Deduction of medical insurance premium- section 80D Payment for Medical Insurance Premium under section 80D is allowed only to an individual (resident / non resident/ Indian citizen/ foreign citizen) or a Hindu undivided family (resident/ non resident).Note that medical insurance policy refers to mediclaim policies (where you submit bills and get re-imbursement). Fixed benefit policies […]
Fill IFSC Code in Upper Case in ITR for fast processing of Refund After processing of the return we have received a failure of the credit of refund proceeds. As per communication received from CPC- Bangalore the said failure was on account of erroneous IFSC code. On verification of the IFSC code mentioned in the […]
Tution/school/education fees under section 80C of IT Act Who is Eligible: Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assesses and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assesses have more then […]
Cyber Crimes while e-filing of Income tax Returns 1. Registering PAN on income tax portal without the PAN holder’s consent: If any professional / accountant found that he has access to all pan data of its client company employees or other clients and/or he voluntary register PAN without consent is cyber crimes while e-filing of income […]
Before filing of TDS Statement pay late filing fee also Your attention is hereby drawn towards the provisions of section 234E of the Act, which reads as follows: Levy for Late filing of TDS Statement (Section 234E of Income Tax Act) 1) Without prejudice to the provisions of the Act, where a person fails to […]