Income Tax : Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanc...
Income Tax : Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ's, case laws, and exemptions. Learn how it appli...
Income Tax : Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to s...
Income Tax : Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [S...
Income Tax : Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the cu...
Income Tax : ne of the pillars of the of the taxation proposals included in the Finance Minister’s budget speech for 2015-16 was extension of...
Income Tax : The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect clai...
Income Tax : ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claime...
Income Tax : Notification No. 78/2015 - Income Tax The prescription in respect of the diseases or ailments specified in sub-rule (1) shall be ...
The Tribunal upheld 200% penalty under Section 270A for misreporting income through ineligible deductions. Admitted incorrect claims were treated as conscious misrepresentation, not a bonafide error.
Summary of exclusive tax benefits for resident senior citizens (60+ years) and super senior citizens (80+ years), including enhanced deductions for health expenses (Section 80D/80DDB), a Rs. 50,000 deduction on interest income (Section 80TTB), exemption from advance tax, and simplified TDS/return filing procedures.
ITAT Kolkata deletes the Section 271(1)(c) penalty against Asit Kumar Dutta. The Tribunal ruled that an incorrect deduction claimed by mistake, with full disclosure, does not constitute furnishing inaccurate particulars of income.
Explore the meaning and definition of Section 2(14) Capital Assets, including FAQ’s, case laws, and exemptions. Learn how it applies to agricultural land and its tax implications.
Discover income tax benefits enjoyed by senior and super senior citizens under Income Tax Act of 1961, from higher deductions to special rates.
Article discusses about Deduction in respect of Life Insurance Premium, PPF, NSC, etc. [Section 80C]/ medical insurance premium [Section 80D]/ expenditure on training/ medical treatment of a dependent, being a person with disability [Section 80DD]/ expenditure on medical treatment of specified diseases [Section 80DDB], Amount of deduction.
Advocating for an increase in the limit of expenditure on treatment under Section 80DDB of the Income Tax Act. Discover why the current limits are inadequate for taxpayers.
Annual Information Statement and Taxpayers Information Summary are two of the new statements recently introduced by the Income Tax department. The information reflected under the Annual Information Statement is categorized under 50 different information categories. One such information category is ‘Receipts from life insurance policy’ which is taken up and explained in the present article. […]
Deductions from Gross Total Income This Article covers the common deductions which can be claimed while filing Income Tax Return. Most Common Deductions are classified in the following Categories for easy understanding- 1. Income Based Deductions 2. Standard Amount of Deductions 3. Investment Based Deductions 4. Expenses Based Deductions Before going to any Specific Deductions, […]
Senior citizens in every country are given special treatment in various forms. In India senior citizens are given concession in train tickets, medical expenses cost etc. Similarly senior citizen are given special benefits under Income Tax Act as well. In this article we will understand meaning of senior citizen and various benefits available to senior […]
