Category: Income Tax

Advance Tax Under Income Tax According  to Income Tax Act,1961 section 207 say  that Tax shall be payable in advance during any financial year, in accordance with the provisions of section 208 to section 219 Read More

Section 115BAC According to Income Tax 1961 Section 115 BAC The most important amendment in Finance Act,2020  New Tax Regime with lower tax rate introduced mainly for individual, Hindu Undivided Family, Co operatives. Now Central Read More

Corporate tax Rate 2020-21 According to Income Tax Act,1961 corporate taxis applicable on Domestic Company  25% Foreign Company 30%

Formation of Charitable and Religious Trusts According to our religious every person should donate some amount according their financial capacity every month or every year. Such people can donate to Government but some person does Read More

Rates/Slab of income tax for assessment year 2021-22   Rates/Slab 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 Read More

Deduction in respect of interest on loan for house property section 80EEA According to Income Tax Act,1961 if an individual not eligible to claim deduction in respect of interest on house property shall be allowed Read More

Deduction for residential house Property section 80EE According to Income Tax Act 1961 If an individual buy a house and he/she satisfy certain condition to claim deduction under section 80 EE. 1. The loan does Read More

Deduction for higher education section 80E According to Income Tax Act,1961 any person can claim deduction for entire amount of interest paid on a loan taken for pursuing higher education condition for claiming deduction 1 Read More

Deduction of medical treatment section 80DDB According to Income Tax Act, 1961 section 80 DDB deduction allow to a person for specified diseases and ailments who is 1.Resident in India and 2.Is either an individual Read More