Gift deed: Want to give your loved ones a special gift? A gift deed in India can make sure the transfer is smooth and secure, whether it’s a family heirloom or a valuable property. Here’s how you can make use of gift deeds to transfer your wealth: What’s a gift deed? A gift deed is…
The deep-rooted craze for government jobs among the Indian youth can be seen in their quest for job security, social prestige, and a stable future. Besides, attractive benefits like work-life balance, and opportunities for growth, pension and employment security make government jobs increasingly appealing. However, government jobs are not without their challenges, they continue to…
New versus old tax regime: At the beginning of each financial year, salaried individuals must select an income tax regime for TDS (tax deducted at source) on their salary. They need to tell their employers whether they prefer the old or new tax regime, as their employer will deduct taxes from their salary according to…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
Section 80DDB of the Income Tax Act provides individuals with a valuable tax deduction for expenses incurred in treating certain specified illnesses. This provision allows for a deduction on medical treatment expenses incurred for dependents suffering from specified diseases. Eligible dependents for coverage include spouses, children, parents, and siblings.Here are five essential things to know…
Public Provident Fund: The Public Provident Fund (PPF) is popular because of its attractive interest rates and tax benefits, especially for small savers. You can deposit as little as Rs 500 or up to Rs 1.5 lakh annually in a PPF account.PPF provides tax exemption under section 80C of the Income Tax Act, and its…
HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save on…
LTA exemption: Salaried individuals typically need to give proof of their expenses and investments to get tax deductions under the Income-tax Act. One common tax exemption available to salaried individuals is the Leave Travel Allowance or LTA. Leave Travel Allowance (LTA), often included in your salary, pays for your vacation travel expenses. It also covers…
Congress leaders have said the party is being targeted. New Delhi: The Congress’ claims of “tax terrorism” based on fresh notices from the Income Tax department have been strongly countered by sources in the government agency, who have pointed out that incriminating material had been seized and the assessment proceedings are taking place now because…
NEW DELHI: A day after Congress was served notices from the income-tax department, asking it to pay over Rs 1,800 crore, the grand old party said it got two more “last night”. Addressing a press conference on Saturday, senior Congress leader Jairam Ramesh told reporters, “Two more notices were sent to us last night.”On Friday…
