Deadline Extended- Vivad se Vishwas Scheme Last Date
In the light of the second wave of covid-19, the government has again extended the Vivad se Vishwas Scheme Last date by 2 months.
A New Route of Tax Knowledge
Normal
In the light of the second wave of covid-19, the government has again extended the Vivad se Vishwas Scheme Last date by 2 months.
For claiming deduction under chapter VIA (e.g. 80C to 80U), a copy of the investment made is required. for example, LIC receipts, medical premium payment receipts (section 80D), the donation made u/s 80G, PPF passbook, etc.
ITR Receipts are proof of your Income Tax filing and payment of your taxes. it is more detailed than form 16, It contains your total income, tax paid, refund amount, etc.
Even though filing of ITR is not mandatory for all the person but if you file your Income Tax Return there are certain benefits which one can avail.
Section 80D will help you in getting tax deduction from the income of the assessee. This section allowed a deduction to Individual and HUF assessee only.
For Income Tax Return late filing, Advance tax delayed payment and for short-payment of advance tax, there is Interest payable by the assessee, which is chargeable u/s 234A, u/s 234B, and u/s 234C respectively of Income Tax Act.
Under the Income Tax, If the tax liability of taxpayers is expected to be Rs. 10,000 or more than Rs. 10,000 for the respective financial year, then the assessee is required to pay the liability of Advance Tax.
In General, Land, building, house property, vehicles, patents, trademarks, leasehold rights, machinery, and jewelry are some of the examples of capital assets