Section 87A of the Income Tax Act, stands as one such provision designed to assist taxpayers in reducing their income tax liability. .
Conveyance allowance, also referred to as transport allowance, is a benefit provided by companies to cover the commuting expenses of their employees
leave travel allowance is a tax-free benefit provided by employers to their employees as part of their salary package. this allowance covers expenses.
Introduction: Public Provident Fund or is a widely used long-term, tax-efficient, government-backed savings scheme with many benefits. Public Provident Fund To encourage savings and provide financial security to individuals was the main objective behind the creation of this system. This system is ideal for investors who are risk-averse but want to see long-term financial growth. […]
Introduction: A salary slip, issued monthly by employers to employees, is a vital document providing a comprehensive breakdown of their salary and deductions. A salary slip This legally binding document, delivered either electronically or in hard copy, serves as indisputable proof of the wages paid and deductions made by the company. Learn about an effective […]
Exemptions provided under the Section 10 Income Tax serve as a privilege for taxpayers by significantly reducing their tax burden. These exemptions, available in the form of flat deductions, full exemptions of received amounts, and percentages, are crucial components of tax relief within the Income Tax Act. Hence, the income tax exemptions under Section 10 […]
Introduction: The ITR-4 Form serves taxpayers who choose the presumptive taxation scheme under Sections 44ADA, 44AD, and 44AE of the Income Tax Act. This comprehensive form comprises three main sections, Part A, Part B, and Part C, supplemented by several schedules. This section provides a comprehensive overview of the ITR-4 (Sugam) form’s structure and offers […]
Section 80 of the Income Tax Act provides for various savings and investment options to reduce taxable income. It covers sections 80C to 80U and includes a wide range of options including home loans, health insurance, investment plans and pension funds. In this way, individuals can protect their finances through long-term investments and insurance.. With […]
Introduction: Form ITR-3 is tailored for resident individuals and Hindu Undivided Families (HUFs) receiving income through business or profession. If the income is derived from activities like accounting, architecture, medicine, engineering, etc., Form ITR-3 is the right choice for filing Income Tax returns. Form ITR-3 simplifies tax liability complexity for individuals and HUFs with business […]
Form 16 is a crucial document provided by employers to their employees in India. It is a certificate that serves as a proof of the TDS (Tax Deducted at Source) deducted from an individual’s salary income and deposited with the Income Tax Department. The key components of Form 16 provide a detailed insight into the […]