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.
Section 80CCC, Income Tax Act, 1961 allows taxpayers to claim deductions in tax for making contributions towards pension funds.
As per section 80TTB, any senior citizen as a resident individual in India can claim a deduction of up to Rs 50,000 from the interest income earned during the concerned financial year.
The option of the presumptive scheme has always been an interesting as well as a confusing issue among the taxpayers. Here is description about Presumptive Income.
Cashbacks are particularly popular and are generally offered by mobile wallets and credit cards. Let’s understand what these cashbacks are and how they are taxed
Learn how leave encashment is taxed under Section 10(10AA) of the Income Tax Act. Know exemption limits, rules for govt/private employees & calculation examples.
Section 139 (5) of Income Tax Act - Discover what is it and how to file the revised return, this complete guide will cover all your doubts on revised income tax return
What is an agricultural income & agricultural income taxability in India? How to calculate tax on your agriculture income. Exemptions & deductions to avail.
Learn how to make online income tax payments with ease using Challan 280. Simplify your tax filing process and explore convenient e-tax payment options today.
