Under the Income Tax Act, Section 80G provides tax deductions for donations made to eligible funds, trusts, and charitable institutions. Taxpayers can claim either 50% or 100% of the donated…
Section 80C allows taxpayers to claim deductions of up to ₹1.5 lakh on eligible investments and expenses. These include contributions towards life insurance premiums, Public Provident Fund (PPF), home loan…
Section 80CCD provides tax deductions for contributions made towards the National Pension System (NPS) and the Atal Pension Yojana (APY). By investing in these schemes, taxpayers can claim NPS-related tax…
For finance professionals, optimizing every rupee is crucial. Managing tax liabilities and improving cash flow are key responsibilities, and this is where Input Tax Credit (ITC) becomes more than just…
Under the Income Tax Act, 1961, specific deductions are permitted while calculating an individual’s total income. Section 16 focuses on deductions that can be subtracted from an employee’s gross salary.…
The Cost Inflation Index (CII) helps determine the yearly increase in the prices of goods and assets caused by inflation. For the Financial Year 2025-26, the Cost Inflation Index (CII)…
An intimation under Section 143(1) is issued by the Income Tax Department after your filed income tax return (ITR) is processed. It includes details such as your ITR acknowledgement number,…
Overview Section 10 of the Income Tax Act, 1961 provides a list of exemptions on certain types of income such as House Rent Allowance (HRA), Leave Travel Allowance (LTA), interest…
The Ministry of Corporate Affairs (MCA) introduced the MCA 21 portal in 2006 to provide secure and convenient online access to various MCA services for professionals, corporate bodies, and the…
Section 43B of the Income Tax Act specifies certain expenses that can be claimed as deductions under the head ‘Income from Business and Profession’. It states that some expenses are…