25th March, 2023 Introduction: TDS on salary is a critical aspect of the Indian taxation system that employees and employers need to understand. It is a tax deduction at source (TDS) mechanism that enables the government to collect taxes from salaried individuals as they earn their income throughout the year …
Introduction: As a responsible citizen, you must pay taxes. However, no one wants to pay more than they have to. It is fortunate that there is a variety of tax-saving options available that are designed to help you reduce your tax burden and keep more of your earnings. In this …
Sec 80GG – Deduction in respect of rent paid This section has been introduced to provide relief to those individuals who do not receive any HRA but are paying rent for the stay. Thus, an individual (i.e. Deduction not available to any other taxpayer) can claim a deduction for rent …
Sec 80EEB – Deduction in respect of purchase of electric vehicle. To promote the use of Electric vehicles in India, the government come up with new section to give tax relief to EV buyers. Eligible Assessee An Individual who has taken a loan for purchase of E-Vehicle from any Financial …
Section 44ADA – Presumptive Tax Scheme for Professionals -A scheme for presumptive taxation was introduced under section 44ADA from the FY 2016-17. -Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section …
As a freelancer, it is crucial to have a good understanding of your tax obligations and make sure that you file your taxes correctly every year. However, this can be a complex and challenging process, especially if you are new to self-employment. In this comprehensive guide, we will provide you …
Income Tax Department is sending messages to taxpayers regarding payment of advance tax keeping in view transactions incurred during the financial year 2022-23 i.e assessment year 2023-24. The last date to make payment of advance tax is 15/03/2023. Ultimately, this helps to maintain the financial health of the nation and …
TDS (Tax Deducted at Source) : TDS is deducted on a periodic basis. TDS is the Tax Deducted by a Payer, from the Income earnings of the recipient, at the time of payment and is then remitted to the government by the payer on behalf of such payee. TDS amount paid is …
Overview of the US tax system: The United States tax system is a federal system that collects revenue from individuals and businesses to fund government programs and services. The main agency responsible for administering the tax system is the Internal Revenue Service (IRS). Individuals who earn income in the US are …
