Tag: Income exempt from Tax

There are various Incomes which are exempted from the levy of income tax in the hands of the person who is receiving the amount. As these incomes are exempted from...

The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that...

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...

A common man is most of the times confused between the terms – Income Tax Rebate, Income Tax Deduction and Income Tax Exemption and ends up using them interchangeably. Although,...

House Rent Allowance (HRA) is given by the employer to the employee to meet the expenses in connection with rent of the accommodation which the employee might have to take...

In India there are 2 types of bonds through which the tax liability of a person can be reduced:- Tax Free Bonds Capital Gain Bonds Tax Free Bonds are the...

Tax is payable on all incomes earned in India by an Indian resident. However, there are some exceptions to this rule and some incomes have been specifically exempted from tax....

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...

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...