Never do mistakes when filing Income tax
Filing income tax can be a complex process, and it’s crucial to minimize mistakes to ensure accurate and timely submission. Here are some tips to avoid mistakes when filing income tax: Organize Your Documents: Gather all the necessary documents, such as W-2s, 1099s, receipts, and other income-related information. Keeping everything organized will help you avoid […]
How to File ITR in India
To file your income tax return (ITR) in India, you can follow these general steps: Gather Required Documents: Collect all the necessary documents, such as Form 16 (provided by your employer), TDS certificates, bank statements, investment proofs, and other supporting documents related to your income, deductions, and investments. Choose the Correct ITR Form: Identify the […]
How to Find Tax Consultant in India
To find a tax consultant in India, you can consider the following methods: Online Directories: Utilize online directories specifically designed to help you find tax consultants or chartered accountants in India. Websites like Justdial, Sulekha, and UrbanClap allow you to search for professionals based on location, services offered, and user reviews. Referrals: Seek recommendations from […]
What is condition to file Income tax return online in India
In India, the conditions to file income tax returns (ITR) online are as follows: Income Threshold: If your total income during the financial year exceeds the basic exemption limit, you are generally required to file an income tax return. The exemption limits are subject to change each year and vary based on factors such as […]
Section 80G of Income Tax Act,1961-Deductions in respect of donations to certain funds.
SECTION 80G OF INCOME TAX ACT, 1961 Deductions in respect of donations to certain funds, charitable institutions, etc. Individuals who make donations to specified funds and trusts are eligible for tax breaks under Section 80G of the Income Tax Act of 1961.The amount of deduction allowed is equal to the amount donated, subject to the […]
Effect of Section 40A(3) in case of payment to director in cash
Section 40A (3): Amount not deductible in respect of expenditure exceeding 10,000 rupees if made in cash. If a person incurs any expenditure (which is deductible under other provisions of Income Tax Act,1962 for computing business/profession income) in respect of which payment/aggregate of payments in excess of 10,000 rupee is made, otherwise than by account […]
