Category: Income Tax

Section 80D provides for tax deduction from the total taxable income for the payment (by any mode other than cash) of medical insurance premium paid by an Individual or a...

Income Tax Act provides for various deductions under Chapter VI-A for Contribution to Pension Plans. These Deductions are available under Section 80C, Section 80CCC & Section 80CCD and can be...

Income Tax Return is required to be furnished before 31st July/ 30th Sept of the Assessment Year. However, if the return is not filed before the due date, both interest and...

Before making the assessment/reassessment or re-computation under Section 147, the assessing officer shall serve on the assessee a notice requiring him to furnish a return of his income or income...

It may be possible that an Income tax authority may commit a mistake while passing the order of assessment, appeal, revision etc. With a view to rectifying any mistake, apparent...

The provisions of filing of income tax returns in case of Loss are governed by Section 139(3) of the Income Tax Act which states that in case a taxpayer has...

Employers usually provide several facilities to their employees one of which is Accommodation for Residence of the Employee. Sometimes, this accommodation is given to the employee without any charge and...

To promote education in India, the govt allows for Income Tax Deduction under Section 80C & Section 80E. Deduction under Section 80C is allowed for payments made by self and...

An Individual incurs various expenses for proper upbringing of their children. Some of these expenses can also be claimed as an expense under the income tax act and will help...