Income Tax Articles
Importance of Annual Information Statement while Filing Income Tax Return!
The CBDT has recently rolled out a new functionality in the AIS that allows taxpayers to view the status of their feedback in real-time.
Section 80EEB of Income Tax Act
Deduction u/s 80EEB is only available to individual taxpayers. Check out under which tax regime is available.
Depreciation under Income Tax Act: How to calculate depreciation on the WDV of a Block of assets?
Depreciation is calculated annually based on the two methods. Check out the two methods to calculate depreciation.
Form 26AS How to view and download on TRACES Portal?
Form 26AS is a tax credit statement maintained by the Department of Income Tax. Form 26AS can viewed and downloaded on the TRACES Portal
Interest u/s 234A, 234B and 234C
Interest u/s 234A, 234B and 234C. Know how much interest required to be paid if delay in filing of tax returns, delay in payment of Advance Tax and deferment of Advance Tax.
Tax Rebate under Section 87A
If your taxable income is below Rs 5 lakh in the financial year 2022-23 (assessment year 2023-24), you may be eligible for a tax rebate under Section 87A of the Income Tax Act, 1961.
ITR-4: Who Can File ITR 4
Presumptive income scheme simplifies tax calculation for small businesses with gross receipts or turnover less than Rs 2 crore.
How much income tax can be saved if your annual income is above 10 lakhs
How to Save Tax if Salary is Above 10 Lakhs: know the rate, exemptions and calculation for filling your return.
Dearness Allowance: What is DA?
Dearness Allowance is the additional payment the Government and Public Sector Entities make to their Employees and Pensioners. The intent is to mitigate the effect of rising inflation.
Best Judgement Assessment - A Thoughtful Analysis!
Section 144 of the Income Tax Act outlines the procedure for making assessments when a taxpayer fails to fulfill certain obligations, such as submitting returns or complying with notices issued by the Assessing Officer.
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