How to file revised TDS return ? TDS mean tax deducted at source it is deducted at the time of income earned. The government is able to generate revenues by implementing the provisions of TDS on the earnings of individuals as well as businesses. Rules and regulations regarding TDS are controlled and governed under the … Read more How to file revised TDS return ?
Presumptive Taxation Section- 44AD, 44ADA,44AE According to provision of Income Tax Act,1961 there is special provision for computing profits and gains of business on presumptive basis. The Cental Government of India give some relief to small business man from maintain books of account as per prescribed under section 44AA . Under presumptive Taxation Sections there … Read more Presumptive Taxation Section- 44AD, 44ADA,44AE
Deduction 80D A Y 2021-22 Recent days people face many health problem and hospital also rise bills in rupee lakhs So Government promote health safety to society introduce deduction in Income Tax Act, 1961 According to Income Tax Act 1961 Section 80D also popular section among assesse Section 80 D also claim by mostly assesse Deduction … Read more Deduction 80D A Y 2021-22
Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961 According to Income Tax Act, 1961 Income Tax is liable on income earned during the relevant previous. But some companies was showing huge profit according companies Act book of account while computation income according to Income Tax Act ,1961 show’s Nil profit. So that these type … Read more Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961
What is marginal relief ? According to the Income-tax Act, 1961, a marginal relief is given to assesse whose taxable income is beyond the threshold limit after which surcharge is payable, but the net income above the threshold is less than the surcharge amount. According the provision of Income Tax Act, 1961 all assesse … Read more What is marginal relief ?
Income Tax Act 1961 Income Tax Act, 1961 passed by Parliament in the 1961 after 12th year of the Republic of India. This Act may be called the Income Tax Act, 1961 It extended to the whole of India Save as otherwise provided in this Act it shall come into force on the … Read more Income Tax Act 1961
How pay zero tax on Rs. 10,00,000 annual income from salary. According the provision of Income Tax Act 1961 every assessee need to pay Income Tax on his total income earned during previous financial year ( like 01/04/2019 to 31/03/2020). Income Tax is payable on the total income at the rates of income tax prescribed in relevant financial budget. The … Read more How pay zero tax on Rs. 10,00,000 annual income from salary
Deduction 80 C AY 2020-21 According to the Income Tax Act 1961 Section 80C is most popular section claim 80% by the assessee. Deduction is allowed only from the total income computed as per the provisions of the Act, following assessment: a person; or A Hindu undivided family. The above assessments will be worth a … Read more Deduction 80 C AY 2020-21
Rates of income tax for assessment year 2021-22 According to Income Tax Act 1961 an assesse total income taxed as per relevant assessment year income tax rates. According to Finance Act 2020 now there will be two income tax rates available from budget 2020 Old Regime New Regime If the individual or HUF opts to … Read more Rates of income tax for assessment year 2021-22
What is Assessment Year ? According to Income Tax Act 1961 assessment year is a year following the financial year in which assessee income is assessed. Example Financial Year Assessment Year 2017-18 … Read more What is Assessment Year ?