Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

Expenses qualify for income tax deduction under section 80C

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In chapter VIA of income tax act, 1961, the most widely used option to save tax is section 80C. This section allows an individual and HUF to save tax by investing in or spend on certain specified avenues. The maximum limit up to which you can claim tax deduction under section 80C is Rs 1,50,000 for the financial year 2018-19 and 2019-20.In this article, we will discuss … [Read more...] about Expenses qualify for income tax deduction under section 80C

Tax deduction on royalty income of book authors – Section 80QQB

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An individual who is resident in India and is an author of a book is eligible for tax deduction under section 80QQB of the Income Tax Act, 1961. To get eligible, royalty income should have been incurred from a book should be a work of literary, artistic or scientific nature. This means, author of other types of books which are not literary, artistic or scientific nature are not … [Read more...] about Tax deduction on royalty income of book authors – Section 80QQB

8 things salaried persons should know before filing tax return – ITR

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Filing income tax return can be a complex process if you do not understand the process and applicable tax laws. Therefore before filing your ITR, you need to make sure that all the documents are collected, relevant information is obtained and you know exactly how to process the ITR form.In this article we have listed 8 most important things that every taxpayer should … [Read more...] about 8 things salaried persons should know before filing tax return – ITR

How to calculate tax on gift for financial year 2022-23 & 2023-24

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People exchange gifts on Diwali, Durga puja, marriage and on different occasions in India. Before receiving any gift from your relatives you should know the tax implications of it.Not all gifts received by you are exempted from income tax. In this article, we will be discussing tax implications on gifts.In order to know the tax implication, you first have to find out … [Read more...] about How to calculate tax on gift for financial year 2022-23 & 2023-24

How to calculate total taxable income for FY 2018-19 and 2019-20

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In our earlier article we have discussed about Gross Total Income or GTI. In this article we will show you how to calculate total taxable income and tax liability on it.After collecting all required information to file your ITR, you are required to calculate your total taxable income. Based on the applicable slab and tax rates, tax liability is calculated on it. After … [Read more...] about How to calculate total taxable income for FY 2018-19 and 2019-20