Senior Citizen – Exempt from Filing their ITR

To make tax compliances hassle-free and to provide relief to senior citizens, Government of India through Union budget 2021 came up with a new section which provides conditional relief from filing the Income Tax Return. As per Section 139 of Income Tax Act, every person who has a taxable income is required to file Income Tax Return.

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Additional Deduction of Interest on Housing Loan

Any taxpayer who has purchased or constructed a house with a borrowed capital is allowed a deduction with respect to interest paid on such loan under section 24(b) of the Income Tax Act.
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Statement of Donation (10BD) and Certificate of Donation (10BE)

On 26th March, 2021 CBDT, through a notification, has notified (vide notification no 19/2021) that a Statement of Donation shall have to be filed with Income Tax Department, declaring the details of donations received during the year via Form 10BD and also a Certificate shall have to be issued via Form 10BE, to all such donors specified in Form 10BD. This notification has been brought up to ensure the transparency of the donations received and to bring into net all the bogus and fraudulent claims of donations.

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Tax Exemption and Extension in Timelines under Income Tax

Many taxpayers have received financial help from their employers and well-wishers for meeting their expenses incurred for treatment of COVID-19. In order to ensure that no income tax liability arises on this account, it has been decided to provide income-tax exemption to the amount received by a taxpayer for medical treatment from employer or from any person for treatment of COVID-19 during FY 2019-20 and subsequent years.

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Tax Benefits for Disabled Individuals

Tax Benefits for Disabled Individuals

Whenever we come across an individual who is suffering from disabilities, the first reaction of most people is to pity them. However, it should not be the case. There are many stories of individuals who, despite suffering from disabilities, have soared the heights of success.

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Interest Liability under Income Tax

Every person who earns income chargeable to tax should file its income tax return with the Income-tax Department before the due date and pay the taxes as applicable for the financial year. If any person fails to do so, such person shall be liable to pay interest as imposed by the Income Tax Act. Under the Income Tax Act, interest is imposed under three subsections of Section 234, viz., 234A, 234B, and 234C.

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GST on Remuneration paid to Directors

gst-director-salary

When the Goods and Service Tax Act was introduced, there were many doubts and clarifications were raised by industries as to what falls within the ambit of GST and what does not? GST is levied and applicable to the supply of goods and services.

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Applicability of ITRs for AY 2020-21 (FY 2019-20)

know-ur-itr-20-21

Know the applicability of ITR Forms for AY 2020-21.

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DIR-3 KYC Compliance of Ministry of Corporate Affairs

kyc-verification-for-alloted-din

Ministry of Corporate Affairs has introduced DIR-3 e-KYC to conduct KYC verification for all the persons who have been allotted DIN (Director Identification Number). DIN is a unique 8 digit number allotted to a person who wishes to become a director of a company. Thus any person who holds a DIN is mandatorily required to file DIR-3 KYC with MCA.

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Tax Benefit related to Interest paid on Education Loan

Section 80E

In today’s times, getting a higher education has become a point of concern where the fees for such education are touching the sky. As they say, the only thing costlier than education is ignorance.

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