Income Tax – 8 Deductions Available Under Section 80C Of Income Tax Act 1961

Section 80C of Income Tax Act 1961 has been a widely used tax deduction for many individuals, but it does come with some caveats. Here are 8 Deductions Available under Section 80C of Income Tax Act 1961 which guidelines can be followed to claim deductions according to the lay of your land. LIC Premium Paid If you are an individual resident in India, you can claim a deduction of the LIC premium paid under Section 80C of the Income Tax Act, 1961. The LIC premium is a mandatory tax paid…

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Instant Tips On Income Tax Deductions That You Can Start Figuring Out Today

Taxes are unavoidable, but it's not your fault - which brings us to this article on claiming the appropriate deductions. A blog article containing information and advice on tax deductions you can take advantage of today to help lower your Income Tax liability. Save money with these key tips! New Concessional Tax Regime for Individual and HUF in India From FY 2020-21 onwards, the government has implemented a new simplified optional personal income tax regime for Individuals & HUF. Individuals and HUFs are allowed to pay income tax at reduced…

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Income Tax Heads: 5 Types of Heads of Income for Computing Income Tax in India

Income tax is a type of tax that people have to pay to the government on anything they earn through paid work. Many countries have an income tax return filing in mumbai, which is collected as part of a progressive system and uses deductions, exemptions, and allowances to modify the amount of taxation owed by individuals. In this blog post, you'll find all related information that'll help you to understand five different types of heads of Income as defined in Income Tax Act, 1961 Income From Salary Salary income, in…

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Revised Return under Income Tax Act 1961

If you have filed your Income tax return and later on discover any omission or any wrong statement therein, you can correct this by filing a revised return. Section 139(5) of Income Tax Act, 1961 allows taxpayers to rectify their ITR at any time before three months prior to the end of the relevant assessment year or before completion of assessment, whichever is earlier. any mistake or omission such as Change of Particulars, submission of wrong ITR form, change in head of income, increase/decrease of income, claiming TDS, etc. can…

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WHAT IS INCOME TAX

What is income tax? Income tax is a direct tax imposed on the income of individuals and other entities by the government. Indian residents are required to consider their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India. Incomes of different nature and volumes of entities other than corporate bodies are stacked under different income heads and slab rates. INCOME: WHAT ARE THE SOURCES OF INCOME TAXED UNDER WHAT IS INCOME TAX? Apart from a few exemptions and deductions…

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Income-Tax Returns & Other Audit Reports for The Assessment Year 2021-22 Have Been Extended

Income Tax Audit Due Date Extension: Latest News Some people who have to file tax audit reports and income tax return filing for FY 2020-21 have had their deadlines pushed back by the Central Board of Direct Taxes. By a press release on January 11, 2022, the income tax department announced that this would be the case.Extension of Due Dates for TAR & It ReturnTypeCurrent Due DateExtended Due DateTax Audit Report15.01.202215.02.2022Transfer Pricing Report31.01.202215.02.2022Audited Case IT Return15.02.202215.03.2022Transfer Pricing Case IT Return28.02.202215.03.2022The Central Board of Direct Taxes (CBDT), while exercising its powers under Section…

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