Section 80EEA Overview Section 80EE is an existing provision which allows deduction up to Rs. 50000 on interest, paid by first time home buyers on a loan sanctioned by financial institution between [...]
Section 80EEB Overview In union budget 2019, government announced incentive on purchase of electric vehicles. It has also been said by the finance minister that this scheme is applicable on advanced [...]
What is Form 26QB? As per finance bill 2013, TDS is applicable only on sale of immovable property whose value is equal or greater than Rs.50 Lakhs. Seller needs to obtain form 16B whereas buyer [...]
What is Form 60 of the Income Tax? It is a declaration filed by an individual in the absence of a PAN card in order to carry out specific financial transactions specified in rule 114B. [...]
What is Form 61A? It is a record of specified financial transactions furnished by the tax payer under Income tax act, 1961. It is a new concept started by the income tax authorities in order to [...]
What is Form 12BB? Form 12BB is a statement made by an employee to claim tax benefits or to take rebate on investments & expenses. This form needs to be filled by all the salaried employees paying [...]
New Income Tax Laws Generally, the changes related to income tax announced in the budget comes into effect from April 1st but as you know that budget for financial year 2019-20 was presented in Lok [...]
What is House Rent Allowance? House Rent Allowance (HRA) is given to members of the staff in order to meet rent expenditures. If HRA exemption rules are followed, HRA exemption is offered under [...]
What is Special Allowance? A fixed amount given to employees to meet certain necessities is referred to as Special allowance – this amount is over and above the basic salary. There are diverse [...]
What is Conveyance Allowance? Conveyance Allowance, also referred to as Transport Allowance, is provided by employers to their employees to compensate for their commute from residence to and from [...]
