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Along with the tax benefits of NPS, there are multiple reasons to subscribe to this government-backed savings scheme for your future. Ever since its introduction, retirement planning has become simplified for Indians. Now, instead of just relying on savings for old age, you can grow money to enjoy a comfortable retirement life. This way, you …
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The Government of India allows you to avail rebate of tax to encourage savings and investment, especially if you belong to the middle-income group. It refers to a refund that you can get if you have paid more income tax than that you owe. Understanding these rebates is crucial as they can help you reduce …
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Advance income tax, also known as ‘pay as you earn’, is when you pay your tax liabilities in the same year. However, you don’t pay in lump sum but rather in instalments. You can easily pay the tax online through the official website of the Income Tax Department. Additionally, there are certain terms and conditions …
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With a high increase in education costs over the years, affording the fees of reputed institutions can be a challenge. Thankfully, an education loan is a great solution to help address these costs. You can also claim tax benefits on an education loan and save more overall. These are available in the form of a …
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As per the Income Tax Act, your income gets categorised into different heads, no matter the amount you earn. But ‘how many heads of income are there?’ is the question here.The IT Act clearly outlines five heads of income, which classify earnings based on their sources. All citizens liable to pay tax must abide by …
The taxable income slabs divide the taxpayers into different categories and assign them different tax rates. These categories depend on the age of the taxpayers, as mentioned below: These slabs also vary depending on the regime you opt for. By knowing these slabs and the applicable rates, you can plan your finances and taxes accordingly. …
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Every taxpayer who falls under the tax bracket is required to pay income tax as per the law. Once you file your returns, the Income Tax Department reviews your details to verify if everything is accurate. This process is known as assessment in income tax. The assessment procedure of income tax helps the department ensure …
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Understanding the rules for gratuity tax exemption is crucial for employees who may receive it. Any person who works in an establishment with more than 10 workers for 5 continuous years is liable to receive this sum on termination of employment or as a post-retirement benefit. In case of an employee’s disability due to a …
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As a taxpayer, it is important to know the deadline for income tax filing to avoid penalties and interest that you need to pay on the fine. These dates can help you create and stick to a timeline and sort out your finances. Generally, the last date for filing your tax for the financial year …
Continue reading “Last Date for IT Return Filing for FY 2023–24: A step-by-step guide”
Understanding what is self-assessment tax is essential to comply with the country’s taxation rules and avoid any consequences of non-payment or delayed payment. The government collects income tax in 3 ways: Read on to learn more about the SAT, how to calculate it and how to make the payment. Meaning of Self-Assessment Tax This is …
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