To provide the complete details of income for the relevant financial year, all assessee must file income tax returns with the Income Tax Department. Once the assessee has filed such a return, the next step is for the Income Tax Department to examine it and determine whether it is correct. Assessment is the process of […]
All salaried individuals are subject to professional tax, which is enforced by state governments. All working professionals, such as chartered accountants, lawyers, and doctors, are subject to professional tax. It is assessed based on the person’s occupation, trade, or profession. All states have different tax rates, but the highest sum that can be assessed as professional […]
Indian Income Tax Rebate Under Section 87A is one of the Indian income tax provisions that help Indian taxpayers reduce their Indian income tax liability. Indian citizens can claim an Indian Income Tax Rebate under section 87A if their total Indian income does not exceed Rs 5 lakh in a financial year. The Indian Income […]
India’s Income Tax Act is one of India’s most important laws. India has a complex tax system with multiple levels of taxation, and Section 119 empowers the CBDT to issue instructions to lower levels of authorities. In addition, Section 119(2)(b) empowers CBDT to direct tax authorities to permit any claim for exemption, deduction, refund, and […]
In the Latest ITR Slab 2020, the finance minister ” Nirmala Sitharaman” declared the deduction in income tax rates. The new rates, individuals who are earning up Rs.5 Lakh will not require to pay any tax. Let’s have an introduction to ITR slab 2020-2021 in detail.
The Finance Minister stated […]
Let’s face the facts, The Government of India is no stranger to the problem of tax evasion, willful defaulters and black money hoarders. Few of these steps government has taken famously include Crackdown on Shell companies, Amendments to the Benami Properties Act i.e. RERA and demonetization. […]
