If toll tax is added to car hire bill on which amount TDS will be deducted Yes, you are correct. TDS is not applicable on toll tax as it is not considered as income. Therefore, when toll tax is included in a car hire bill, TDS will not be deducted on it. TDS is only… Read More »
User Intent Taxpayers in India often struggle to decide between the Old Tax Regime and the New Tax Regime. With frequent changes in tax policies, selecting the most beneficial regime requires careful evaluation. This article provides a detailed, step-by-step comparison to help individuals and businesses make an informed decision for FY 2023-24. Introduction… Read More »
HRA Tax Exemption Calculation HRA tax exemption calculation: HRA, short for House Rent Allowance, is a salary component provided by employers to assist employees in covering their rental expenses. The exemption for House Rent Allowance (HRA) is determined by considering The following three factors: Actual HRA received from the employer. Rent paid by the employee… Read More »
Conveyance allowance tax limit Introduction In most organizations, employees receive various allowances in addition to their basic salary. One such common allowance is the Conveyance Allowance, which is provided to employees to cover commuting expenses between home and workplace. However, a key aspect to consider is the tax exemption on conveyance allowance. Understanding the conveyance… Read More »
Indirect Tax Indirect tax is a type of tax that is imposed on goods and services rather than on individuals or companies directly. The taxes often embed in the price of goods and services and typically collect by the supplier or seller of the goods or services on behalf of the government. Examples of the… Read More »
Tax Inclusive vs Tax Exclusive Both Tax inclusive and tax exclusive are two different methods of presenting the price of a product or service that includes or excludes taxes. Tax exclusive vs Tax inclusive can explain in details as follow: For more information to visit https://www.mca.gov.in Tax inclusives refers to the price of a product… Read More »
