# exemption
12 posts in `exemption` tag
Difference Tax Exemption Deduction Rebate
Tax deductions are a way to lower the amount of your income that is subject to taxation. You can claim deductions when you have incurred specific expenses or made investments that are eligible for tax deductions.
-
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.
-
By Krishna
GSTN advisory e-invoice exemption declaration functionality now available
The Goods and Services Tax Network (GSTN) issued an Important Advisory on July 24, 2023, regarding the availability of the e-Invoice exemption declaration functionality.
-
By Krishna
ITR Filing 2023: Exemption for Senior Citizens from Income Tax Return Filing - All the Details
Under the provisions of Section 194P of the Income Tax Act, senior citizens are exempted from filing income tax returns (ITR) if they fulfill specific conditions. These conditions include being a resident of India and reaching the age of 75 years or above by the end of the financial year 2022-23.
-
By Krishna
Beware of Mistakes in ITR Filing: Avoid Problems with Incorrect Deductions and Exemptions in Tax Returns
To rectify any errors in your income tax return, you can file a revised return as per Section 139(5) of the Income Tax Act. However, it's important to note that the revised return can only be filed within three months before the end of the relevant assessment year.
-
By Krishna
Incorrect Deductions and Exemptions in ITR: Understanding the Consequences and Avoiding Serious Penalties
It is essential to exercise utmost care and accuracy when reporting income and claiming deductions in your ITR. Misrepresentation or wrongful claims can result in severe penalties and legal implications. Compliance with tax regulations is of paramount importance to ensure a fair and transparent tax system.
-
By Krishna
GSTR-9 & GSTR-9C Filing Requirement Waived: Turnover-based Exemption for Taxpayers with 2 Cr. & 5 Crore Turnover
For Reducing the Compliance burden of Small Taxpayers, CBIC take this step and made this waving-off of the Filing requirement decision to contribute more to the ease of doing business initiatives.
-
By Krishna
GST Relief on Household Appliances, Mobiles, Medical Supplies & Daily Consumables: Exploring the Benefits
As a result, buyers will no longer be required to pay the previous 31.3% GST for these products. The revised tax rates following the implementation of GST encompass a wide range of goods and services, including televisions up to 27 inches, refrigerators, washing machines, electrical appliances, geysers, fans, coolers, and mobile phones, among others.
-
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.
-
By Krishna
Claimingh HRA home loan deductions guide
Although many employees choose to claim income tax deductions either on their House Rent Allowance (HRA) or home loan repayments, only a few take advantage of claiming both deductions simultaneously.
-
By Krishna
Educational Institution is Eligible for Exemption u/s 10(23C) (iiiab) of Income Tax Act
The Income Tax Act of India provides certain exemptions and benefits for various entities, including educational institutions. According to section 10(23C)(iiiab) of the Income Tax Act, educational institutions meeting specific criteria are eligible for exemption from income tax.
-
By Krishna
Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
Good news for non-govt salaried employees: Income Tax exemption limit for leave encashment upon retirement hiked to Rs 25 lakh
-
By Krishna