Introduction: The Income Tax Act of 1961 contains provisions that allow taxpayers to reduce their taxes by taking advantage of various deductions and exemptions. These provisions include section 80JJAA ,offering employers deductions for hiring new employees and meeting specific criteria. In this blog post, we will provide a detailed overview of Section 80JJAA, including its […]

Introduction: Section 115 BAC of the Indian Income Tax Act, introduced through the Finance Act of 2020, provides individuals with the option to select between the conventional tax rates and the new concessional tax rates, disregarding legal specifics such as deductions and exemptions. Upon the enactment of Section 115 BAC, ambiguity arose regarding whether employees […]

Introduction: To reduce the burden on small tax payers, Government of India has introduced presumptive tax under Section 44AD of the Income Tax Act. In the past, they had to do the hard work of maintaining books of accounts and doing audits. These provisions provide a simplified method of calculating profits and profits for businesses, […]

Introduction: The advance tax payment system entails paying income tax in advance, throughout the year in installments, rather than settling the entire tax liability in a lump sum at the end of the financial year. Familiarizing yourself with the rules and regulations surrounding this advance tax payment is essential. Here, you will find detailed information […]

Introduction:  Filing annual tax returns is an important responsibility for all taxpayers. Not only does this important work bring great relief, but it also lightens a huge burden for many. However,  process does not end there. Taxpayers need to e-verify their tax returns again to complete the filing process. It is important not to overlook […]

Introduction: The Taxation Act of 1961 provides deductions and exemptions designed to reduce taxable income, thereby reducing personal tax liability These provisions allow deductions for investments in within a particular system or alongside certain types of debt. There is a separate exemption for contributions to National Pension Scheme (NPS) under Section 80CCD(1B). In this guide, […]

Introduction: It is a mistake to assume that the goal of all businesses is to avoid or minimize their tax obligations. There are some citizens who want to voluntarily pay their taxes first. This is not just kindness, but a proactive approach. By understanding or calculating your annual income, you can calculate and pay your […]

Introduction: Residents, whether individuals or Hindu Undivided Families (HUFs), are entitled to deductions under Section 80DD of the Tax Act for totally dependent disabled caregivers if they will be supported and cared for. Families of disabled dependents can avail tax benefits under section 80DD for personal maintenance. Both self-employed and Hindu Undivided Families (HUFs) are […]

Introduction: India has progressive taxation policy that makes higher the tax liability at the stage of higher income tax slabs the higher the income is. To bypass the increased tax burden, some taxpayers go as far as transferring their assets and income into their spouses’ name. On the other hand, the Income Tax Department has created provisions […]

Introduction: The taxpayer is entitled to exclude from his total income the part of the sum which has been donated to electoral trusts or political parties in accordance with the two latter parts of the Section 80 GGC of the Income Tax Act of 1961. This can be a fiscal measure, allowing either a partial (50%) […]