WebSection 80C. U/s 80C, you are able to reduce Rs.1,50,000 from your taxable income. This income tax exemption is allowed to HUF members as well as non-HUF members. A maximum of Rs.1,50,000 can be asserted for the financial year 2024-2024, 2024-2024 each. WebJan 26, 2024 · Inflation Reduction Act of 2024. The Inflation Reduction Act covers new and reinstated tax laws that provides credits and deductions for individuals, businesses, tax exempt and government entities. For more information on the new legislation, see Credits and Deductions Under the Inflation Reduction Act of 2024.
ITR and What Is the Importance of Income Tax Return Filing
WebOct 8, 2024 · 08 Oct 2024. 6,921 Views. 0 comment. Today we are going to consider problem based on provisions of Sections Sections 154, 264 & 263 of the Income Tax Act, 1961. PROBLEM :- Assessment of X Ltd., is completed under Section 143 (3) with an addition of Rs. 15.00 Lakhs to the returned income. The assesses-company goes in an … fish muscle cell line
New tax regime or old? Why is it important to choose at the …
WebMay 12, 2024 · Important sections of the Income Tax Act, 1961. The following are some key definitions from the Income Tax Act of 1961: Assessee- Section 2(7) According to Section 2(7) of the Income Tax Act of 1961, an assessee is a person who is required to pay taxes under any provision of the Act. The term ‘assessee’ refers to somebody who has been ... WebApr 19, 2024 · The definition was inserted by the Direct Tax Laws(Amendment) Act, 1987 w.e.f 1-4-1988. But did you know that the Commissioner of Income Tax is not one of the income tax authorities under Section 116 who is an assessing officer under the act. 6. Income from card games, horse races, lotteries or any other form of gambling WebAmendments in Section 206C. The Finance Act of 2024 has a new subsection (1H) to Section 206C and a new rate of tax. The key points of this amendment are mentioned below. Sellers have to deduct TCS at a 1% rate if the goods sold is above Rs.50 lakhs. This section will not apply to the import and export of goods. fish muscle structure