Income Tax Articles

Section 80DD Expenses: Claim tax deduction on medical expenses for disabled persons

Pranab Banerjee 01 June 2023 at 09:06

Individuals or HUFs can claim an exemption under Section 80DD of the Income Tax Act for a disabled person who is wholly dependent on the Individual/HUF for support and services.

Posted in Income Tax | 1 comments | 3855 Views

An Overview On: e-Appeals Scheme 2023

RN Mohil 31 May 2023 at 09:10

The Income Tax department has introduced the e-Appeals Scheme, a significant development aimed at streamlining the process of filing and processing appeals through electronic means.

Posted in Income Tax | 3882 Views

Annuities and Taxes: How Annuities are Taxed and Tax Strategies for Annuity Holders

Suhasini 30 May 2023 at 11:06

In this article, we'll dive into the details surrounding taxation strategies for annuity holders and explain why understanding these strategies is essential when investing in an annuity. We'll also discuss how different types of annuities can impact your taxes and what you need to know about filing taxes on your investments when using them for retirement planning purposes.

Posted in Income Tax | 1 comments | 2427 Views

TDS on ESOP prerequisite by eligible startups

Affluence Advisory Pvt. Ltd 30 May 2023 at 08:55

Income-tax Act, 1961 permitting deferral of the timing of TDS deduction on ESOP prerequisite from the employees.

Posted in Income Tax | 708 Views

Taxation Rules for Leave Encashment - Brief Overview

CS Lalit Rajput 27 May 2023 at 15:56

Leave encashment is a process in which an employee receives monetary compensation in exchange for unused or accumulated leave days. In many organizations, emplo..

Posted in Income Tax | 4179 Views

Enhanced Tax Exemption on Leave Encashment: Non-Government Salaried Employees in FY 2023-24

Rakesh Ishi 26 May 2023 at 13:27

The Finance Ministry recently announced a significant increase in the tax exemption limit for leave encashment on retirement for non-government salaried personnel. The limit has been raised from ₹3 lakh to ₹25 lakh, effective from April 1st, 2023.

Posted in Income Tax | 3054 Views

Statutory Tax Compliance Tracker - June 2023

CS Lalit Rajput 26 May 2023 at 10:11

1. Compliance requirement under Income Tax Act, 1961 Sl. Compliance Particulars Due Dates 1 Due date for deposit o..

Posted in Income Tax | 6120 Views

Can you get Tax Deductions for Both HRA and Home Loan Interest Simultaneously?

Tarun Kumar Madaan 26 May 2023 at 08:59

House Rent Allowance (HRA) is an allowance employers provide to cover the expenses of rented housing for employees. The Income-tax Act allows for an exemption on HRA if an employee resides in a rented house. Additionally, the Act permits a deduction on the interest paid by an individual taxpayer on a home loan.

Posted in Income Tax | 4791 Views

CBDT launches Tax Calculator for FY 2023-24

Rashmi 25 May 2023 at 09:01

The Central Board of Direct Taxes (CBDT) has introduced a new Income tax calculator for the financial year 2023-24. This calculator is designed to be user-friendly and helps individuals and businesses calculate their tax obligations more easily.

Posted in Income Tax | 2463 Views

An Overview of Trusts

Mohd Zain 25 May 2023 at 09:01

A Trust is not a separate legal entity, therefore the tax law uses the concept of the representative assessee to tax the trust as given under section 160 of the Income Tax Act, 1961.

Posted in Income Tax | 1032 Views