A New Route of Tax Knowledge
Assessment Year 2021-22
Deduction under section 80DDB is allowed for expenses incurred for medical treatment of specified diseases or aliments (check the list below). This section allowed a deduction to resident individuals and HUF only.
Deduction under section 80DD is allowed for the medical treatment of a dependant with severe disabilities or differently-abled. This section allowed a deduction to resident individuals and HUF only.
For AY 2021-22, this section contains the provision regarding the deduction on payment of medical insurance premium, central government health scheme, and payment on account of preventive health checkup from the gross total income of the assessee.
CBDT has notified all the Income Tax Return Forms for the AY 2021-22 with minimum changes in ITR form 1 to ITR form 7
Business Code for ITR is needed when you are filing your Income Tax Return, where you need to enter the type of business you are doing and what is the code of that business under the Income Tax Act.
The outcome of the audit is an audit report. This report is drawn by a Chartered Accountant, where he or she gives his or her findings and observations about the person’s compliance under audit.
A Tax Audit determines whether financial records and transactions are correctly recorded and accounted for. This ensures that the records reflect the taxpayer’s actual income and that the claims for deductions made are accurate.
If any person who is required to comply with section 44AB fails to get his accounts audited in respect of any year or years as required under section 44AB or furnish such report as required under section 44AB, the Assessing Officer may impose …