Know the difference between FY and AY under Income Tax Act
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
A New Route of Tax Knowledge
Income Tax
FY is the year in which you earn income and AY is the year in which you pay tax on earned income
New section 194P of the Income Tax Act will provide conditional relaxation for senior citizens who are aged 75 or above 75 years.
Section 206AB and Section 206CCA – Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 206AB and Section 206CCA – Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021.
FM Smt. Nirmala Sitharaman did not announce any changes in the Income Tax slab but have changed some rules to help ease of compliance for taxpayers.
Gross Total Income is calculated by adding the income of all of the five heads and to arrive at the total income you must subtract from it the deduction under chapter VIA of the Income Tax Act 1961.
All the important Income tax related dates you need to know for February 2021