The maximum deduction allowable is ₹150000/-. The deduction of up to ₹150000/- under section 80EEA is over and above the deduction available under section 24(b) in
Buy-back of share is one of those activities through which companies distributing the surplus to their shareholders, without payment of taxes. Initial stage provisions of Section 115QA are applicable to unlisted companies, but after July 5, 2019, it became applicable to listed companies also.
So, pause! Before rushing towards filing ITR this year, follow a few more best practices that may save you time, benefit you over a number of years, and help you understand any new filing provisions. Note that this article assists those who already know at least a few aspects of filing ITR.
The new scheme was slated to bring in a paradigm shift in the way tax assessments were carried out in India by eliminating person-to-person contact to the extent it is technologically feasible, providing a fair and transparent framework of assessments, ensuring the tax assessments were technically sound and that consistent tax positions were taken.
Section 269SU provides that every person, carrying on business, shall, provide a facility for accepting payment through the prescribed electronic modes if any, being provided by such person, if his total sales, turnover or gross receipts in business exceeds Rs.50 Crores
Only those capital receipts would be taxable under the Income Tax Act,1961 which are expressly provided under the definition of term "income" under section 2(24) of the Act.
An individual who has taken a loan for the purchase of an Electrical Vehicle from any Financial Institution is eligible to get the benefit of deduction of interest payable on loan under section 80EEB
With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their investments into the financial markets.
Know what are new disclosures that will reflect in your Income Tax Return(ITR) Form with the implementation of faceless assessment
Concept of Inseparable Letting under Income Tax Act, 1961
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