Form15CA and 15CB Here are some instances when these certificates may not be necessary: 1.Exemptions under the Income Tax Act: There are specific exemptions and thresholds mentioned in the Income Tax Act, where remittances may be exempt from the requirement of Exemptions from Form 15CA and 15CB. These exemptions vary based on the… Read More »
Exempt from filing ITR Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions: Individuals below the age of 60 years: Total income does not exceed… Read More »
Not required to file ITR Not required to file ITR, certain criteria. Here are some cases where filing an ITR may not be mandatory: Individuals below the Basic Exemption Limit: If your total income during the financial year falls below the basic exemption limit set by the income tax department, you may not be required… Read More »
Need to File ITR Who no Need to file ITR in India, certain individuals may not need to file an income tax return (ITR) if they meet specific conditions. Here are some categories of individuals who generally do not need to file an Income Tax Return: 1. Individuals below the Exemption Limit: If your… Read More »
Tax exempt Tax exempt: In India, a tax-exempt organization is refer to as a “charitable organization” or “charitable trust” and is exempt from paying income taxation under Section 11 of the Income Tax Act, 1961. This exemption applies to organizations that are establish for charitable, religious, or educational purposes, as well as those established for… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
