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Reading Time: 14 minutesExemptions from Capital Gains tax, The Income-tax Act allows exemption from capital gains tax if the amount of capital gains or sale consideration, as the case may be, is further invested in specified new assets. These exemptions are provided as per the following sections: Exemption under Section 54 The exemption under section 54 is allowed
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Reading Time: 4 minutesPension Income is the fixed sum of money that a retired person receives at regular intervals after the retirement. Since it is essentially a source of income, therefor it is subject to tax as salaried income as per the Income Tax Act, 1961.altough, the taxability of pension may vary as per the type of pension
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Reading Time: < 1 minuteIncome tax challan correction ,New Functionality for “Challan Correction” launched by income tax department Using this Functionality you can Change Assesment Year, Major Head and Minor Head for Advance Tax, Self-Assessment Tax and Demand Payment as Regular Assessment Tax for Challan pertaining to A.Y. 2020-21 onwards within 7 days of tax payment. Challan Correction request
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Reading Time: 2 minutesRule 11UACA, New Rule 11UACA is notified by Income Tax India for Computation of income chargeable to tax under Section 56(2)(xiii) for amount Received under life Insurance policy “11UACA Computation of income chargeable to tax under clause (xiii) of sub-section (2) of section 56.- For the purpose of clause (xiii) of sub-section (2) of section
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Reading Time: < 1 minuteDeduction of payment of interest and principal – House Property under Section 24(b) of IT Act : Maximum limit of interest on loan taken for house property is 2,00,000/- if all of the following conditions are fulfilled- →The house property is self-occupied or vaccant, →The loan must be taken for the purchase and/or construction: →The
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Reading Time: 9 minutesThe Equalisation Levy was introduced by the Finance Act, 2016 on online advertisement services, provision for digital advertising space, or any other facility or service for the purpose of online advertisement only. The Finance Act, 2020, has extended the scope of this levy to e-commerce supply and services made/provided/facilitated on or after 01-04-2020. The Equalisation
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Reading Time: 2 minutesLast date for PAN-Aadhaar Link , In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately. Under the
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Reading Time: 2 minutesIncome tax on youtube income, With the rise of social media, the demand for content creators and bloggers is the highest ever and on the rise. The Youtube Videos /blogging profession is popular due to the platform it offers for expression and it is a very lucrative career now a days. The income earned by
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Reading Time: 4 minutesSection 139AA of the Income Tax Act provides that every individual person who has been allotted a Permanent Account Number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate Aadhaar number in the prescribed form and manner. In other words, such persons have to
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Reading Time: 2 minutesIncome Tax Intimation Order u/s 143 (1) IT Act 1961. | Password | Details Income Tax Intimation Order, After processing the the Income Tax Return, Income Tax Department sends Intimation notice to the registered email ID of the tax filer under Section 143(1) of the Income Tax Act 1961, An SMS also send by Department
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