1. Payment of tuition fees paid by parents for their children is allowed as deduction under section 80C. The Deduction is available to the extent of Rs 1,50,000/-. 2. Exemption for salaried taxpayer if they get perquisite from their employer for education of Rs 100 per month per child (upto 2 children)
Understand the significance of Pitru Paksha and the taxation of ancestral property under the Income Tax Act. Learn how to ensure compliance and enjoy the possession of inherited property.
Stay informed about the 10 important new amendments in GST from 1st October 2022. Learn about changes in ITC availment, filing of returns, and more.
Discover the latest Diwali Firecracker Tax stall updates. Find out about the different types of crackers and enjoy the festive season.
Recently the CBDT has released a notification specifying the extension of due dates of Income Tax Returns and TDS Forms. The following due dates are extended: Income Tax Return – Due date is extended to 07th November 2022(earlier the due date was 31st October 2022.) TDS Form 26Q – Due date is extended to 30th November 2022(earlier due date was 31st October 2022.)
CBDT has released draft common Income Tax Return Form by merging all the existing returns of income except ITR-7 for all taxpayers barring trusts and non-profit organizations, to which all stakeholders and general public can provide inputs up to December 15.
CBIC issued Circular No. 17/2022-GST on 1st Aug,2022 specifying mandatory E-invoicing from October 1, 2022 for businesses whose aggregate turnover exceeds Rs 10 crore in any financial year from 2017-18 to 2021-22
TRAN-1 form is required to be filled by taxpayer who is entitled to carry forward Input tax credit from earlier regime to GST regime. TRAN-2 form is required to be filled by taxpayer who has registered for GST but was unregistered under the old regime to claim tax credit on stocks held by them on 30th June, 2017.
According to section 40A(3) of the Income Tax Act, if payment for any expenditure exceeding Rs.10,000 is made in cash in a day, then the expenditure will be disallowed under the Income Tax Act.
The upcoming month of September is the most important month which the Taxpayers should take care of. What are Vighnas that taxpayers might /face during the month of September?
