A standard deduction of flat INR 50,000 is available to the taxpayers. From FY 2020-21 the Standard Deduction can be claimed if the salaried individual does not opt for concessional Tax Rates in the New Tax Regime.
Section 80D| Deduction in relation to Medical Expenditure
The dilemma of which scheme should an employee opt for Income tax in FY 20-21
Buying a house is a dream for many and involves a lot financial planning. Home Loan journey can be quite eventful and confusing.
Legality of Prior approval of Joint Commissioner for assessment in search cases under Section 153D of the Income Tax Act'1961
ITR-4 for AY 2020-2021 has been notified on the e-filing portal. Every taxpayer shall file the income-tax return electronically except a super senior citizen (whose age is 80 years or above during the previous year 2019-20) who furnishes the return either in ITR-1 or ITR-4.
Section 45 of the Income Tax Act, 1961 ('Act') is the charging section of the income chargeable under the head 'Capital Gains'.
Changes in ITR-5 for AY 2020-21
TDS Section 194O | TDS on e-commerce operator
Concessional Income Tax Slab Rates for FY 2020-21 was notified by the FM in her Budget Speech. The new concessional tax rates can be availed without claiming certain deductions and exemptions.
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