Penalty for Late Filing of Income Tax Return
Taxpayers must file their Income Tax Return (ITR) reporting the income earned and clearing their tax liabilities for the previous financial year. The Income Tax Department specifies due dates for…
Section 80E of Income Tax Act: Deduction for Interest on Education Loan
Section 80E of the Income Tax Act, 1961 allows taxpayers to claim a deduction on the interest paid on education loans taken for themselves or their relatives. What is Section…
GSTR-2: Return Filing, Format, Eligibility & Rules
GSTR-2 is a monthly return that enables taxpayers to report and summarise details of inward purchases of taxable goods and/or services. However, since September 2017, the filing of GSTR-2 has…
Section 80G & 80GGA Deductions – Donations Eligible Under Section 80G and 80GGA
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 of the Income Tax Act – Complete 80C Deduction List
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…
Deductions Under Section 80CCD of the Income Tax Act
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…
Input Tax Credit (ITC) under GST
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…
Section 16 of the Income-tax Act, 1961 – Salary Deductions
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.…
Cost Inflation Index for FY 2025-26: Index Table, Meaning, and Calculation
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)…
Intimation Under Section 143(1) of the Income Tax Act – ITR Intimation Password
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,…
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