80GG – HRA Deduction
Reading Time: 3 minutesPaying the house rent is a real burden for the employees, especially those living in the metro cities. If you are receiving HRA, then you don’t need to worry. On the other hand, those who are not receiving HRA can claim a deduction of up to Rs. 60,000 under section 80GG to reduce their tax liability.
Deduction Under Section 80TTA
Reading Time: 2 minutesDeduction under section 80TTA provides relief to middle-class individuals. Therefore, it helps them to reduce the tax liability. However, check out the type of interest incomes allowed for the deduction before claiming 80TTA.
44ADA Presumptive Taxation For Professionals
Reading Time: 3 minutes44ADA section is a life saver for professionals like doctors, advocates, management consultants etc, however if some of these provisions are not taken care of then it can call for a income tax notice.
Partnership vs LLP
Reading Time: 3 minutesOne of the major advantages of choosing a limited liability partnership is its partner’s limited liability. Starting an LLP over the partnership firm gives protection to the partners from being personally held liable. On the other hand, in partnership, any liability can be paid off through the business and personal assets.
The What & Why Of Advance Tax
Reading Time: 3 minutesIf you don’t pay advance tax or miss any of the installments, then you shall be liable for the payment of interest under sections 234B and 234C. In this article we understand advance tax and its technicalities.