Are pensioners required to file income tax return? Disclosure of pension income. Tax implications if pension is received by pensioner. Taxability of commuted pension
Income Tax Act 1961, 1962 & components of Income Tax law. Rules finance act, circulars, government notifications, court decisions & judicial pronouncements.
The rate of the tax deduction for NRI selling property in India is not fixed at 1% unlike section 194IA. It would depend upon the nature of capital gains.
As per Section 80GGB, any Indian company or enterprise that donates to a political party or an electoral trust registered in India can claim a deduction for the amount contributed by it.
Under Section 80GGA of the Income Tax Act it is stated that the deductions are allowed for the donations that are made towards rural development and scientific research.
While paying the monthly salary to a staff member (deductee), the company (deductor) deducts TDS under section 192. And, the deductor needs to submit a salary TDS using Form 24Q.
The interest from fixed deposits are fully taxable. It comes under the head “Income from Other Sources” while filing income tax return.
Every individual who is earning has to file return of income tax as per the income tax act, 1961. There are various rules and regulations to do the same in proper manner.
Any individual who is residing and working in India but belongs to any other country will have to pay tax under the income tax act, 1961.
Difference between TDS in Income Tax and TDS in GST - Deductor, deductee, rate of tax, registration, credit, certificate, interest & late fees
