Several court verdicts — including the recent one in June 2023 by the Income Tax Appellate Tribunal (ITAT) in Aman Kumar Jain’s case — have decided that the rent paid by a man to his wife is allowed as HRA and tax exemption is permitted for the same
According to income tax rules, the home buyer is required to deduct 1 percent TDS if the sale consideration is Rs 50 lakh or more. The TDS rate is 20 percent in the absence of a PAN, or if the PAN is deemed inoperative.
The upcoming budget set to be revealed on February 1 by Finance Minister Nirmala Sitharaman is going to be an …
Section 80G of the Income Tax Act, 1961 provides for deductions on account of donations made to various funds, charitable organizations etc.
According to a report, most Indians, even younger ones, prefer the old tax regime. While there are several investment schemes available in the market, insurance products, often overlooked in the tax-saving discourse, also serve the purpose. Here’s a look at some of the options.
If a taxpayer happened to miss the December 31 deadline of filing income tax return (ITR), they can request for the condonation of delay on the e-filing portal to avoid the imposition of penalty.
Budget 2024 Expectations Income Tax: Increasing threshold limit for investment-linked deductions under section 80C
Budget 2024 Expectations: Check summary of some key expectations and predictions
Experts suggest that AI can automate data collection and calculations for tax filing, encouraging compliance and freeing up resources for investigation. Accessibility, security, and user-friendly design with multilanguage support are important for widespread adoption
Should You Take a Home Loan to Save Income Tax?
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