Section 80GGC specifies the deduction of the Income Tax Act which is allowed from the total gross income of an individual assessee for the contributions made to a political party or an electoral trust.
Section 139 of Income Tax Act: It provides the complete guidelines to deal with late filings of the return. Read more about section 139(1 ) and what is section 139(2) of income tax act
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.
Any income that is made by the way of brokerage or commission is liable to deduct tax in the form of Tax Deduction at Source (TDS) by a resident individual.