80C Deduction is available to the Individuals and HUFs. The maximum allowable 80C deduction for FY 2022-23 is 1.5 lakhs. You can avail this deduction by investing in tax saving investments such as ELSS.
We shall discuss in detail the deductions under section 80C in the below article.
Section 80TTA provides a deduction of Rs 10,000 on interest earned on the Savings account. However, only individuals and HUFs can claim deduction under this section.
So, Senior citizens can claim deduction under section 80TTB, which has a higher deduction limit of Rs 50,000. Furthermore, you cannot claim an 80TTA deduction for interest earned on time deposits such as fixed deposits or recurring deposits.
Link PAN to Aadhar by 30th June 2023 to continue your financial transactions. In other words, you will be able to buy or withdraw money only if you link PAN to Aadhar before the deadline.
Linking PAN with Aadhaar is a simple process. Yet, if you need help, check out How to link aadhaar with PAN card online step by step given below.
Learn how to file income tax return for Salaried Employee online. It is easy and you can file your ITR at the comfort of your home. Ensure that you file your return before the Income-tax due date to avoid any penalty.
If you are a salaried individual with an income of less than Rs 50 lakhs, you must use the ITR-1 form to file your income tax return. You can choose to file your ITR either online or offline.
Union Budget 2023 will be presented by Finance Minister Smt. Nirmala Sitaraman on 1st February 2023 at 11.00 AM. Post-Budget 2023 Press conference by Finance Minister will start from 3:45 PM onwards.
Below are the key highlights of the Budget 2023 presented today at the parliament.
Union Finance Minister Nirmala Sitharaman to present General Budget 2023-24 in Lok Sabha, at 11 AM
Feb 1, 2023: During the pandemic, we ensured no one goes to bed hungry, with a scheme to supply free food grain to 80 crore people for 28 months: FM
11:07 AM – Feb 1, 2023: FM Ms Nirmala Sitharaman presenting the India Budget 2023-24 at parliament now.
9.26 AM – Feb 1, 2023: Union Minister of Finance and Corporate Affairs Smt Nirmala Sitharaman, MoS Dr Bhagwat Kishanrao Karad, MoS Shri Pankaj Chaudhary and senior officials of the Ministry of Finance called on President Droupadi Murmu at Rashtrapati Bhavan before presenting the Union Budget 2023-24.
GST State code is the first 2 letters of the 15 digit GSTIN (Goods and Services Tax Identification Number) issued by the Government.
With the first 2 letters of any GSTIN, a GST registered dealer can be easily identified and will help in deciding the place of supply which needs to be entered in the invoice.
| GST State Name | GST State Code |
|---|---|
| Jammu And Kashmir | 01 |
| Himachal Pradesh | 02 |
| Punjab | 03 |
| Chandigarh | 04 |
| Uttarakhand | 05 |
| Haryana | 06 |
| Delhi | 07 |
| Rajasthan | 08 |
| Uttar Pradesh | 09 |
| Bihar | 10 |
| Sikkim | 11 |
| Arunachal Pradesh | 12 |
| Nagaland | 13 |
| Manipur | 14 |
| Mizoram | 15 |
| Tripura | 16 |
| Meghlaya | 17 |
| Assam | 18 |
| West Bengal | 19 |
| Jharkhand | 20 |
| Odisha | 21 |
| Chattisgarh | 22 |
| Madhya Pradesh | 23 |
| Gujarat | 24 |
| Daman And Diu | 25 |
| Dadra And Nagar Haveli | 26 |
| Maharashtra | 27 |
| Andhra Pradesh(Before Division) | 28 |
| Karnataka | 29 |
| Goa | 30 |
| Lakshwadeep | 31 |
| Kerala | 32 |
| Tamil Nadu | 33 |
| Puducherry | 34 |
| Andaman And Nicobar Islands | 35 |
| Telangana | 36 |
| Andhra Pradesh (New) | 37 |
| Ladakh | 38 |
80TTB Deduction is a tax deduction given to senior citizens on the interest earned. The interest may be in the form of interest on a savings account or fixed deposits. The maximum amount of Deduction under section 80TTB is Rs 50,000.
UDIN refers to Unique Document Identification Number.
ICAI came up with a Unique Document Identification Number to prevent Non-CAs from impersonating CAs and providing certification. The system generates an 18 digit unique number for any document that a Chartered Accountant certifies.
In addition to this, the Regulators or Banks, or others can quickly check the genuineness of the certificates with the Unique Document Identification Number.
Form GSTR 3B is a simple summary of GST liabilities for a particular tax period. A normal taxpayer must self-declare and discharge these liabilities. The government has released new guidelines for filing GSTR-3B for the convenience of the taxpayer. We shall see in detail GSTR 3B under the QRMP scheme.