Income Tax

Leave Encashment: Tax Computation of Amount Exempted

Leave Encashment: Tax Computation of Amount Exempted

While an employee is in service, he is allowed various types of leaves like Medical Leave, Gazetted Holidays, Casual Leaves etc. There are some types of leaves which can be carried forward to the next year whereas there are some leaves which cannot be carried forward to the next year. In case an employee does not avail all the leaves ...

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Tax on Pension Income: Computation of Amount Exempted

Tax on Pension Income: Computation of Amount Exempted

At the time of retirement of an employee, the employer pays the employee a certain amount regularly in consideration of his past service. This periodic payment is paid by the employer to his employee is referred to as Pension. After the introduction of the National Pension Scheme, not only can the employer pay pension after retirement but the Pension Scheme ...

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Leave Travel Allowance: Tax Exemption of LTA/LTC

Leave Travel Allowance: Tax Exemption of LTA/LTC

Many employers give Leave Travel Allowance (LTA) to their employees which can be claimed if an employee goes on a vacation. This Leave Travel Allowance (LTA) can be claimed when an employee goes on a vacation and submits the actual bills to the employer. This amount is also sometimes referred to as Leave Travel Concession (LTC). Different employers give different ...

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How to apply for a PAN Card No online?

How to apply for a PAN Card No online?

This Article provides details on the following What is a PAN Card No. Documents to be enclosed How to apply for a new PAN Card No. online?  Check PAN Card Status Submission of PAN Card Application Form Sample PAN Card PAN Card application Fees PAN Card Verification What is a PAN Card No? PAN Card No. stands for Permanent Account ...

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Section 80G: Income Tax Deductions for Donations

Section 80G: Income Tax Deductions for Donations

To promote the concept of charity towards the poor and the needy, the Indian government has been regularly encouraging people to donate and this donation can also be claimed as a deduction under Section 80G. There are several government organisations as well as NGO’s which work for the upliftment of the poor and you can make donations to these specified ...

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Tax Planning: How to Save Tax legally in 8 different ways

Tax Planning: How to Save Tax legally in 8 different ways

The Indian Income Tax Act allows for certain deductions which can be claimed to save tax at the time of filing of Income Tax Return by all classes of Taxpayers (i.e. Salaried Individuals, Professionals, businessman etc). These deductions which help in saving tax are only available if the taxpayer has done proper tax planning during the year. If an Individual ...

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Section 80E: Income Tax Deduction for Education Loan

Section 80E: Income Tax Deduction for Education Loan

As per the Income Tax Act, a taxpayer is allowed to claim deduction under Chapter VI-A for the Repayment of Education Loan (Section 80E) and for the Repayment of Home Loan. However, the deduction allowed for both these loans is different and in this article, we would mainly be focusing on the deduction allowed for Repayment of Education Loan. For ...

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Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different ...

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What is Professional Tax and Professional Tax Slab Rate in India?

What is Professional Tax and Professional Tax Slab Rate in India?

Professional Tax is a Tax which is levied by the State on the Income earned by way of profession, trade, calling or employment. This form of tax was first levied in India in the year 1949 and the power to levy Professional Tax has been given to the States by way of Clause (2) of Article 276 of the Constitution ...

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Budget 2013: Tax Impact of Budget on Common Man in India

Budget 2013: Tax Impact of Budget on Common Man in India

The Indian Finance Minister P. Chidambaram presented the India Budget 2013 on 28th February 2013 and the following are the major tax changes that would impact the Indian Common Man:- 1. TDS of 1% on Property With an aim to curb the Black Money that is being circulated in the Real Estate Market, the Finance Minister in his Budget 2013 ...

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