It is mandatory to complete Form 10E if you wish to seek tax relief under Section 89(1) of the Income Tax Act 1961.  As per Section 89(1) of the Act,…

Section 80EE offers income tax savings for the interest component of a residential housing loan made available by any financial institution. One can assert a deduction of ₹50,000 for each…

A presumptive taxation system was adopted in compliance with Section 44ADA of the FY 2016-17. Section 44ADA offers a clear form of taxing small professionals. Section 44ADA offers a method…

This post deals with the argument of interest deduction under Section 8oTTA. But before that, let's know what is Section 80TTA? This section offers a deduction of ₹10,000 on interest…

Section 194A - In order to collect tax easily and effectively, the Income-Tax Legislation has introduced a tax-deductible scheme at the point of income generation. This system is referred to…

Sources of Income Streams - Without an income stream, the business will collapse. A very basic truth most small companies have a single revenue source, like an electrician or plumber.…

Form 26AS - Prior to actually submitting your ITR, it is advised that you still see your 26AS to verify the amount of tax you have deposited in your account…

Section 234A - There are several penalties mostly in the type of penalties in the Income Tax Act for each error. If people do not pay taxes before the due…