Account Books Required to Maintain under Income Tax & GST Act

The Income Tax Act and the Goods and Services Act (GST) both contain different provisions regarding the maintenance of books of accounts, respectively. It is common for people to keep records of their daily expenses and incomes. In accordance with the Income Tax Act, some individuals are required to keep and maintain records of daily … Read more

Residential Status for Tax Calculation AY 2023-24

From the perspective of income tax, determining the taxability status of a person in India is very important. So to calculate tax as per Income Tax ACT India, you have to determine your residential status. In order to determine a resident’s status in India, the Income Tax Department of India has prescribed certain guidelines which … Read more

Deduction 80D ay 2023-24 ay 2024-25

Deduction 80D AY 2023-24 & 2024-25: A health insurance policy covers the medical expenses of the insured. Each policy may have different coverage, perks, and limitations. Health insurance can make paying for medical bills easier and reduce financial stress. Tax deductions are available for medical insurance premiums paid by individuals and Hindu Undivided Families (HUFs). … Read more

Deduction 80C AY 2024-25 & AY 2023-24

Deduction 80C A.Y. 2023-24 & A.Y.2024-25: There are a number of deductions under Chapter VI-A, namely Sections 80C to 80U, that can be deducted from gross income in order to arrive at net income/taxable income. In this article, we will discuss only section 80C deduction. Investments in certain instruments, such as Life Insurance Premiums, Employee … Read more

PAN Validation Tool – Check PAN Valid or Not?

Your browser does not support iframes. PAN Validation Tool: This tool (PAN Validator) confirms the valid structure of the Permanent Account Number (PAN).  There are ten letters and numbers in this code, as discussed in the PAN structure above.  There is a particular structure that follows the formation of a PAN (Permanent Account Number) card … Read more

Income Tax Calculator Excel (AY 2024-25, AY 2023-24)

Excel Income Tax Calculator AY 2024-25:  This income tax calculator is for calculating income tax for both AY 2023-24 and AY 2024-25. This income tax calculator is free to download. You can calculate the income tax amount for both old tax regime and new tax regime. All amendments up to finance bill 2023 are included … Read more

Deduction 80C of Tuition Fee (Updated 2023)

Deduction 80C of Tuition Fee: The government allows income tax deductions for education because education is a vital part of one’s life. Developing countries like India benefit from it by increasing literacy rates. There are lots of tax benefits available for Children’s Education Allowance, Tuition Fee Payment, and School Fee Payment. Taxpayers can deduct up … Read more

Cost Inflation Index Table from 2001 to 2023-24

Indexed Cost of Acquisition shall be calculated in two steps. Calculating the cost of acquisition of capital assets is the first step. CII of the year in which the capital asset is transferred is multiplied by the cost of acquisition and divided by either CII of 2001-02 or CII of the year in which the … Read more

Rent Receipt Generator Online Free

 Rent Receipt Generator Online Free: A rent receipt confirms that rent has been paid by the tenant to the landlord. The payment receipt should contain the date and amount of the payment, the tenancy tenure, the tenant’s address, and the signature of the tenant and landlord. To avoid disputes or misunderstandings with landlords, tenants … Read more

ITR Filing Due Dates FY 2022-23 AY 2023-24

In FY 2022-23 (AY 2023-24), the last day to submit an Income Tax Return (ITR) without a late fee is 31st July 2023. Those who file their returns after the due date will have to pay interest under Section 234A and a penalty under Section 234F. ITR Due Date A.Y. 2023-24 (F.Y.2022-23) The following table … Read more

Tax Rebate Under Section 87A (A.Y.2023-24/A.Y.2024-25)

Updates Rebate 87A for AY 2024-25: The alternative tax regime increased the section 87A rebate from Rs. 5 Lakhs to Rs. 7 Lakhs. Under the New Tax Regime (for FY 2023-24/A.Y.2024-25), Rs 7 lakh in income is eligible for a tax rebate under section 87A. (Budget 2023). The rebate amount is Rs. 25,000 or 100% … Read more

New Income Tax Slab F.Y.2023-24 (A.Y.2024-25) – Budget 2023

Under the new income tax regime in Budget 2023, the basic exemption limit has been increased from Rs.2.5 lakh to Rs.3 lakh. There has been an increase in the income threshold for claiming a rebate under Section 87A; now it is Rs.7 lakh instead of Rs.5 lakh. For instance, an individual with an annual income of Rs.7 … Read more

Senior Citizen Savings Scheme 2023 – Updates After Budget 2023

Budget 2023 Updates: A maximum deposit of Rs 15 lakh has been increased to Rs 30 lakh for senior citizens saving schemes in Budget 2023. This increase in the deposit limit reflects the government’s commitment to providing greater financial security to the elderly population. Senior Citizen Savings Scheme: This is a program sponsored by the … Read more

Advance Tax Payment Due Dates *F.Y.2022-23 A.Y.2023-24*

Advance Tax Payment Due Dates FY 2022-23: Advance Tax is pre-paid tax by the assessee on the income earned during the year. In simple words, you can say that assessee has to pay taxes in advance on the estimated income during the year in instalments for the individual assessee, companies and corporate assesses. For example, … Read more

NSC – National Saving Certificates

National Saving Certificate is an investment option by which an individual can invest his income to get a fixed interest. You can reinvest the interest earned and get the benefit of 80C deduction under income tax. We will talk about here the complete detail of National Savings Certificate (NSC) VIII Issue like who can apply, … Read more

Over 2 lakhs Cash Transaction Limits – Section 269ST

Today in India, tax evasion had become a common pattern for many people. There are many things that adversely affect the total revenue earned by the government creating difficulty for various welfare programmes which would be set up by them. One of them is especially the huge amount of Domestic Black Money. This also creates meaningless … Read more

Tax Saving Schemes for A.Y.2023-24

Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. Tax saving schemes are one of the parts of tax planning. Tax planning is legal and everyone … Read more