Rules & Sections

section 194d

Section 194D – TDS on Insurance Commission

An insurance policy is bought very often by individuals in India. An insurance policy could be a health policy, a term insurance policy, or a life insurance policy. You can buy your insurance policy through an individual agent, corporate agent,...

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Section 154 of Income Tax Act, 1961

Sometimes, it is possible that once the taxpayer files their income tax return, the assessing officer finds some errors in the assessment. In such cases, the mistakes that are apparent from the record can be rectified by the taxpayer under...

section 80e

Section 80E

With the increasing need and demand for higher education among the student there lies a huge cost of such higher education. Usually, an education loan is taken by the student and repaid after completing the education. Once a student land...

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Section 194IB

While renting a property can involve too many hassles like dealing with brokers, rental agreements, rent arrears, and whatnot. Now out of all these things to take care of there is one such compliance is TDS under section 194IB. Now...

section 16

Section 16- Standard Deduction, Entertainment Allowance and Professional Tax

Section 16 of Income Tax Act, 1961 Section 16 of Income Tax Act, 1961 provides deduction from income chargeable to tax under the head ‘salaries’. It provides deductions for the standard deduction, entertainment allowance, and professional tax. Through this deduction,...

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section 54 of income tax act

Exemption Under Section 54 of LTCG on Sale of a House Property

In simple terms, a capital asset is a property of any kind which is held by the assessee irrespective of whether the asset is used for personal use or business purposes. Below are certain assets, which are not considered as...

section 234a

Section 234A of Income Tax Act

The due date for filing an income tax return is extended to 31st January 2021 for individual taxpayers. Now individual taxpayers can file their ITR by 31st January 2021.  The income tax act specifically provides for the due date of...

section 234c of income tax act

Section 234C of Income Tax Act

The income tax department mandates payment of advance tax for taxpayers whose total tax payable exceeds Rs 10000 in a financial year. The income tax department makes it easier for a taxpayer to pay the tax due amount in four...