In simple terms, After-Tax Rupees (also called as After-tax income) is the overall income after the payment of all the associated taxes to the Central, State and Municipal bodies.
In simple terms, After-Tax Rupees (also called as After-tax income) is the overall income after the payment of all the associated taxes to the Central, State and Municipal bodies.
income tax is a tax levied on individuals or businesses based on their incomes or gains over a fiscal year. Earnings can be nominal and notations respectively. The rate of income tax and the income tax slabs on which individuals are charged are set by the Indian government.
The most simple way to pay your tax online is by submitting challan 280 online and paying through your net banking facility.
A permanent account number (PAN) is an exclusive ten-character alphanumeric code or identification, which is issued as a laminated card.
The Indian Government levies different types of taxes on individuals for managing and developing different social welfare schemes and activities. These taxes can be divided into two broad categories- Direct Tax and Indirect Tax.
The majority of people are aware of the deduction that has been provided by section 80C of the Income Tax Act of 1961. For the current financial year, the highest deduction that can be claimed under section 80C is Rs 1.5 lakh.
One can file IT returns when there is a mismatch between the tax amount paid and the actual payable amount. When the amount paid is higher than the actual payable amount, then you can file for a refund.
The understanding of income tax is one of the essential financial knowledge that every one of us should be familiar with, but people start taking a step towards knowing income tax only when it is necessary for them and some of you might as well have landed here for the same reason.
Income Tax is considered to be one of the hardest things to understand what with 300 sections, subsections, case laws, clauses, sub clauses and many more. Unless you are at tax personnel, this information is sure to leave you at your wit’s end. However, ignorance is not considered to be bliss in this case and there are some basics that you should know about regarding your taxes.
The Indian Government levies different types of taxes on individuals for managing and developing different social welfare schemes and activities. These taxes can be divided into two broad categories- Direct Tax and Indirect Tax.
Individuals and corporations both pay the tax to the IT department directly. Individual taxpayers can also take advantage of several tax exemptions under the IT Act.
One can file IT returns when there is a mismatch between the tax amount paid and the actual payable amount. When the amount paid is higher than the actual payable amount, then you can file for a refund.
In a general scenario, we might think that one can gift a certain amount of his health to his relatives who do not have any source of income and assume that only the remaining income will be taxed. But in reality, not only the amount that one gives away as a gift is taxable, the amount the gift money makes if invested is also taxable.
Under the Income Tax Act of 1961, there is a slew of legal ways to save money on taxes. Tax-advantaged mutual funds, NPS, insurance premiums, and medical insurance are just a few examples.
Employees in the organised sector are required to contribute 12% of their salaries to the Employees Provident Fund under the EPF Act. This deduction contributes to the Section 80C limit of Rs 1.5 lakh.
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