Income tax

Should you Choose to be Employee or Independent Consultant from Taxation Perspective?

Income tax, Investment Plan, Tax Saving, Taxes
Employee Vs Consultant - The Tax Angle

Few people while taking up a new job have the flexibility to work as an employee or independent consultant (also known as contractor or freelancer). If planned properly consultants have lower tax outgo for the same CTC (Cost to company). With Budget 2016 introducing presumptive taxation for some professionals like legal, medical accountancy, architect, IT …

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Tax Notices You can get and What to do about it?

Income tax, Investment Plan, Tax Return, Taxes
Income Tax Notice and What to do about it

Once the ITR is submitted and verified by the tax payer, the department goes through every return in automated/manual fashion to check if everything was correct and matches with the data available with them. In case they find a wrong/doubtful entry or have further questions about any declared or undeclared income or deduction or exemption, …

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Hate Paying Taxes? Check How to Pay 0 Income Tax on Salary of Rs 20+ Lakh (FY 2020-21)

Income tax, Investment Plan, Tax Saving, Taxes
Pay 0 Income Tax on Rs 20 Lakh Salary

Salaried class have always complained of raw deal year after year in income tax laws. But the good news is you can still manage to pay Zero (NIL) income tax on salary of up to Rs 20 lakhs (Salary here means cost to company). All you need to have is right salary structure and invest …

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