When you donate money to a charity or NGO, you can get a tax deduction under Section 80G of the Income-tax Act, 1961. This means that you can reduce the amount of tax you have to pay based on the amount you donated.
This Article is related to one of the amendment made in Form No. 10 by Notification No. 96/2022 dated 17th August, 2022 which became applicable for all the Trust/Institution registered under sub clause (iv)(v)(vi)(via) of Section 10(23C) of the Act for F.Y. 2022-23 (A.Y. 2023-24).
This article will help you understand some of the exemptions and deductions that are valid under the new tax regime.
Under the Income Tax Act, depreciation is allowed as a deductible expense for assets used in business or profession, subject to certain conditions and limitations. The amount of depreciation that can be claimed depends on the asset's useful life, which is determined by the Income Tax Rules.
This article covers the deductions available in Old Vs. New tax regime, in brief, should help in making the required choice. This is applicable from 01.04.2023 i.e. for FY 2023-2024 or say AY 2024-2025.
In this article, I will be discussing the new tax regime in India, comparing it with the old income tax regime, and explaining why the new regime is the government's favorite child.
If you FAIL to choose between the New and Old Tax Regime, the Employer will take the New Tax Regime as DEFAULT and deduct TDS under it.
Section 194D of the Income Tax Act requires tax to be deducted at source on any commission or reward paid for procuring insurance business.
Gold prices and their relationship with the US dollar or the dollar index are strongly correlated. As the dollar rises, gold prices tend to fall, while when the dollar weakens, the price of gold tends to increase.
E-Verify is a process that allows taxpayers to verify their Income Tax Return (ITR) electronically.
Certification Course on GSTR-3B Reconciliation with GSTR-2B using AI Tools