Income Tax Deductions Related Articles

Nov - 2024

07

Section 24 of Income Tax Act

Section 24 of Income Tax Act

Section 24 of Income Tax Act Section 24 of the Income Tax Act 1961 offers substantial tax benefits for homeowners by allowing deductions on income generated from house property. Given that purchasing a home is a significant milestone for many middle-class Indians, home loan EMIs often become a majo ...

Apr - 2024

01

Section 80GGA: Tax Deductions for Donations of Scientific Research

Section 80GGA: Tax Deductions for Donations of Scientific Research

Section 80GGA: Tax Deductions for Donations of Scientific Research Section 80GGA of the Income Tax Act allows taxpayers to claim tax deductions for donations given to scientific research or rural development. By claiming deductions under this section, taxpayers can reduce their tax liability, contr ...

Feb - 2023

27

How do I know if I have an Income Tax Notice?

How do I know if I have an Income Tax Notice?

How do I know if I have an Income Tax Notice? When a taxpayer files an Income Tax Return (ITR) with the department, the department processes the return. It may issue a notice to the taxpayer, which could be an Intimation or scrutiny. A tax notice can be of various types due to various reasons. It m ...

Feb - 2023

22

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice?

What happens if we do not respond to Income Tax Notice? Income Tax Notice is a correspondence sent by the Income Tax (IT) Department when they want to raise an inquiry against the returns filed by the taxpayer. There are various reasons that the department may send a notice; they may ask the taxpay ...

Feb - 2023

17

What is Income Tax Notice?

What is Income Tax Notice?

What is Income Tax Notice? Receiving an income tax notice can be daunting, especially if you believe you've paid all your taxes and filed your returns correctly. Understanding these notices can make them seem less intimidating. Income tax notices are official communications from the Income Tax Depa ...

Jun - 2020

18

Reduced Rate Of EPF Contribution & Impact On Stakeholders

Reduced Rate Of EPF Contribution & Impact On Stakeholders

Reduced Rate Of EPF Contribution & Impact On Stakeholders The cash flow crunch due to the imposition of the Covid -19 national lockdown across the nation has drove the Indian Government to announce the Atmanirbhar Bharat Stimulus Package that also aims at reduced rates of EPF contribution for b ...

Mar - 2019

05

Section 94A of Income Tax Act

Section 94A of Income Tax Act

Section 94A of Income Tax Act Section 94A of the Income Tax Act empowers the Indian Government to issue a notification to any of the applicable countries that fail to provide assistance in relation to the issue of the mandatory exchange of tax-related information. Its areas of coverage include decl ...

Jan - 2019

10

Income Tax for Freelancers

Income Tax for Freelancers

Income Tax for Freelancers Freelancing has emerged over the past few years as a significant source of income for several taxpayers across India, especially for the younger generation. The significant advantage that the freelance sector has is the benefit of earning regardless of an individual's age ...

Nov - 2018

23

Section 80 IAC Tax Exemption for Startups

Section 80 IAC Tax Exemption for Startups

Section 80 IAC Tax Exemption for Startups After securing Startup India Registration, startups can apply for a tax exemption under Section 80 IAC of the Income Tax Act. Once granted, this exemption permits startups to enjoy a tax holiday for three consecutive financial years within the first ten yea ...

Nov - 2018

19

Section 80GGC of the Income Tax Act

Section 80GGC of the Income Tax Act

Section 80GGC of the Income Tax Act Section 80GGC of the Income Tax Act provides a deduction for taxpayers who have donated to political parties. The quantum of contribution can be extended up to a maximum of 10% of the Gross Total Income. The provision benefits the taxpayers as the contributions c ...

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