If individuals are choosing the old tax regime, then they can continue with existing tax exemptions. It further includes leaving travel allowance, health rent allowance, and other deductions under certain sections of the Income-tax Act. On the contrary, choosing for the new tax regime will have ...
In India, two slab systems are working under income tax, namely, the old system and the new system. The new IT slab system was introduced with the annual Budget for taxpayers. The government has provided an option of choosing between the slab systems to the assesses. An income tax return ...
INCOME-TAX ACT (FIRST AMENDMENT) RULES, 2009 – IN SECTION OF RULE 40EAEJAZ AHMEDEmail thisPrint this
Chapter IV(Sections14to59) of the Income Tax Act 1961 deals with the provisions related to computation of total income. Section 43 of IT Act 1961-2023 provides for definitions of certain terms relevant to income from profits and gains of business or profession. ...
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Chapter XIV(Sections139to158) of the Income Tax Act 1961 deals with the provisions related to procedure for assessment. Section 143 of IT Act 1961-2022 provides for assessment. Recently, we have discussed in detailsection 142B(Faceless Inquiry or Valuation) of IT Act 1961. ...
June 14, 2024CA VineetaIncome Tax News and Articles, Taxes in India 5 Minutes Read An employer usually refers to your initial base salary when discussing your pay. To form your complete ‘salary package,’ they incorporate different elements on top of this figure. These additions consist of ...
1962 (hereinafter the Rules). All the sections and rules referred are of Income-tax Act, 1961 and Income-tax Rules, 1962 respectively unless otherwise specified. The relevant Acts, Rules, Forms and Notifications are available at the website of the Income Tax De...
The Gen IT software can also calculate the additional interest under sections 234A, 234B, and 234C of the Income Tax Act. This tool is made to avoid errors and mistakes while filing taxes. The Gen Income Tax e-filing software is best for the perfect ITR filing solution. SAG Infotech ...