Professional Tax is for all whether they are self-employed, salaried or into trading and not just in professions like of a Doctor or a Chartered Accountant.
As per Section 10(14) of the 1961 Income Tax Act, special allowances are given to salaried individuals for covering the educational as well as hostel expenses of their children.
Section 80QQB of income tax act 1961, states provisions related to Royalty Income. This section includes deductions for royalty income of authors.
Under Section 80RRB, deduction is given to taxpayers for income from royalty on a patent. The assessee is eligible to claim deductions under section 80RRB.
Form 27Q is the statement of TDS return for the non-salary payments done to NRI. The Indian buyer is required to submit the form 27Q every quarter before the due date.
Sec 194 IA of the Income Tax Act, 1961, states that, beginning from June 1, 2013, tax at 1% shall be deducted by the buyer while making the payment for the property.
The interest received from a savings account is taxable under the category, “Income from other sources”. Under Section 80TTA, there is a deduction of Rs 10, 000 on such incomes from interest and thus, only the interest earned beyond Rs 10, 000 comes under
After evaluating one’s total taxable income, reducing deductions and the taxes paid, any pending tax liability at the end of the financial year is known as self-assessment tax.
Section 80CCG was introduced in the Finance Act, 2012 and was part of the Income Tax Act. The other name of this section is the Rajiv Gandhi Equity Savings Scheme (RGESS).
To give relief to small or medium sized taxpayers, the income tax act incorporated scheme of presumptive taxation. Under this scheme of section 44AD the individuals who are running a business are not required to maintain books of account regularly.
