Do you pay a higher tax rate of 30%? If so, you must also pay an extra surcharge over some limit on your income tax liability. But what is a surcharge? Simply put, a surcharge on your income tax is an additional tax you may be required to pay if...
Read MoreUnderstanding OPS vs NPS: Full Form, Eligibility, Calculations, and Tax Benefits
When planning to retire, it is essential to grasp the difference between the OPS and NPS. OPS full form is Old Pension Scheme, and NP full form is New Pension Scheme. These schemes govern the arrangement and delivery of pensions to retired...
Read MoreSalary Calculator: Calculate Your Take-Home Pay with Ease in Hand Salary Calculator
Are you looking for an efficient tool to calculate your salary and plan your budget? Well, you are on the right page. Salary Calculator is a user-friendly tool that helps you calculate your gross and take-home salary with ease. The in hand...
Read MorePlan for a Secure Future with EPS 95 Pension Scheme: Eligibility, Benefits, and More
In India, numerous schemes are available to secure employees’ future in old age. The EPFO provides the Employees Pension Scheme and looks after the system to ensure employees get a pension when they turn 58. Nonetheless, employees and employers...
Read MoreUnderstanding Section 194I: A Comprehensive Guide to TDS on Rent – TDS Rate, Significance, and Conditions
The 194I section concerns the TDS on rent. The provisions define how to treat TDS on rent. According to the 194I section, you can use the word ‘rent’ to define payment as a lease, agreement, sub-lease, etc., to use land, buildings, machines,...
Read MoreSection 194 TDS of Income Tax Act: Learn who it applies to & its impact on Section 115-O
The Budget Act of 2020 modified the provisions of Section 194 of Income Tax Act of 1961. Dividends declared, divided, and paid by a domestic corporation previously exempt from Income Tax under Section 10 are now liable to TDS (34). The Dividend...
Read MoreDiscover TAN Number: Importance, Full Form & Why it’s Mandate for Salaried Individuals
TAN is a ten-digit number given to the persons who collect or deduct tax. Everybody has their own distinctive TAN number. The TAN number is a part of the IT Act of 1961. The TAN full form is Tax Deduction and Collection Account Number. It is in...
Read MoreCorporate Tax in India: Learn What It Is, Why Companies Pay It, and How It’s Calculated
Everyone pays taxes in one way or the other. Whether purchasing goods and products online or paying utility bills, taxes are part of the amount you are responsible for paying. The tax collection from multiple sources might lead you to consider...
Read MoreUnderstanding Long Term Capital Gain Tax Rate & LTCG exemption limit in India
Have you ever sold or transferred a capital asset and thought if the profits or gains you realised were subject to taxation? You do! Any profits or gains you generate from selling or transferring capital assets are subject to taxation under...
Read MoreUnderstanding Gross Salary: Meaning, Components, and How to Calculate Accurately
Whenever you work for any institution or enterprise, they pay you for the same. However, the previously promised amount and the amount you finally receive can differ. There are different salary structures; understanding each is essential to plan...
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