tax Return after Due Date. If the person fails to file the return of income within the time-limit prescribed in this regard, then as per section 139(4) he can file a belated return. A belated…

Belated Return & Revised Return: Missed the income tax return filing deadline? Here's what you can do. Last Date For Filing of Belated Return. An assessee does not file his return within the timelines prescribed in the income tax act…

Tax Treatment of Gifts Received By an Individual or HUF. A very common and frequent question running in the mind of taxpayers is the taxability of gifts. In this part, you can gain knowledge about various provisions relating to taxability…

Income Tax Raids, Notices, Assessments – Reasons behind it, The article is mainly about why the Income tax officials conduct raids at your office or house or any other places. This article is written for guiding every person to avoid…

How LIC schemes are helpful in Income Tax? This article is for various exemptions available to the assessee while investing in the securities of the LIC. Life Insurance Corporation is the only source where the deductions under the Income…

Interest Expenses - Deduction & ITS Assessment under Income Tax Act: The Income-tax Act, 1961 (hereinafter "the Act") provides detailed provisions to claim a deduction of expenses incurred for earning business income. Sections 30 to 36…

First time Direct Taxes Code Bill, 2010, introduced in Lok Sabha on 30 August 2010 was referred to the Committee on 09 September 2010 for examination and report thereon, by the Speaker, Lok Sabha. When new government came in power in…

Section 194N - TDS on Cash Withdrawal above 1 Crore: Every person, being a banking company including any co-operative bank or a post office, who is responsible for paying any sum in cash, in excess of 1 crore rupees during the previous…

Income Tax Assessment Procedure. Types of Assessments as per income tax act. We all know that every assessee whose income exceeds the Basic Exemption Limit is required to file a return of income. If the return is not filed or late…

Additional Depreciation: Here you get information about What is the percentage of additional depreciation and what are the conditions for the allowability of the same. Additional depreciation, as the name suggests, refers to depreciation…

Situations in which Income of Previous year is taxed in the P.Y Generally, income of the previous year is taxed (i.e., assessable) in the immediately following assessment year. However, in the following cases income of the previous…