What is section 154 of Income tax act + How to rectify ITR u/s 154

section 154 Income Tax

You are a taxpayer, it doesn’t mean you only make mistakes, sometimes the Income-tax department also makes mistakes due to some technical glitch. In this article, we will learn about mistake rectification under section 154 of income tax act. Before moving ahead: What is section 154 of Income Tax Income tax rectification has executed both ways … Read more

NPS tax benefits u/s 80CCD(1), 80CCD(2) and 80CCD(1B)

NPS tax benefits

National Pension Scheme NPS is largely focused on one’s retirement. While up to 60% of the maturity corpus can be withdrawn as a lump sum on maturity, the balance is compulsorily annuitized for pension purpose after retirement. National Pension Scheme (NPS), everyone heard about it, In this article, we will cover all about NPS features, … Read more

Section 44ADA : Presumptive Professional Income AY 2019-20

44ada limit

Section 44ADA of Income tax act for AY 2019-20 Section 44ADA was introduced from 01 April 2017, focusing on the income of professionals under the presumptive professional scheme. Section 44ADA is as similar to section 44AD, the only difference is the section 44ad head Presumptive Professional Income for small business and Section 44ADA is for … Read more

Download Excel based – Income Tax Calculator for FY 2018-19 [AY 2019-20]

Income Tax Calculator for FY 2018-19

Excel based Income Tax Calculator for FY 2018-19 – AY 2019-20 Every individual is troubling to get the final amount and unable to play with exemption section like 80C, 80D, 80E, 80DD, 80DDB, 80G, 80TTA. I have never understood the real concept of HRA exemption in my early days when I have started taxation. Also Read:- Credit Card … Read more