Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »
Calculation Of Total Income To calculate your total income, you will need to add up all of the income you have earned during the year from various sources. Calculation of total income can include: To Visit https://www.incometax.gov.in/ 1.Salary or wages earned from your job 2.Income from freelance or self-employment work 3.Interest earned from savings accounts… Read More »
Introduction Income tax exemptions are essential for reducing the financial burden on taxpayers. One such provision under the Indian Income Tax Act is Section 80GG, which allows individuals to claim a deduction for house rent paid. This section benefits those who do not receive House Rent Allowance (HRA) from their employer.… Read More »
How to claim GST refund To initiate a GST refund claim, please follow these steps: Access the GST portal by logging in with your provided username and password. Navigate to the ‘Services’ tab and select ‘Refunds’. For site: https://www.gst.gov.in/ Click on ‘Application for Refund’ and choose the appropriate refund type. Complete the application form by… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »
Introduction Taxpayers in India often seek ways to reduce their taxable income through various exemptions and deductions provided under the Income Tax Act. One such provision is Section 80TTA, which offers tax benefits on interest income earned from savings accounts. This article provides an in-depth explanation of the 80TTA exemption, covering its definition, benefits, usage,… Read More »