Generally, salary is considered as a fixed payment from an employer to an employee. However, the term 'salary' has a larger scope. Let us discuss the term 'salary' in this article.
The intention of section 194Q is to widen and deepen the tax base. In order to do the same, it is proposed to levy a TDS of 0.1% on purchase transactions exceeding Rs. 50 lakhs in a year.
Income tax was introduced in India in 1860 and is generally described as a tax on income, gains or profits earned by a person such as individuals and other entities.
FM Nirmala Sitharaman proposed the addition of Section 194K in the Union Budget 2020. This section includes a tax deduction on the amount paid on the units of mutual funds.
Cash transactions and digital deposits are closely monitored by the IT Department, and if you invest more than Rs 10 lakh in mutual funds, stock market, bonds, or debentures, your chances of receiving a notice increases.
CBDT has issued a circular on 20.5.2021 for an extension of due dates for various returns and compliances under the Income Tax Act. Let us discuss the extended due dates.
This is the last part of the article series related to Income Tax Benefits Available to Individuals and HUF. We will now be discussing about the remaining deductions under Chapter VIA, TDS and advance tax provisions and about exemption from Filing of Income Tax Return
Section 10AA provides a deduction from total income of such profits and gains derived by an assessee being an entrepreneur from the export of articles or things or services for certain consecutive assessment years.
Section 12A of the Income Tax Act, 1961 is the stepping stone for every charitable organization. It enables non-profit entities such as Charitable Trusts, Non-Profit Organization, Welfare Societies, Religious Institutions, etc. to claim full tax exemption as per Section 11 and 12 of the Income Tax Act, 1961.
Discussing the Deductions Allowable from Taxable Income to Individuals and HUF as per Chapter VIA of the Income Tax Act, 1961.
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