Tax planning is a crucial aspect of personal finance, and one of the most effective ways to reduce your overall tax liability is by taking advantage of income tax deductions. As the financial year 2023-24 approaches, it's important to familiarize yourself with the various deductions available to you for the assessment year 2024-25. In this
he Income Tax Return (ITR) is a form used by taxpayers to file information about their income and tax with the tax authorities. It is a document that taxpayers need to submit annually, declaring their earnings, deductions, and exemptions. The purpose of filing an ITR is to calculate the tax liability, if any, and to
Table of contents Introduction to Section 112A – Income Tax on Long Term Capital Gain In the Finance Bill 2018, the government has come up with an insertion to Section 112A under the Income Tax Act, 1961. The new section 112A has been inserted in order to levy long-term capital gain tax on the transfer of equity share,
