Section 80EEB has been inserted by the Government with effect from the financial year 2019-20 (assessment year 2020-21). As per section 80EEB of the Income tax act, 1961, an individual can claim tax deduction for interest if a loan has been taken for the purpose of an electric vehicle (EV). Section 80EEB tax deduction for interest on loan taken for purchase of electric … [Read more...] about Tax deduction for interest on loan taken for purchase of electric vehicle (EV)-Section 80EEB
Tax collected at source (TCS) applicable to bikes, Car and EV
In our earlier article, we have already discussed how tax is collected at the rate of 20% on foreign remittance. This is called TCS, which stands for Tax Collected At Source. Do you know, income tax laws also require a seller of bike, cars, EVs and certain other capital goods and services to collect tax on the payments received above a specified amount?Tax collected at … [Read more...] about Tax collected at source (TCS) applicable to bikes, Car and EV
How to claim tax deduction on donation under section 80G
An individual can claim tax deduction under section 80G of the Income tax act, 1961 for donations made during the financial year to certain specified institutions. Tax deduction under section 80G can be claimed only if you have opted for the old tax regime. If you have opted for a new tax regime, then benefits of Section 80G will not be allowed.In this article, let us … [Read more...] about How to claim tax deduction on donation under section 80G
How to respond to a defective notice for your income tax return
A defective income tax return under section 139(9) of the Income tax act, 1961, occurs when your income tax return either omits certain information or data entered are inaccurate.In the following situations, the income tax department may issue a defective notice for your income tax return (ITR) in order to rectify the mistake from the tax return filed by you.Above … [Read more...] about How to respond to a defective notice for your income tax return
Company’s financial statements-5 things you must know before filing with ROC
Every company in India needs to e-file its financial statements and mandatory attachments by using e-Form AOC4 with the registrar of companies (ROC) within the prescribed time limit as per section 137.In case financial statements are not adopted in AGM then un-adopted financial statements shall be filed within 30 days of the date of AGM (due date of AGM if AGM not held or … [Read more...] about Company’s financial statements-5 things you must know before filing with ROC