Budget 2018 was good budget for Senior Citizens of the country and provided much needed relief. For income tax purpose, any citizens with age of 60 years or more is considered as senior citizen. We discuss the new income tax benefits for senior citizens below: 1. Rs 50,000 Tax exemption on Interest Income from Fixed […] Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Budget 2018 has made no change to the tax slab rates, however following changes have been made: No change in Tax Slabs Additional cess of 1% for health care making total cess to 4% of […] Continue reading →
All salaried have different type of leaves namely: Sick Leave, Casual Leave, Earned/Privilege leave, etc. If employees take lesser leaves than they are eligible for, most employers encash the left over leaves either annually or at the time of leaving the company. Of all types of leaves only earned or privilege leave is encashable. Leave […] Continue reading →
Its time of the year when salaried employees have to submit their Rent receipts and other tax saving investments proofs to their employers. And then people remember that they had never asked for rent receipts from their landlords. And physically filling up all rent slips for so many months is tiring. But here are some […] Continue reading →
It’s time of the year when everyone including your employer is worried about your taxes. Most people would have received mail from their Accounts department about “submission of proofs for investments done to claim income tax exemption”. In case you have not, it might be on its way. This post helps you understand why salaried […] Continue reading →
Income Tax with so many if and buts is complicated and hence tax payers always need someone to help them. To assist tax payers Income Tax Department runs its helpline from Central Processing Centre, Bangalore. You need to dial different numbers based on type of enquiry. Below is the list of phone numbers: Income Tax […] Continue reading →
Can I claim Tax Benefit for both HRA & Home Loan? – A question which is often asked by many tax payers. This is mainly because many employers do not allow both tax benefits together in certain situations. Unfortunately this is NOT the right thing to do. Both HRA and Home Loan Interest tax sections […] Continue reading →
I often get request to calculate income tax for readers and how they can save more tax! It’s not possible for me to calculate it for everyone. So going forward I would pick cases and show how to calculate income tax and if there is scope to save additional tax. Below is the comment I […] Continue reading →
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 16 lakhs. All you need to have is right salary structure and invest in RIGHT Tax saving plans! We give you […] Continue reading →