Learn how to calculate your Income Tax on Salary for the Financial Year 2023-24 with a comprehensive example. Understand the intricacies of tax calculations and make informed financial decisions.
Section 148 of Income Tax Act: According to this section, IT Department has the power to reassess an individual’s previously filed ITR.
Section 80DD is the deduction for the medical maintenance of a dependant, who is a person with a major disability. The assessee should be an individual or a Hindu Undivided Family (HUF) who should be a resident of India.
Discover how Section 80EE can help you save on income tax by providing deductions on the interest paid on your home loan. Learn the eligibility criteria and benefits of this tax-saving provision.
If any taxpayer will file his or her tax return late, he or she will be charged a penalty in the form of interest under section 234A.
If in any case the taxpayer delays the payment of advance tax, the income tax department impose penal interest in the form of penalty under Section 234C.
If the taxpayer delays the payment of advance tax charged on him or her, he or she will have to pay interest under section 234B.
When an income which is not the salary, is received by the payee, form 26Q is used to file the TDS returns. Form 26Q is used to mention the amount of income and the TDS deducted on that income.
ITR-V Rejections can happen due to numerous reasons, including the likes of late submission, absent signature, meagre quality of form received for assessment
Under the Income Tax Act, non-profit entities such as charitable trusts, religious organizations, NGOs registered under Section 12A are eligible to claim full exemption from income tax.
