Reading Time: < 1 minuteDeduction of payment of interest and principal – House Property under Section 24(b) of IT Act : Maximum limit of interest on loan taken for house property is 2,00,000/- if all of the following conditions are fulfilled- →The house property is self-occupied or vaccant, →The loan must be taken for the purchase and/or construction: →The
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Reading Time: 9 minutesThe Equalisation Levy was introduced by the Finance Act, 2016 on online advertisement services, provision for digital advertising space, or any other facility or service for the purpose of online advertisement only. The Finance Act, 2020, has extended the scope of this levy to e-commerce supply and services made/provided/facilitated on or after 01-04-2020. The Equalisation
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Reading Time: 2 minutesLast date for PAN-Aadhaar Link , In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30th June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. Notification to this effect is being issued separately. Under the
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Reading Time: 2 minutesIncome tax on youtube income, With the rise of social media, the demand for content creators and bloggers is the highest ever and on the rise. The Youtube Videos /blogging profession is popular due to the platform it offers for expression and it is a very lucrative career now a days. The income earned by
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Reading Time: 4 minutesSection 139AA of the Income Tax Act provides that every individual person who has been allotted a Permanent Account Number (PAN) as on the 1st day of July, 2017, and who is eligible to obtain an Aadhaar number, shall intimate Aadhaar number in the prescribed form and manner. In other words, such persons have to
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Reading Time: 2 minutesIncome Tax Intimation Order u/s 143 (1) IT Act 1961. | Password | Details Income Tax Intimation Order, After processing the the Income Tax Return, Income Tax Department sends Intimation notice to the registered email ID of the tax filer under Section 143(1) of the Income Tax Act 1961, An SMS also send by Department
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Reading Time: 3 minutesChallan Correction Mechanism Under OLTAS (On Line Tax Accounting System), the physical challans of all Direct Tax payments received from the deductors / taxpayers are digitized on daily basis by the collecting banks and the data transmitted to TIN (Tax Information Network) through link cell. At present, the banks are permitted to correct data relating
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Reading Time: 2 minutesTDS on Payment of Rent, Under section 194I TDS on rent exceeding Rs.2,40,000/- @ 2% in case of plant and machinery and @10% in case of land or building or furniture or fitting is to be deducted by the person paying the rent except for individual/HUF not liable to audit u/s 44AB (total sales, turnover
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Reading Time: 2 minutesOn consideration of difficulties reported by the taxpayers and other stakeholders in filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22 under the Income-tax Act, 1961(the “Act”), Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various
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Reading Time: 2 minutesBelated & Revised ITR 2018-19, Government further extends the due date for furnishing belated & revised ITRs for assessment year 2019-20 from 30th September, 2020 to 30th November, 2020 vide Order No F. No. 225/1 50/2020-ITA-II . the due date for furnishing of Income Tax Returns u/s 139 of the Income-tax Act, 1961 for the Assessment Year
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