As per the Income Tax laws of India, anything received by person in monetary terms is treated as an income of that person. The income of source could be salary, …
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Filing of belated/revised Income Tax Return of income for the assessment year 2020-21 for all assessee is 31st May, 2021
Filing of belated/revised Income Tax Return for the assessment year 2020-21 for all assessee (provided assessment has not been completed before March 31, 2021) is 31st March, 2021
Due date for Income Tax Return for Assessment Year 2021-22 under section 92E pertaining to international or specified domestic transactions
Section 80TTB was introduced in the Income Tax Act through the Union Budget, 2018 and is applicable from the Financial Year 2018-2019. Through this provision, the citizens can claim a specified amount as a deduction from their respective gross total income.
Section 80TTA of the Act provides deduction on the interest earned on the savings account with a bank / cooperative society / post office. In other words, the deduction is allowed only on interest earned on savings account and not on interest earned or fixed deposits / timed deposits.
Section 80G of the Income Tax Act provides deductions on the amount contributed to charitable institutions or specified trusts..
Dearness Allowance or D.A. essentially is considered to be as a component of salary, which is some fixed percentage of the basic salary. It is provided to the central government/public sector employees to bear with the consequences of inflation. Furthermore, the D.A varies from place to place and sector in which the employee is employed.
Income Tax due dates are notified by Central Board of Direct Taxes for each month. Non-compliance of the various filing can lead to heavy penalties. The due date for compliances in August, 2021 are as follows:
Clubbing of income, as the name suggests is the income of one person is clubbed with the income of the another person. Many of the persons think that if they …