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Benefits of U/s 80GG with Automated Income Tax All in One for the Govt & Non-Govt Employees for the F.Y.2020-21 with New and Old Tax Regime U/s 115 BAC.

Section 80GG is an uncommon arrangement under Chapter VI-A of the Income Tax Act, 1961, which gives tax respite to the individuals who don’t benefit house rent stipend. To get … Read More

Retirement & Income Strategies – Sources of Retirement Income

One’s retirement income may come from many different sources, including: CDs and Savings, Non-Qualified Annuities, Investments and Mutual Funds or Qualified Plans (401(k), IRA, 403(b), etc.) Qualified plans offer a … Read More

Punjab chooses Option-1 to meet the GST implementation shortfall

26 States and all Union Territories with Legislative Assembly have favoured Option-1 Punjab will get Rs.8,359 Crores through special borrowing window to meet the GST implementation shortfall Permission to raise … Read More

6 Cliches About Mutual Funds You Should Avoid

I clearly remember that when I started this blog 10 years back (2009) – regular questions were “what is Mutual Funds or SIP”. But a lot has changed in this … Read More

Automated Income Tax Arrears Relief Calculator U/s 89(1) With Form 10E For the F.Y.2020-21 (Amended Version)

Did you get any advancement salary or arrears of salary? If genuinely, you might be worried about the tax consequences of the same. Should I have to pay taxes on … Read More

How To Report Self-Employment Income At Tax Time

It makes no difference whether you do occasional jobs or work full-time as an independent contractor; current tax laws require that you report this income at tax time. Cash payment … Read More

Should A Senior Citizen Invest In Pradhan Mantri Vaya Vandana Yojana

Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched a few years back to provide an avenue of income for senior citizens in the country.  It expired in March 2020 but … Read More

CBIC instructions on Standard Operating Procedure (SOP) for verification of taxpayers granted deemed registration

1. With effect from 21.08.2020, rule 9 of the Central Goods and Services Tax Rules, 2017 (hereinafter referred to as the CGST Rules) provide that in cases where Aadhaar authentication … Read More

Tax Vs GAAP – What Small Business Owners Should Know

Small business owner should understand the following before they decide to maintain their accounting records on the income tax basis or based on generally accepted accounting principles (“GAAP”). GAAP is … Read More

6 Undeniable Reasons People Hate Financial Planning

Budget, emergency fund, insurance, tax – these are words that we would rather stay away from.  We like making money but find financial planning quite exhaustive. We try to postpone … Read More

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