Taxbuddy Blog
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TaxBuddy.com is India's Online Tax Advisor. End to End Return Filing, Notice Solution & Tax Planning. TaxBuddy's intuitive e-filing application ensures the filing of Accurate tax returns. TaxBuddy leverages technology to bring expert advice to taxpayers at a reasonable cost.
Taxbuddy Blog
1w ago
The development of a nation's infrastructure is essential to its progress. The IT laws contain provisions that grant tax incentives to specific enterprises engaged in such activities, to stimulate such advancements. Businesses that create, maintain, or operate—are eligible for tax deductions under Section 80IA of the Income Tax Act. Depending on your business's eligibility, you may be able to avoid paying taxes on your profits for a predetermined amount of time under this provision. The eligibility, exemption, application, and deduction of Section 80IA for the assessment year 2022–2023 will a ..read more
Taxbuddy Blog
1w ago
Within the time frame given by the income tax regulations, all Indian taxpayers are required to ,,file income tax returns (ITRs). The process of filing an income tax return can be stressful for taxpayers since there are many moving parts, such as selecting the appropriate ITR form, declaring income under the appropriate heading, claiming exemptions to reduce taxes, etc. Several forms have been notified by the income tax department depending on the source of income. Currently, seven ITR forms are offered for different taxpayer classifications. The differences between the ITR-3 and ITR-4 forms w ..read more
Taxbuddy Blog
1w ago
According to recent statistics, India has a 77.7% literacy rate. The Children's Education Allowance, or CEA, is a group of tax benefits offered by India's Income Tax department to promote literacy, particularly in the country's less developed areas. In this guide, we will provide details regarding Children Education Allowance, from rules to eligibility, and exemptions.
Table of Content
What is Children Education Allowance?
Types of Fees Reimbursable under Children Education Allowance
Eligibility Criteria for Children
Eligibility Criteria for School or Institution
Children Education Allowance ..read more
Taxbuddy Blog
1w ago
We have a progressive tax system in India, which means that your taxes grow by the applicable income tax bracket as your income rises. Many people transfer assets or set up income streams in the names of their spouses, kids, parents, and other relatives to reduce their income to avoid paying excessive taxes. The income tax introduced a "clubbing of income" provision under sections 60 to 64 of the income tax statute to stop such tax avoidance techniques. In this article, we will break down and thoroughly go over each of the Clubbing of Income guidelines today.
Table of Content
Clubbing of Inco ..read more
Taxbuddy Blog
1w ago
An income you get from investing in shares or mutual funds is called a dividend. Dividends from many shares and mutual fund schemes are given to investors as a portion of the earned profits. Many of you are curious as to whether or not you will be taxed on dividends as they are a form of income. So let's take a closer look at how taxes are applied to dividend income.
,Table of Contents
Understanding Dividend Income
Sources of Dividend
Tax on Dividend Income
Taxability of Dividend Income: Old & New Provisions
Tax Rates for Dividend Income
TDS on Dividend Income
Deduction of Expenses from D ..read more
Taxbuddy Blog
1w ago
Under Section 80TTB of the Indian Income Tax Act, seniors are eligible to get tax advantages on their interest income. In order to assist older citizens who depend on the interest they get on their investments, this provision was inserted to the Union Budget of 2018. The Income Tax Act states that a person who reaches the age of 60 or above during a financial year is regarded as a senior citizen. Any senior adult living in India may deduct up to Rs 50,000 from the interest they get on savings accounts or fixed deposits made during the applicable fiscal year, according to a recently adopted la ..read more
Taxbuddy Blog
1w ago
From the taxation perspective, the Income Tax Department divides income into five parts:
Salary
Business/profession
House property
Capital Gain
Income from other sources
The last category includes any money that does not come from work, business, or profession. It is a residual income category that comprises a variety of sources of income such as savings account interest, fixed deposits, dividends from investments, rental income, and gifts received, among others. This money is not included in any of the other categories of income. In this guide, we will explain ..read more
Taxbuddy Blog
2w ago
Making money is the most crucial goal for any firm. There are various techniques that a company might take to reach this objective. A business typically keeps two crucial financial statements to track its financial progress. They are known as balance sheets and income statements. In accordance with this distinction, a firm or government creates two sorts of receipts during its financial operations. They are known as revenue receipts and capital receipts. You can read this article to learn about the meanings and distinctions between the two terms.
Table of Contents
Understanding Revenue ..read more
Taxbuddy Blog
2w ago
The income tax that the Indian government imposes on taxpayers is determined by certain slabs that it sets. Individuals who earn different amounts fall into different tax bands and pay various tax rates. The tax obligation grows in tandem with the taxpayer's income under this progressive taxation scheme. These income bands are subject to annual adjustments based on the budget. The ,,income tax slabs were also suggested to be modified in the Budget 2023. Age is another factor that decides income tax slabs for Indian taxpayers. The Budget guarantees that super senior persons and senior cit ..read more
Taxbuddy Blog
3w ago
The Income Tax Act created Section 44AD, a presumptive taxation provision, to lessen the tax burden on small taxpayers or assessees. Those covered by this plan are not obliged to have their books of accounts audited or to retain or show them. Certain individuals and professionals are excused from performing an audit or displaying their books under Section 44AD. Assesses whose vocations are listed in Section 44AA are exempt from this. Apart from the companies mentioned in Section 44AE, the programme aims to provide assistance to small-time assessees who manage any kind of business. In this gui ..read more