Section 80JJAA of the Income Tax Act provides formal sector employers tax deductions on their business income. This deduction is also known as the 80JJAA deduction. 80JJAA of the Income Tax Act is a special provision formed to encourage employers...

If used efficiently, biodegradable resources can help reduce different types of pollution and bring ecological balance. Section 80JJA of the Income Tax Act provides tax deductions to businesses that have earned gains or profit through efficiently using biodegradable waste. To...

If a professional has worked in an organisation for more than five years now, they might be aware of gratuity. They might Google questions like these: Is gratuity taxable or not? Is gratuity taxable in India? What is tax exemption...

What is the Interest on income tax refund? You might have surely Googled it if your ITR refund is pending for FY 2023-24. Interest on refund of income tax returns applies when your refund of excess tax is pending after...

Section 269SS of the Income Tax Act is about cash deposits, loan repayment or specific account deposits. It acts like a watchdog for tax evasion using unfair means like cash deposits and concealing deposit information on the face of loan...

Ideally, taxpayers should ensure that they are filing their Income Tax Returns (ITR) on time. However, failing to do so can attract a penalty for late ITR filing. Section 234F of the Income Tax Act is all about the late...

Section 26ST of the Income Tax Act comes into power when a person receives a cash amount of ₹2 lacs or more. Sec 269ST states that no individual shall receive a cash amount of more than ₹2 lacs in aggregate...

Section 80U of the Income Tax Act, 1961, provides a tax deduction to an individual taxpayer who is himself/ herself suffering from a disability. However, the taxpayer must obtain a certificate as prescribed in the Income Tax Act, 1961. In...