Introduction: An income tax assessing officer, employed by the Income Tax Department, is tasked with evaluating income tax returns. Their primary responsibilities involve verifying the accuracy of these returns and identifying any intentional or unintentional discrepancies. Furthermore, each jurisdiction appoints its own assessing officer to oversee taxpayers within its boundaries. Every taxpayer is allocated a […]
Introduction: Education stands as one of the paramount investments parents make for their children. Nevertheless, the expenses related to school fees and other educational necessities can pose a considerable financial strain on families. To alleviate this burden and foster literacy, the government provides tax deductions on tuition fees paid for children. In this article, we […]
Introduction: The ‘Sukanya Samriddhi Yojana (SSY)’ also known as ‘Bal Bal Samriddhi Yojana’ is perfectly in line with the campaign objectives of Prime Minister Narendra Modi as part of the Beti Bachao Beti Padhao campaign. The scheme was inaugurated on January 22, 2015 in Panipat, Haryana. Among the national banking schemes offered by the Government […]
Introduction: The National Pension Scheme (NPS) and Public Provident Fund (PPF) stand as pillars of government-backed retirement saving, each advocating disciplined savings to fortify your post-retirement years. Despite sharing similar objectives, their coexistence raises questions: why two schemes with akin goals? What sets them apart? And crucially, which one suits you better? If you find […]
Introduction: Any individual income exceeding the basic exemption limit for the financial year(s) is required to file an Income Tax Return (ITR) detailing his income, deductions and related particulars. When a claim is filed, the Income Tax Department processes the claim. Sometimes, some refunds are selected for consideration based on norms laid down by the […]
Introduction: Income-tax laws in India include provisions for various profit-linked deductions aimed at incentivizing investments in specific industries. These deductions are outlined in the Income Tax Act, 1961, within Chapter VI-A They are accessible under Sections 80H to 80RRB, pertaining to profits and gains from designated industries like hotel businesses, small-scale industrial undertakings, housing projects, […]
Introduction: A partnership deed, which is a detailed legal document, describes all the necessary terms and conditions and is signed by all the partnerships Without such an agreement, a benefit may not be readily available to the partners. The Partnership Act of 1932 mandates that any interest on capital paid to partners from earnings must […]
Introduction: Public sector employers compensate their employees with basic salaries determined by their respective pay scales, upon which various additional components are calculated and subsequently added to determine the final take-home amount. Notably, one significant component in this calculation is the Dearness Allowance (DA). Dearness Allowance: Dearness Allowance (DA) is an essential living modification distributed […]
Introduction: Section 80EE of the Taxation Act provides a useful scheme aimed at reducing the burden on taxpayers through home loans. This section facilitates the deduction of mortgage interest payments, thereby providing relief to eligible individuals. The section was first introduced in the Union Budget of FY 2013–2014 in support of tax relief for first-time […]
Introduction: Employees’ Provident Fund (EPF), commonly referred to as PF (Provident Fund), acts as a compulsory savings and retirement scheme for employees of eligible organizations After retirement, employees can rely on the cumulative corpus of this bank as financial results. As per EPF rules, employees are required to contribute 12% of their basic salary to […]