Learn about the penalty provisions under section 270A(1) of the Income Tax Act for under-reporting and misreporting of income.
Article explains Applicability of section 234F of the Income Tax (Late fees for default in filing of income tax return), Amount of late fees payable under section 234F of the Income Tax Act and answers Frequently Asked Question (FAQs) on Section 234F. The taxpayer generally assumes that once the taxes are being paid, their duty […]
Avoid penalties for late filing of TDS / TCS returns. Learn about section 234E of the Income Tax Act and the prescribed due dates.
Understanding section 158BFA(2) of the Income Tax Act: Learn about the penalty for undisclosed income during the block period and the provisions for its imposition.
Understand the penalty for non-payment of self-assessment tax under Section 140A(3) of the Income Tax Act. Learn about the applicability and amount of penalty payable.
The present article briefly covers the important provisions relating to TDS section 194C of the Income Tax Act along with the Frequently Asked Question.
Explore Section 80C Deduction for tuition fees in India. Learn eligibility criteria, maximum limits, and FAQs to optimize tax benefits for education expenses.
Section 80C replaced the existing Section 88 with more or less the same investment mix available in Section 88. The new section 80C has become effective w.e.f. 1st April, 2006. Even the section 80CCC on pension scheme contributions was merged with the above 80C. However, this new section has allowed a major change in the method of providing the tax benefit. Section 80C of the Income Tax Act allows certain investments and expenditure to be tax-exempt.
We have to initially open the Open the PPF account for 15 years and after the initial period of 15 years is over, one can keep on extending the deposit for a period of 5 years at a time. In fact, this is where the magic of PPF begins. One need not start a fresh PPF account and continue it for all of 15 years — just extend the old one for five years at a time, indefinitely. This way, the same PPF account offers additional liquidity to what is offered during the initial term.
Kisan Vikas Patra is a saving certificate which was first launched in 1988. Kisan Vikas Patra was a very Popular Investment Scheme amongst the investor which was discontinued wef 30.11.2011 on recommendation of Shayamla Gopinath committee considering the misuse of the scheme vide government Notification [F.No. 1/10/2011-NS-II], dated 25-11-2011 and decision for the same was […]
