In order to encourage the use of electric vehicles in India, the government introduced a new section, i.e. section 80EEB in income tax, that provides relief from income tax to the buyers of EVs. As per the provisions of section 80EEB, all individuals can claim a deduction of up to Rs. 1.50 lakhs per annum upon satisfaction of certain […]
Many times I come across taxpayers who are unsure about whether they have to pay tax on dividend income or not. Most of them believe that it is the liability of the Company paying a dividend, to deposit tax on such dividend. However, Finance Act 2020 has transferred the burden of tax on dividend income from the company declaring […]
A new financial year began on April 1, 2022, and the income tax provisions announced in the Union Budget 2022 are now in effect. As a result, it is critical for a taxpayer to be aware of the changes in income tax provisions that will come into effect on April 1, 2022. In this article, we shall be discussing […]
The House Rent Allowance (HRA) is an important component of most salaried pay structures. Unlike basic pay, HRA is not fully taxable in the hands of the employee. A portion of the HRA component is exempt from tax under Section 10(13A) of the Income Tax Act of 1961, subject to the satisfaction of certain conditions. The HRA exemption is […]
In 2004, the Indian government introduced the Senior Citizen Saving Scheme (SCSS), with the goal of providing senior individuals with a regular source of income. Senior citizens have found the scheme to be an appealing investment alternative. The plan generates a steady stream of fixed-income revenue. Who is eligible to open an SCSS Account? A person who is over […]
As we look to enter into the last 15 days of the current financial year 2021-22, all companies are looking to finalize their annual result. The companies are also declaring interim or special dividends for their investors based on their financials. Given below is the list of upcoming ex-dividend dates in the latter half of March 2022- Name […]
Amid the current Russia-Ukraine Crisis, gold exchange-traded funds (ETFs) and gold mutual funds are two investment options that are not only secure for an investor but also provide a hedge against volatility in the equity market caused by the Russia-Ukraine War and increasing inflation. In this article, we shall be discussing the features and benefits of gold ETFs and […]
The Income Tax Act requires citizens of India to deposit tax in advance, on an installment basis rather than a lump sum payment at the end of the financial year. Section 208 of the Income Tax Act provides for the calculation and payment of advance tax, while Section 234C provides for penalties for delay in payment of advance tax. […]
In the Finance Bill 2021, a new section 206AB has been inserted that provides for the deduction and collection of higher TDS if an amount is paid or payable to a “specified person” who has not filed an income tax return for the last two financial years. Section 206AB has been inserted into the Act after Section 206AA. Section […]