Posts by Harshitha VS

Section 12a of income tax act

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What is 12a of Income Tax Act? Section 12A of Income Tax Act. Under the Income Tax Act, 1961, non-profit entities such as charitable trusts, religious organizations, NGOs which are registered under Section 12A are eligible to claim full exemption from income tax. What is the Form 12? Form 12 or Form 12S allows you to complete a…

Deductions on section 80G, 80GGB, 80GGC

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1 Section 80G – Donations Deduction for donations towards Social Causes The various donations specified in 80G are eligible for deduction up to either 100% or 50% with or without restriction. From FY 2017-18 any donations made in cash exceeding Rs 2,000 will not be allowed as deduction.  A. Donations with 50%…

Section 13 13A and 13B of Income Tax Act

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what is Section 13 of the Income Tax Act? 1961 specifies the circumstances where exemptions under Section 11 and 12 would not be available for a Trust. Section 11 of the Income Tax Act deals with the exemption of income derived from property held in trust or other legal obligations, relating to religious…

What happens if we don’t file ITR?

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Filing an ITR is a way to inform the Government about your income.  If you don’t inform the government, you have to face penalties and problems. If you are in the taxable position, then you must file income tax returns. The Income Tax Department has been reminding several times to…

Deductions on section 80G, 80GGB, 80GGC

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1 Section 80G – Donations Deduction for donations towards Social Causes The various donations specified in 80G are eligible for deduction up to either 100% or 50% with or without restriction. From FY 2017-18 any donations made in cash exceeding Rs 2,000 will not be allowed as deduction.  A. Donations with 50%…

Section 17(1) income tax act

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According to Section 17(1) salary includes the following amounts received by an employee from his employer, during the previous year : … any annuity or pension. Income by way of Salary [Section 17(1)] Wagesany gratuityany annuity or pensionany advance of salaryany feesany payment received by an employee in respect of any period of…

Section 15 and 16 of Income Tax Act 1961

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What is Salaries? What are Deductions from salaries? Section 15 and 16 of Income Tax Act  Salaries and Deductions from salaries are defined under section 15 and 16 of Income Tax Act 1961. Section 15 of Income Tax Act Salaries any salary paid or allowed to him in the previous…

Benefits of filing ITR even when income is below exemption limit

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Why you need to file ITR “Income tax return gives you a detailed picture of your total income earned during a year and taxes paid on it. … Carry-forward of losses: Income tax rules allow carry-forward losses to set them off against capital gains only to those who file ITR in the relevant assessment…

How to claim TDS Refund

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What is TDS Refund? Individuals who have made financial declarations at the start of the year, which are less than the proof of investment submitted at the end of the year, will be eligible for a TDS refund. If the projected investments declared at the beginning of the year are less than…

Income tax slab for FY 2020-21

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In India, income tax is levied on individual taxpayers on the basis of a slab system where different tax rates have been prescribed for different slabs and such tax rates keep increasing with an increase in the income slab. Income Tax Slab Rate for AY 2020-21 for Individuals: 1.1 Individuals (below…
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