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Deductions Interest Payments U/S 24 2022

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  Deductions from income from house property U/S 24 Income chargeable under the head “Income from house property” shall be computed after making the following deductions, namely: a sum equal to thirty percent of the annual value 79(b) where the property has been acquired, constructed, repaired, renewed, or reconstructed with borrowed capital, the amount of any interest payable on such capital: Provided that in respect of property referred to in sub-section (2) of section 23, the amount of deduction 80[or, as the case may be, the aggregate of the amount of deduction] shall not exceed thirty thousand rupees : Provided further that where the property referred to in the first proviso is acquired or constructed with capital borrowed on or after the 1st day of April 1999 and such acquisition or construction is completed within five years from the end of the financial year in which capital was borrowed, the amount of deduction 81[or, as the case may be, the aggreg...
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GST Show Cause Notice (SCN)

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 GST Show Cause Notice (SCN) A GST Show Cause Notice (SCN) is issued when the tax authorities suspect a violation of GST laws. It asks the taxpayer to explain why action should not be taken against them. This is a critical stage in the GST litigation process, as an inadequate response can lead to further legal consequences. The SCN in GST typically outlines the alleged violation, the tax amount involved, and the potential penalties. The taxpayer is required to respond within the stipulated time frame, providing supporting documents and explanations to counter the allegations. Failure to respond can result in the authorities passing an ex-parte order, which might not be favorable to the taxpayer. READ MORE
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Top 10 ITR Filing Documents

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Your Comprehensive ITR Filing Checklist: Top 10 Documents for Tax Filing Success It’s that time of the year again – tax season is upon us! As you gear up to file your Income Tax Return (ITR), having a well-organized checklist of essential documents is key to a smooth and stress-free filing process. Let’s delve into the top 10 documents and best practices that make up your ITR filing essentials. 1. PAN Card: The cornerstone of your tax identity, ensure your Permanent Account Number (PAN) card is readily available. It’s a must-have for all tax-related transactions. 2. Form 16 – Your Salaried Lifeline: For employed individuals, Form 16 is your go-to document. Issued by your employer, it provides a detailed summary of your salary, deductions, and TDS (Tax Deducted at Source). 3. Bank Statements: Compile comprehensive statements from all your bank accounts. These statements serve as a financial trail, validating your income and expenditure. 4. Investment Proofs: Gather do...
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