Many of the allowances, reimbursements paid to us as a part of salary are tax-exempt up to a certain limit but the tax exemption is subject to certain conditions. This limit determines how much of these allowances/reimbursements are taxable or otherwise in our hands.
The taxpayers in India are witnessing a huge shuffling in the taxation strategies. People are on alert and attentive to any announcement made by the Income Tax Department and Finance Ministry. In this context, a new rule is implemented by the government for tenants who are paying rent of Rs. 50000 or more per month.Read More
The Income tax Department has recorded an incredible increase in its tax collection until 15th June 2017. Figures of collection across the country are exceptional because the net deposit of the income tax is increased up to Rs. 1,01,024 crore which is a healthy growth of 26.2% from the last year recorded at Rs. 80,075 on 15th June 2016.Read More
Direct and indirect taxes are two distinguished tax structures prevailing in India. The Direct taxes include Wealth Tax and Income Tax while indirect taxes comprise of Excise Duties, Sales Tax, and Service Tax. However, wealth tax has been eliminated in the budget announced for the year 2015. Presently, only income tax is levied in the form of direct tax. Income tax has been a vital source to generate revenues for the Central Government of India.Read More
Everyone has some dreams and a financial goal in life. We are ready to walk an extra mile to fulfill these desires for a comfortable retirement, children education, or a bigger home. You may work harder and save more to live your dream. However, you saved money should also scale with your growth. Instead of parking it in a bank, invest your money with an adequate planning, so that your gains will forever stay with you.Read More
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