Section 80IA of the Income Tax Act offers tax benefits to businesses operating in some specific sectors. Under this provision, you can exempt the tax levied on your business profits for a certain period depending on a business’s eligibility. This article will discuss the eligibility, exemption, applicability, and deduction of Section 80IA for the assessment year 2024-25.What is Section 80IA?Section 80IA of the Income Tax Act provides tax benefits to businesses that operate in infrastructure, power, telecommunication, and other specified sectors. This provision offers tax deductions and exemptions to encourage businesses to invest in the mentioned sectors. Investments in these sectors help our country's economic growth, thus, the Income Tax department encourages it by providing tax exemptions.80IA EligibilityYour business needs to meet the following criteria to be eligible for tax benefits under Section 80IA:Your business must be incorporated in India.

As per Section 147 of the Income Tax Act, 1961, the Income Tax Department has the power to reassess an individual’s previously filed income tax returns. The Assessing Officer could pick your income tax return for reassessment subject to some pre-defined criteria by sending a notice under section 148 for Income Escaping Assessment.What is Section 148?Section 148 of the Income Tax Act 1961 gives authority to the Assessing Officer to send notice to a taxpayer whose income has not been properly assessed. This implies that if the Assessing Officer suspects that a taxpayer has not disclosed complete income or has provided an inaccurate representation of it, officers can commence proceedings under this section.Section 148 Notice is a notice issued by the income tax officer to reassess the taxpayer's income tax return (ITR) if they disagree with the taxpayer's assessment and believe that some income has not been properly assessed.Finance Act 2022 introduced Section 148A, which requires the assessing officer to conduct an inquiry and give the taxpayer an opportunity to explain their case before issuing a notice under Section 148.The assessing officer must issue a notice to the taxpayer under Section 148A(b), providing information and adverse material suggesting that income has escaped assessment. The taxpayer can respond with their own material and evidence.In the 2021 budget, the government introduced Section 148A in the Income Tax Act. If the income tax officer has information that the taxpayer has undisclosed income for a specific assessment year, the officer must give the taxpayer a chance to provide an explanation before issuing a notice.

In order to support the activities of religious and charitable institutions, the Indian Government provides several tax rebates under Section 11 of the Income-tax Act. However, they are only available for specific types of income, and the entities must fulfil certain conditions in order to claim them. Keep reading to learn more. What Is Section 11 Of Income Tax Act?Section 11 of the Income-tax Act provides an exemption from tax for income derived from property under charitable trusts and institutions. In order to claim them, this income must come from properties that are operating solely for religious or charitable purposes, and the entities must obtain a registration certificate under Section 12A or Section 12AA of the IT Act. The books of accounts must be audited by a Chartered Accountant.

For entities taking part in international or specified domestic transactions, abiding by the rules present under Section 92E of Income Tax Act is mandatory. They apply to associated enterprises and there are several criteria for their transactions to fall into the above-mentioned categories. Thus, multinational businesses operating in India must know the rules and regulations of Section 92E, in order to accurately file returns. Read this article to know more about Section 92E.What Is Section 92E of Income Tax Act?According to Section 92E of Income Tax Act, all individuals involved in specified domestic transactions and international transactions in the previous financial year need to obtain a report from a chartered accountant. This report of audit must be submitted to the authorities within the designated due date via Form 3CEB.Applicability of Section 92E of Income Tax ActThe rules present under Section 92E of Income Tax Act apply to international and specified domestic transactions. They must take place between more than two Associated Enterprises (AE). Moreover, among them, one or more parties need to be a non-resident of India. Here are some of the transactions which come under Section 92E applicability:Buying, selling or leasing tangible or intangible property. Mutual agreements between two or more AEs for allocations towards costs or expenses regarding any benefit, service or facility. Any transactions leading to income, profits, losses or gain/loss of assets.      Lending or borrowing money. Transactions between entities which are not Associated Enterprises with prior agreement. Now, as per Section 92(3), the rules and regulations of Section 92E shall not be applicable for transactions that cause an increase in losses or reduction of income tax.

The income tax department has allowed for online tax payment, keeping pace with evolving technology and our dependence on it.Eligibility For E-Tax PaymentWith effect from 1st April 2008, the following assessees have to mandatorily pay taxes electronically.All the corporate assessees.All assessees (other than the company) to whom the provisions of section 44AB of the Income Tax Act, 1961 are applicable.Prerequisite For E-Tax PaymentTo be able to pay your taxes online, one must ensure the following:You must have an account with a bank which is authorised to process the tax payments.You must have internet banking activated on the account through which you want to make the payment.Procedure Of E-Tax PaymentHere's a step-by-step guide on how to make tax payments on the Income Tax Portal without logging in:Step 1: Go To The Income Tax Portal & Navigate To The 'E-Pay Taxes' SectionVisit the Income Tax Portal at https://www.incometax.gov.in/On the left side of the home page, there is a 'Quick Links' section, click on the 'e-Pay Tax' option. You can also search for 'e-Pay Tax' in the search bar.Step 2: Enter PAN/TAN And Mobile NumberOn the ‘e-Pay Tax’ page, input your PAN and re-enter to confirm it. Then, provide your mobile number and click ‘Continue’.Enter the 6-digit OTP received on your mobile number and 'Continue'. Step 3: Select The Correct Assessment Year And Payment TypeSelect the first box labelled as ‘Income Tax’ and click on ‘Proceed’ From the ‘Assessment Year’ dropdown menu, select 2024-25 for payments in relation to FY 2023-24. Under the ‘Type of Payment’, select ‘Self-Assessment Tax (300)’ and click on 'Continue'.Step 4: Enter Tax Payment DetailsMake sure to input the payment amounts correctly under the appropriate category. You may refer to the pre-filled challan on ClearTax to obtain all the necessary amounts.Step 5: Select Payment MethodSelect the payment method and the bank to make the tax payment and press 'Continue'.Payment can be made using internet banking, debit card, credit card, RTGS/NEFT, UPI or you can choose to pay at the bank counter.Step 6: Verify Payment InformationAfter you click on 'Continue', there will be an option to preview the challan details.Double-check the payment information you entered to ensure it is accurate, then click on the 'Pay Now' option at the bottom of the page to make the payment.If you need to modify the details, click on 'Edit'. Step 7: Submit The PaymentTick the checkbox to agree to the Terms and Conditions after reading them and click on 'Submit To Bank'.Step 8: Receive Payment ConfirmationYou will receive a confirmation once your tax payment has been successfully submitted.Note: Remember to download the challan as you will need the BSR code and Challan number for completing the return filing process.Step 9: Add Details On ClearTaxNow, resume your tax filing on ClearTax. Click on ‘Add Paid Tax Details’.  Enter the Tax amount paid along with other details from the challan, such as the date of payment, BSR Code, and Challan Serial Number. You can now proceed to ‘e-file’ and ‘e-verify’ your returnSteps To E-Pay After Log-in To E-filing PortalStep 1: Log in to the e-Filing portal with your User ID and Password.Step 2: On the Dashboard, click e-File > e-Pay Tax.

