Income Tax Articles
80G Tax Deduction Limit
SECTION 80G DEDUCTION ELIGIBLE COMPUTATION According to this section if the donation made to APPROVED FUNDS/CHARITABLE INSTITUTIONS deduction shall be eligible. For the purpose of this section to get deduction/exemption eligibility, donations are c
Decoding the New Clause (H) of Section 43B of Income Tax Act
The Finance bill 2023 included a new clause (h) to section 43B of the income tax act 1961. To assure on-time payments, the stated clause inserted as a Socio-Economic Welfare Measure and has been realized through the Micro and small companies.
NRI Property Inheritance: Laws, Tax Implications and Challenges
In this article, we will delve into the intricacies of property inheritance for NRIs and offer valuable insights for successfully navigating this complex process.
Form 67 is directory and not mandatory to claim foreign tax credit
It is high time that necessary amendments should be made in the Income Tax Act/Rules to incorporate the process of claiming the tax credit, where the foreign tax credit certificates are received by an assesses even after the end of the assessment year.
Analysis of Section 80P Deduction for Co-operative Societies
In this article we will discuss the intricacies of Section 80P, drawing insights from the recent Tribunal case of Sardar Patel Co-Operative Credit Society Ltd. v. Deputy Commissioner of Income-tax, Circle-2(3) (IT APPEAL NO. 645/SRT/2023).
Demystifying Section 80GGC: A Deep Dive with Vivaan & Aahil
The bustling cafe hummed with conversation as Vivaan and Aahil, two college buddies, debated over their tax returns. Aahil, ever the tax-savvy one, mentioned claiming a deduction under Section 80GGC, piquing Vivaan's curiosity.
Auto Calculate Income Tax Arrears Relief Calculator u/s 89(1) with Form 10E for FY 2023-24 and AY 2024-25
15 February 2024
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The Minister of Finance has announced a new tax regime in the 2020 budget, including additional tax brackets and lower tax rates. Many taxpayers had long requested it, but it came with the condition that all deductions and deductions allowed under the old tax system would be revoked.
Tax Time Made Easy: Mastering 43B(h) with a Friendly Q&A and Year-Specific Dates
Today, we're diving into the world of Indian Tax Law, specifically Section 43B(h) of the Income Tax Act, 1961.
All about Section 43B (h) of Income Tax Act, 1961 related to MSME Enterprises
Today everyone is talking about section 43B (h) of the Income Tax Act which is related to MSME Enterprises. Everything is curious to know when this will be applicable. What will happen if it becomes applicable? Will it apply to everyone? Today I will explain everything about this section in this article.
Understanding NRE and NRO Accounts: Tax Implications and Differences for NRIs
Managing finances as a Non-Resident Indian (NRI) involves understanding the tax implications and differences between Non-Resident External (NRE) and Non-Resident Ordinary (NRO) accounts. Both NRE and NRO accounts have specific purposes and distinct tax considerations. Let's delve into the details of these accounts and explore their tax implications.
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