New Income Tax Regime vs Old Tax Regime
For the financial year 2020-2021, every individual has the option either to continue with existing tax rate where exemptions and deductions can be claimed or to opt out for new tax regime where the rates...
Income Tax Benefits on Home Loan
1. Section 80C: Deduction up to Rs 1.5 lakh on home loan principal repayment.
2. Section 24b: Deduction up to Rs 2 lakh on interest repaid during pre and post construction period.
3. Section 80EEA: Additional...
All about upcoming Union Indian Budget 2023
All about upcoming Indian Budget 2023
Etymology and definition:
The word budget comes from the Old French word bougette meaning “small leather purse”, which in turn is a diminutive of the Gaulish bouge for “leather pouch,...
Submit Letter of Undertaking (LUT) for FY 2022-23 by 31.03.2022
What does LUT under GST means?
LUT in GST: Full form/meaning is Letter of Undertaking. It is prescribed to be furnished in the form GST RFD 11 under rule 96 A, whereby the exporter declares...
Extension of last date for submitting application for SEIS claim
As per the notification the last date for online SEIS claim application (Service Exporter for FY 2018-19 and 2019-20) has been extended till 28th February 2022
Statutory Compliance Calendar for the M/o Feb 2020
Due
Date
Purpose
Month
Description
7-Feb-20
Deposit of TDS/TCS
Jan’2020
The online...
Importance of filing Income Tax Return (ITR)
ITR for FY 2019-20 (AY 2020-21) Due Date is 30th November.
Importance of filing income tax return
An income tax return is a legal document that stands as your proof of income. Even if you are...
What is Advance Tax? Advance Tax Due Dates, Payments & Calculation
Advance tax means income Tax should be paid in advance instead of lump sum payment at year end. It is also known as pay as you earn tax. These payments have to be made in instalments...
Updated Income Tax Return introduced in Budget 2022 (ITR)
The Government has proposed allowing filing of updated tax returns for up to two years.For Example if you filed a return on December 31, 2021(AY 2021-22), then the assessment year ends on March 31, 2022 and...
