In finance budget 2018, government has introduced section 80TTB to provide tax benefits to senior citizens getting interest from banks, co-operative banks and post offices. This means Section 80TTB is applicable with effect from financial year 2018-19 (AY 2019-20).If you are a senior citizen, then for the financial year 2023-24 (assessment year 2024-25) you can claim tax … [Read more...] about Tax Deductions for Senior Citizens on deposits and Post Office Schemes-Section 80TTB
Income Tax
Tax return filing due dates and deadline for a partnership firm
Like companies, a partnership firm must file it's income tax return with government every year irrespective of their income.Due date for filing Partnership firm's return of income is 30th July of the assessment year relevant to the previous year. This means on or before 30th July the managing partner has to file annual return of Income in ITR-5 with the government. If any … [Read more...] about Tax return filing due dates and deadline for a partnership firm
Tax benefit on principal amount paid for repayment of home loan – Section 80C
The total amount paid towards repayment of principal amount of home loan is allowed as tax deduction under section 80C of income tax act, 1961.Section 80C is applicable to an individual and HUF.As per this section, maximum deduction that can be claimed by investing in any or all specified investments in addition to certain allowed expense is Rs 1,50,000.Here is a … [Read more...] about Tax benefit on principal amount paid for repayment of home loan – Section 80C
Why and How to submit proof of tax saving investments and expenses to employer
In our earlier articles we have discussed the form to be used for annual return of income and the due date of filing with the government.In this article, we will discuss the deadline for submitting proof of tax saving investments and expenses with employer to claim tax benefits.Government didn't fix any deadline for submitting proof of tax saving investments and … [Read more...] about Why and How to submit proof of tax saving investments and expenses to employer
How to surrender PAN card of individual, Partnership firm and company
Permanent account number or PAN is a 10 digit unique number issued by tax department to the applicant. As per tax laws, a person can hold only one Permanent Account Number.However, there are chances that you are issued two or more PAN card. This happens when your first application for a permanent account number got delayed, you re-apply for it and end up getting two … [Read more...] about How to surrender PAN card of individual, Partnership firm and company