Income Tax

How to Save Income Tax by buying Electric Vehicle

#Tax Benefit from Electric Vehicle To promote and encourage the use of electric vehicles, Government has introduced a tax benefit to individuals purchasing electric vehicles. Thus, a buyer of Electric Vehicle will get benefit  by claiming deduction under section 80EEB of Income Tax Act.   #Who can claim deduction? Deduction under section 80EEB can be …

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Didn’t file your Income Tax Return? Relax! ITR due date is not over yet

the taxpayers also got the opportunity till July 31, 2020 to make tax-saving investments, before filing their return of income. As a result, to provide ample time to taxpayers to file their return conveniently, the due date of filing ITR for the AY 2020-21 was first extended to November 30, 2020 and subsequently to December …

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Due Date for Tax Audit and Income Tax Returns Extended

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by …

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Tax Collected at Source on sale of goods applicable from 1st Oct 2020 (New Section 206C(1H)

Tax Collected at source (TCS) is Income Tax which is required to be collected by the seller (Collector) from the Buyer. Analysis of New Section 206C(1H)  1. The Government of India has introduced a new Section 206C(1H) with regards to ‘Tax Collection at Source‘. Applicable to everyone having turnover of Rs. 10 crores in last financial …

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5 mistakes to avoid while filing Income tax return

Here are common mistakes which should be avoided while filing ITR: 1. Filing ITR Without Using All Sources of Income While computing the ITR, it is required to take into account all sources of income whether from the previous or current employment or income from investments and file it under the appropriate ITR form. 2.Choosing The …

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Income tax department changes Form 26AS from this assessment year

The new Form 26AS or ‘Annual Information Statement’ will have comprehensive information on taxes paid, details income tax proceedings, the status of income tax demand & refund along with details purchase of shares or property etc. Form 26AS is an annual consolidated tax statement. New improved Form 26AS which would carry some additional details on …

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5 Most Important Pointers To Know before Investment in Tax-Saving Fixed Deposits

1.   As per the Income Tax Law, Only individuals and HUFs are allowed to invest in tax-saving fixed deposits. If investment made in name of a minor, the deposits account can be held jointly with a 18+ individual. 2. A maximum of Rs. 1.5 lakh tax deduction allowed under Section 80C of the Income Tax …

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NRO deposits Income (Interest) is taxable in the hands of Non-Residents Indian

Non-resident Indians can remit or transfer up to $1 million from an NRO (Non-Resident Ordinary ) to NRE (Non-Residential External) account by producing necessary documents. Remittance or transfer beyond $1 million can possible with prior special permission from RBI. Under the Indian income tax law, any sum exceeding ₹50,000 received without consideration from any person is …

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