The income tax slabs are different under the old and the new tax regimes. Further, the slab rates under the old tax regime are divided into three categoriesIndian Residents aged < 60 years + All the non-residents 60 to 80 years: Resident Senior citizensMore than 80 years: Resident Super senior citizensWhat Is an Income Tax Slab?In India, the Income Tax applies to individuals based on a slab system, where different tax rates are assigned to different income ranges. As the person's income increases, the tax rates also increase. This type of taxation allows for a fair and progressive tax system in the country. The income tax slabs are revised periodically, typically during each budget.

The Income Tax Act of India offers several tax deductions to help reduce taxable income of individuals and businesses. One such deduction is under Section 80JJA of Income Tax Act, which is commonly known as 80JJAA deduction. Continue reading this article to know the 80JJAA deduction in detail, including its applicability and calculation. What is Section 80JJAA of the Income Tax Act?Section 80JJAA is a provision under the Indian Income Tax Act of 1961, which offers tax deductions to employers who generate employment in the formal sector. This deduction is provided against Income From Business for an assessee who has hired additional employees during a fiscal year. It allows employers to claim a deduction of up to 190% of additional employee costs incurred while employing new eligible employees.The purpose of Section 80JJAA is to encourage employers to generate new employment opportunities in the formal sector and provide employment benefits to eligible employees.

Form ITR-V stands for 'Income Tax Return-Verification' Form. It is a single-page document which is received when an ITR is filed online without a digital signature. The income tax department sends ITR-V to taxpayers through email. Taxpayers can also download a copy of ITR-V from the income tax e-filing website. To complete the income tax filing process, verification of ITR is an important step.

Income tax department with a view to encourage savings and investments amongst the taxpayers have provided various deductions from the taxable income under chapter VI A deductions. 80C being the most famous, there are other deductions which are beneficial for the taxpayers to reduce their tax liability. Let us understand these deductions in detail:  Section 80 Deduction List .hover-scale:hover { transition: 0.5s; transform: scale(1.03); } Section 80C Investments Section 80CCC Insurance Premium Section 80CCD Pension Contribution Section 80TTA Interest on Savings Account Section 80GG House Rent Paid Section 80E Interest on Education Loan Section 80EE Interest on Home Loan Section 80D Medical Insurance Section 80DD Disabled Dependent Section 80DDB Medical Expenditure Section 80U Physical Disability Section 80G Donations Section 80GGB Company Contribution Section 80GGC Contribution to Political Parties Section 80RRB Royalty of a Patent Section 80TTB Interest Income Frequently Asked Questions Section 80C – Deductions on Investments Section 80C is one of the most popular and favorite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. Who can claim Section 80C deduction?: Section 80C deduction can be claimed by Individuals and HUFsMaximum deduction allowed under section 80C?: Up to Rs.150,000 can be claimed as deduction every year from the Gross total income. Companies, partnership firms, and LLPs cannot avail the benefit of this deduction. Deduction limits under Section 80C, 80CCC, 80CCD(1), 80CCE, 80CCD(1B)Sec 80CCC and Sec 80CCD provide deductions for the investments in the pension scheme either by yourself or by way of the employer’s contribution.The maximum deduction under Section 80C, 80CCC and 80CCD(1) put together is Rs 1.5 lakhs. However, you may claim an additional deduction of Rs 50,000 allowed u/s 80CCD(1B) for contributions made to NPS.

The Budget 2023 caused a lot of confusion among taxpayers regarding the choice between the old and new tax regimes. The government introduced various incentives in the 2023 Budget to encourage the adoption of the new regime. These changes show that the government intends to have taxpayers transition to the new regime and eventually phase out the old one. Though the new regime is now the default tax regime, the old tax regime will continue to exist.Let’s look at both regimes and see which regime to opt for in 2024.New Tax RegimeA new tax regime was introduced in Budget 2020 wherein the tax slabs were altered, and taxpayers were offered concessional tax rates. However, those who opt for the new regime cannot claim several exemptions and deductions, such as HRA, LTA, 80C, 80D , and more. Because of this, the new tax regime did not have many takers.