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Deadline to File Updated Income Tax Return for AY 2020-21 is 31st March 2023
The Income Tax Return (ITR) for Assessment Year (AY) 2020-21 was required to be filed […]
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Documents required for GST registration in Goa
PAN card of the applicant Aadhaar card of the applicant Proof of business registration (such as incorporation certificate or partnership deed) Bank account statement or cancelled cheque …read more
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Section 206AB of the Income tax ACT
The purpose of this article is to provide an overview of Section 206AB of the Income Tax Act and its implications for taxpayers in India. The article will explain what Section 206AB is, who is subject to it, and how to comply with its provisions. It will also cover recent changes to the section, how…
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Failed to file TDS return, still you can avoid penalties, read here how!
No penalty will be levied under section 271H for the failure to file the TDS/TCS return, if the person proves that after paying tax deducted/collected by him, along with the latefiling fee and interest (if any), to the credit of the Central Government, he had filed the TDS/TCS return before the expiry of a period…
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What happens when you, an employer, miss to file return for TDS on income tax?
Minimum penalty can be levied of Rs. 10,000 which can go upto Rs. 1,00,000. Penalty under section 271H will be in addition to late filing fees prescribed under section 234E
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8 Highlights of Budget 2023 that are of common man’s interest
Highlights of Budget 2023 for common man
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No need to do Tax saving Investment under section 80 C when your income is above 15 Lakh.
It is very clear above that when you calculate your tax under New tax regime, even if the investment under section 80C is Zero, one ends up paying less tax as compared to the same income and tax calculation under old tax regime with an investment under the section 80C.
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WHAT ARE THE VARIOUS TAX-SAVING OPTIONS UNDER SECTION 80C?
ELSS mutual funds PPF (Public Provident Fund) Tax-saving Fixed Deposits NSC (National Savings Certificate) ULIP (Unit Linked Insurance Plan) Home Loan Principal Repayment Tuition Fees for Children National Pension System (NPS) Life Insurance Premium Sukanya Samriddhi Account 5-year Bank Fixed Deposits.