# benefits
19 posts in `benefits` tag
Generate Rental Receipt For Income Tax HRA Benefits
Employers often require rent receipts as proof when you want to claim House Rent Allowance (HRA). They use these documents to verify and calculate the HRA allowance and deductions.
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By Krishna
Newly Established Manufacturing Cooperative Societies 15 Percent Reduced Tax Rate CBDT
Starting from the assessment year that begins on April 1, 2024, if you're a cooperative society based in India and you need to choose in line with the requirements of section 115BAE(5), you should use Form No. 10-IFA.
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By Krishna
Understanding Section 80G Income Tax Savings Guide
However, specific limits and conditions must be met to avail of these deductions. In this comprehensive guide, we will delve into the intricacies of Section 80G and explore how it can be a valuable tool for tax savings.
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By Krishna
Claim Input Tax Credit On Gold Coins White Goods GST Ruling
The AAR observed that the applicant provides these gold coins and white goods as incentives based on agreements with the recipients. These items are given with specific conditions and requirements.
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By Krishna
GST Amnesty Scheme Deadline Approaching Verify Eligibility Benefits
The Central Board of Indirect Taxes and Customs (CBIC) has announced this extension for the GST Amnesty scheme, which applies to non-filers of GSTR 4, GSTR-9, and GSTR-10.
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By Krishna
Updated Income tax regulations tax benefits employees accommodation free rent
High-earning employees who receive rent-free accommodation from their employers are set to enjoy increased savings and a larger take-home salary. The income tax department has updated its valuation guidelines for such accommodations.
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By Krishna
Itr Filing Deadline consequences importance file on time benefits drawbacks
If an individual earning income misses the ITR filing deadline, they can still do so by paying a late fee. The late fee is Rs. 5,000 for an annual taxable income of Rs. 5 lakhs or more, and Rs. 1,000 for taxable income below Rs. 5 lakhs.
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By Krishna
The Importance of Timely ITR Filing: Benefits and Drawbacks Explained
In the next step, the taxpayer is required to summarize his TDS amount from the TDS certificates (Form 26AS) received by him all 4 quarters of the assessment year.
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By Krishna
Demystifying Section 54F of Income Tax Act: Capital Gains Tax, Indexation, and Benefits Explained
Indexation is a method that accounts for inflation from the time of asset purchase to its sale. It adjusts the purchase price of the investment, thereby reducing the overall taxable capital gain amount.
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By Krishna
Delhi ITAT Ruling: Car Parking Rental Income Deductible Under Section 80IA
During scrutiny, the Assessing Officer denied the deduction u/s 80-IAB for the income earned from car parking rentals, stating that it lacked a direct connection with the taxpayer's business operations.
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By Krishna
ITR Filing 2023: AIS vs. Form 26AS - A Comparative Analysis for Choosing Your ITR Filing Method
While AIS provides a more extensive view of income from various sources, Form 26AS focuses solely on TDS and TCS information. It is advisable to refer to both AIS and Form 26AS during ITR filing since they serve distinct purposes.
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By Krishna
EPFO Higher Pension Application Deadline Today: Apply Now with Required Documents
Furthermore, employers have been granted until September 30, 2023, to upload the salary details of employees who are applying for a higher pension. As a result, members will likely receive an extension to apply for the EPS scheme.
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By Krishna
7 Essential Precautions for Individuals When Filing ITR: A Guide to Error-Free Tax Returns
This discrepancy may catch the attention of the tax department, resulting in a tax demand notice being issued to you. This notice will require you to pay any additional tax dues that may be applicable based on the unreported income.
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By Krishna
DGFT Extends Amnesty Scheme Application Deadline till December 31, 2023
The Directorate General of Foreign Trade (DGFT), through Public Notice No. 20/2023 dated June 30, 2023, has prolonged the deadline for applying under the Amnesty Scheme until December 31, 2023. Additionally, the deadline for making payment of Customs Duty along with interest has been extended until March 31, 2024.
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By Krishna
Computation of Income Tax
Deductions are provisions that reduce your taxable income, thereby reducing your overall tax liability. Common deductions include investments in instruments like the Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension Scheme (NPS), and payment of Life Insurance Premiums.
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By Krishna
Claim Tax benefits health insurance premiums ITR
Section 80D provides tax benefits for health insurance premiums paid for yourself, your spouse, children, and parents. You can claim these tax breaks when filing your tax returns, even if you forgot to claim them while submitting proofs of tax-saving investments to your employer.
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By Krishna
Electronic E-Invoice under GST – Process of E-Invoicing & Benefits
E-invoicing involves the electronic creation of invoices and their submission to the government's GST portal for the purpose of maintaining records and ensuring compliance. The threshold for the implementation of E-invoicing has been reduced from INR 10 Crores to INR 5 Crores.
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By Krishna
Tax benefits On Health Insurance Importance & Required Documents
Tax benefits on health insurance provide two benefits in one investment medical expenses and tax benefits.
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By Krishna
Common ITR Form - 5 Ways In Which Common ITR Will Benefit Taxpayers
The Central board of direct tax has floated the idea of a Common ITR form which will be taken place of the existing 7 seven ITR forms. Ease the process However, the current ITR-1 and ITR-4 will be there. This provides an option to such taxpayers to file the return either in the existing form (ITR-1 or ITR-4), or the proposed common income tax return.
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By Krishna