Posts Tagged
‘income tax’

When a taxpayer pays more tax than she is liable for in a financial year through excess tax deducted at source (TDS) or miscalculation in income tax, the income tax department refunds the excess amount. The refund is processed after the taxpayer files and verifies her income tax return (ITR). The refund is credited into […]

Jagat Janani Services Vs Goods & Service Tax Council (Orissa High Court) The case of the Petitioner is that it has already paid towards service tax Rs.1,41,12,429.94 and towards GST Rs.1,92,66,932/-for the aforementioned period January to December, 2017. It accordingly submits that there has to be a pro-rata reduction of the liability since it is […]

No service tax on Income Tax TDS portion paid by recipient In M/s. T.V.S. Motor Company Limited v. The Commissioner of Central Excise & Service Tax [Service Tax Appeal No. 219 of 2009 merged with Service Tax Appeal No. 41077 of 2013 dated August 31, 2021], M/S. TVS Motor Company (“the Petitioner”) had appealed against […]

Section 80 C of the Income Tax Act,1961 deals with tax exemption. Section 80C reduces direct taxable income because section 80C reduces tax liability. Most people directly or indirectly enjoy the fruits of Section 80. The maximum tax exemption is up to Rs 1.5 lakh. At present, a person who is less than 60 years of age […]

Some top benefits in the income tax |Section 80C – Exemption on Investment The Customs 80C is one of the most popular and favorite categories among taxpayers, as it allows you to reduce taxable income by investing tax savings or bearing expenses. This allows a maximum deduction of Rs 1.5 lakh per annum from the total income of […]

Tax savings tips to reduce your tax amount for F.Y.2021-22. Tax planning is a part of financial planning although taxes are difficult to avoid, you can efficiently devise strategies to reduce them under two important steps. 1) In order to choose between the old tax (with discount) and the new system (without discount) one has to carefully […]

BOSTON — More than 85,000 low- to moderate-income families would be eligible for a refundable child care tax credit under a state Senate plan unveiled Tuesday. A proposal tucked into a $47.6 billion budget rolled out by the Senate would convert income tax deductions for children under 12, dependent adults and business-related dependent care expenses into […]