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 […]
The ITR-2 form is among the options provided to taxpayers for submitting their Income Tax Returns. To simplify the filing process, the income tax department has classified various forms based on different types of income. Specifically tailored for individuals and Hindu Undivided Families (HUFs) without any involvement in a profession or business, the ITR-2 Form […]
Introduction: The Income Tax Department has categorized taxpayers into several groups based on their sources of income, aiming to simplify tax compliance. As part of this categorization, the Department has introduced various Income-tax Return Forms (ITR 1, 2, 3, 4, 5, 6, and 7) that individuals must utilize to declare their income and fulfill tax […]
Introduction: Section 80G of the Income Tax Act, 1961, facilitates income tax deductions for contributions made to charities and funds, promoting societal welfare through financial support, Section 80G serves as a means through which the Government of India endeavors to inspire individuals to engage in Charitable activities by making charitable donations. According to this Section, […]
Introduction: Education loans serve as highly beneficial financial tools for managing expenses associated with higher studies or foreign education. Additionally, they can lead to substantial income tax savings. If you are repaying an education loan, you are eligible to claim tax deductions under Section 80E of the Income Tax Act. The subsequent sections provide a […]