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A special tax known as a cess is imposed in addition to other taxes already in place. Funds are raised by the central government for...

The Income Tax Act, of 1961, provides several deductions on home loans that can significantly reduce your tax liabilities. Notably, the...

Depreciation is the inevitable deterioration that assets experience over time. It may seem straightforward in ordinary situations, but it...

Section 80C of the Income Tax Act, 1961, is one of the most popular tax-saving provisions available to individuals and Hindu Undivided...

When it comes to filing income tax returns in India, adhering to deadlines is crucial to ensure compliance with the law and avoid...

Many financial transactions are documented in a company's financial statements. Some are done only to monitor the funds, while others are...

Attestation by a Chartered Accountant on any certificate or such other document is considerable because it generally represents that the...

Salary arrears are a double-edged sword. Though it would certainly come as a pleasant surprise if one does receive back pay, it will bump up your income to a higher tax bracket, increasing the tax liability for the year. Fortunately, the Income Tax Act has a provision under Section 89(1) that permits a taxpayer to claim relief on receipt of salary or wage arrears. The article will help you understand how salaried individuals can claim the tax relief, thus better equipping the