TaxHelpdesk Blog

Do I need to file ITR

Do I need to File ITR? Comprehensive Guide Easily Explained

Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.


GST on Director’s Remuneration on RCM basis

As per the GST laws, if the services are provided by an employer to its employees in accordance with the employment agreement, then it is neither considered as supply of goods nor as supply of services. Therefore, GST will not be applicable in such cases. On the other hand, if the services are not classified as employer employee relationship, then GST will be applicable. This is in accordance with the CBIC’s circular on applicability of GST on director’s remuneration vide CGST circular no. 140/2020 dated 10th June, 2020.

Deduction under Section 80EEB - Interest paid on loan taken for purchase of electric vehicle

Deduction on Electrical Vehicle for Interest Paid on Loan

As per the provisions of Section 80EEB, a taxpayer is allowed a deduction for interest paid on the loan amount taken for the purchase of an Electric Vehicle (EV), whether it is done for personal usage or regarding any business purposes. A taxpayer can avail deduction under this section till the loan is repaid.

Section 80EEA - Deduction on interest paid on home loan

Section 80EEA | Deduction on interest paid on home loan

With a view to promote “Housing for All”, a new section namely Section 80EEA was inserted in the Income Tax Act. This Section helps first time home buyers to claim an additional tax of Rs. 1,50,000 during each financial year against the home loan interest payments. Further, the rebate amount under this section is over and above the deduction limit mentioned under Section 24(b) of the Act.