Exemptions, allowances and deductions help in the reducing the tax liability of the taxpayers. However, all the exemptions, allowances and deductions are not available under both the tax regimes. While …
Exemptions, Allowances, and Deductions under the Old & New Tax Regime Read More »
The heads of the income help in bifurcation of income and thereby, enable the smooth calculation of taxes. That said, the taxpayer must classify his income under these heads at …
Heads of Income Under The Income Tax Explained Easily Read More »
Income Tax Return documents ease the filing process of Income Tax Return. Further, the procedure, as well as the form applicable for filing ITR varies as per the sources of …
Know About Mandatory Income Tax Return Documents in 2024 Read More »
On purchase of residential property through a home loan, one can save taxes through Section 24, Section 80C, Section 80EE and Section 80EEA of the Income Tax Act. Time and …
Tax Benefits on Home Loan: Know More at TaxHelpdesk Read More »
Do’s and Don’ts of Filing ITR: During each Financial Year, we are required to file our Income Tax Returns, also commonly known as ITR. Many of us think that filing …
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
The new tax regime was introduced through the Union Budget, 2020. Under this tax regime, the income tax slab rates are lower and if the person chooses to opt for …
The employers issue Form 16 TDS certificate to their employees. It is proof of tax deduction at source from the employee’s salary. Further, the genesis of this Form can be …
All You Need To Know About Form 16: TDS Certificate For Salary Read More »
Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.