Income Tax

Complete Guide on Rebate under Section 87A to Individuals

Eligible Person Rebate under Section 87A is allowed only to individuals resident in India whose total taxable income is below the specified limits. Please note that the word is taxable income, so it is after all deductions such as 80C, 80D etc. The specified limits are Financial Year Taxable Income

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How to make Payment of TDS (Video & Text Guide)

How to make Payment of TDS All corporate assessee and other assessees who are subject to compulsory audit under section 44AB are compulsorily required to use an electronic transfer to make payment of TDS. TDS is paid by Challan No./ITNS 281. Payment link – NSDL.   Step 1 – Go to

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Online Correction Facility to Add/Modify Deductee in TDS Return

Many times, deductor have to make the changes in the previously filed TDS return due to some mistake, omission etc. TRACES provide online functionality for making various types of the corrections in the already filed TDS return which are as follows: – PAN correction Challan correction Add a new challan

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Standard Deduction – Section 24a

Standard Deduction of 30% of Annual Value is allowed as deduction to every person. Any type of expenses incurred by the assessee for acquiring, constructing, repairing, reconstructing, maintaining, renovation, renewal etc shall not be allowed as deduction. Flat 30% of deduction shall be allowed irrespective of the expenses incurred by

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Minimum Alternative Tax (MAT)

MAT stands for Minimum Alternative Tax. MAT was introduced by the Finance Act, 1987 with effect from Assessment Year 1998-99. Later on, it was withdrawn by the Finance Act, 1990 and reintroduced by Finance Act, 1996 with effect from 01St April 1997. Currently, the MAT is applicable only to companies

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Interest on Refund of Income Tax – Section 244A

Where any refund is payable to the assessee, the assessee is entitled to receive interest along with the refund as per the following provisions- When refund is of any advance tax paid or TDS or TCS – The interest is payable at the rate of 0.5 percent per month or

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Interest on Excess Refund – Section 234D

If the assessee is granted refund under section 143(1) when no refund is due on regular assessment or granted excess refund under section 143(1) then the assessee is liable to pay simple interest at the rate of 0.5% per month of part of the month from the date of refund

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Interest for Deferment of Advance Tax – Section 234C

Interest is payable by assessee under section 234C for non payment or under payment of advance tax. Rate of Interest – Simple Interest @ 1% per month or part of month Interest is calculated  by Non Corporate Assessee as provided under:- Interest is Payable under Section 234C if Period of Interest

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