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How much tax will I pay if I earn Rs. 10 lakhs per annum?

One of the biggest dilemmas facing taxpayers post the Union Budget of 2020 is – "should I switch over to the new tax regime, or should I continue with the existing tax regime availing deductions and exemptions?

4 weeks agoRead More
What is the standard deduction for salaried individuals for FY 2019 – 20?

Taxpayers for the FY 2019 – 20 can claim a standard deduction of Rs. 50,000, thereby reducing their taxable income significantly. Here, in this guide, let’s take a detailed look at the standard deduction available to salaried taxpayers while filing their income tax.

4 weeks agoRead More
What Is the Maximum Income for Tax Return?

It is that time of the year when individuals file income tax returns. The last date for filing your return is July 31. Only individuals whose incomes exceed certain levels must file tax returns. Certain

4 weeks agoRead More
What Is the Formula to Calculate Income Tax?

If you will be filing ITR for the first time in 2020 then you need to know your total taxable income, followed by the computation of income tax as per the applicable tax slab. While calculating income tax manually might appear daunting, it isn’t as complicated if you thoroughly understand the computation process.

4 weeks agoRead More
Income Tax Rule of 2020

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

4 weeks agoRead More
What Is Income Tax Under the Income Tax Act?

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

1 month agoRead More
How Much Annual Income Is Tax-Free?

India has two broad categories of tax, mainly direct and indirect tax. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government.

1 month agoRead More
How Is Corporate Tax Calculated?

One of the many taxes that corporates are required to pay to the Indian government is a corporate tax or company tax. Corporation Tax, also known as Corporate Tax is a direct tax levied on the net income or profit that corporate enterprises make from their businesses

1 month agoRead More
How Can I Download My Income Tax Certificate?

Income tax in India is imposed by the Government of India. Everyone who is earning in India has to pay income tax. The income could be pension, salary, or could be earnings from a savings account.

1 month agoRead More
What types of incomes are taxable in India?

In India, taxes are broadly classified into two types: direct and indirect taxes. As the name implies, direct taxes are the taxes paid by an individual (or company) directly to the government.

1 month agoRead More
What is TDS in income tax?

TDS is the acronym for "Tax Deducted at Source." It was introduced by the income tax department to reduce tax evasion, by collecting taxes on incomes right when the revenue is generated, rather than at a later date. As the phrase implies, TDS is received from the income payer rather than the income receiver.

1 month agoRead More
What is income tax? A Comprehensive Guide for Beginners

As soon as we hear the term, "income tax," most of us get fearful and nervous. The nervousness arises from the fact that – not many of us are aware of what it is, how it is calculated, and the myriad regulations involved.

2 months agoRead More
What are the income tax exemptions available for salaried individuals in India?

In India, salaried employees form the majority of taxpayers, and their contribution to the national tax coffers is substantial. To help salaried individuals reduce their overall tax burden, the Income Tax Act of 1961 offers several deductions and exemptions on their gross income.

2 months agoRead More
How is income tax calculated?

All Indian citizens are required to pay income tax on their taxable income. Sadly, a vast majority of tax-payers find the entire tax calculation process overwhelming and confusing. Worry not, this guide will simplify income tax calculations for you.

2 months agoRead More
Best Performing High Risk Mutual Funds for 2020

Mutual funds are one of the most popular investments among investors of all ages. Easy to get started with small investments every month and the potential for high returns, it’s no wonder that mutual funds are emerging as the number one choice for investors.

3 months agoRead More
8 Best Tax-Saving Instruments for Last-Minute Tax Planners for FY 19 – 20

The best time to start planning your tax-saving instruments is at the beginning of a financial year. If you have missed the boat, the next best time is NOW. Yes, with just a few days left for the end of the financial year, you can still make the right investments now to save big on your taxes.

3 months agoRead More
Can You Claim Both HRA & Deduction on Home Loan Interest?

Every salaried taxpayer often wonders if the Income Tax Act allows him or her to claim a deduction for HRA and also for interest on home loan. The answer is that he or she can claim tax benefits on both home loan and HRA in the same financial year.

8 months agoRead More
10 Tax Deductions That Are Lesser Known to You

Are you one of them who rush into gathering resources in the last-minute to save tax? Often, many fail to plan their tax deduction and still many are not aware of the investments and expenses that can be claimed for tax deductions under various sections of the income tax act. To help you out, we have compiled 10 most overlooked tax deductions that can fetch you tax benefits.

2 years agoRead More
Know Your Income Tax Rates: Income Tax Slabs

With the financial year for 2017-18 just ending, you might have just declared your finances in your company for tax deductions. It is now time to declare your investments for the coming year. By knowing the tax rates, you can make sound financial investments that will give you the best returns and tax benefits.

2 years agoRead More
Investments with Tax Benefits

Each year salaried individuals need to declare their investments to their respective companies to determine the TDS or Tax Deducted at Source. TDS is where your company based on your investments and tax declaration will deduct the funds from your monthly salary. Many people will declare a lot of investments which they might not go through with and pay tax in bulk at the end of the financial year. Those who invest only do it as another source of tax deduction and do not put in any real effort or thought into it.

2 years agoRead More
Claiming Home Loan Interest as a Tax Deduction

The times have changed a lot where a person cannot pay the full cost of a home as the cost of properties have gone up so high. It used to be that if you can save money you can get a home but now it is not so. With the cost of rent also increasing with the owners looking at them as a source of retirement income many people are thinking it is better to buy a home through home loans and pay the EMI instead of paying rent which nowadays are almost equal.

2 years agoRead More

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