Income Tax

It is the duty of every Indian Citizen to pay taxes once his income crosses the income threshold. But the government has given certain reliefs to the taxpayers by allowing deductions and rebates on their income So, there are some incomes that are...

Every Individual must get a health insurance plan to meet the financial crisis during a medical emergency. But it is a common doubt if a person doesn’t face any health issues during the policy term then all the premiums become void. Well, it is...

TDS stands for Tax Deducted at source in which a company or a person has to deduct tax at source while making payment and it has exceeded the threshold limit. The Income Tax Department decides the Rate of TDS. The person who deducts the tax at the...

Section 16 of the Income Tax Act (ITA) allows for various deductions and allowances that can help you reduce your taxable income under the "Income from Salary" head. The deductions that can be claimed include medical expenditure, conveyance...

Every individual must file an Income Tax Return but contrary to that he must be aware of all the provisions for deductions so that he can reduce tax liability. Therefore, you can see the process to claim income tax rebate under Section 87A. ...

One earns his salary after working hard for a month. And at the time of salary payout you realize that the in-hand income is quite shorter than the gross income. As EPF and other statutory deductions are made from the same. When taxes are applied,...

What is the New Income Tax Slab for 2022-23? The Income Tax Slab 2022-23 has not been announced yet as the budget 2022-23 will be introduced on the coming 1st Feb 2022. Finance Minister Nirmala Sitharaman will introduce any changes in the income...

Is your take-home income way short of your gross earnings? The heavy tax imposition may just be the reason! Invest in a tax saving scheme to ensure you take home a reasonably higher amount. However, which tax saving options to pick as there are...

So finally came one of the most important news for all the income tax payers. Yes, the Central Board of Direct Taxes (CBDT) on Thursday made an announcement of the new Income Tax Return forms for the assessment year 2018-19. The policy making body...

Meaning of Perquisite In general, perquisite means any benefit. In the context of salary income, perquisite means any benefit provided by the employer to the employee. As per the provisions of the income tax act, perquisite includes: The value...