Income Tax Regime Income Tax Regime, Here We are providing general information about the two income tax regimes in India, but please note that It’s always recommend to consult with a tax professional or financial advisor for advice tailored to your specific circumstances. The Old Tax Regime: This regime allows individuals to claim… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
Conveyance allowance tax limit Conveyance allowance is a financial benefit provided by employers to their employees to cover expenses related to travel between their home and workplace. This allowance helps employees manage transportation costs effectively. However, like many benefits, the tax implications surrounding conveyance allowance can be complex. In this article, we’ll explore the tax… Read More »
Individual retail sale tax-exempt India Individual retail sale tax-exempt India, Confirm if the goods or services being sold qualify for tax exemption. Certain items like essential medicines, agricultural products, and educational services are exempt from taxes. Obtain a valid tax exemption certificate: If the buyer qualifies for tax exemption, they should provide a valid… Read More »
Recurring Deposits tax deduction Recurring deposits (RDs) are a popular savings instrument offered by banks and financial institutions, allowing individuals to save a fixed amount regularly over a specified period. Many investors wonder whether the contributions made to recurring deposits are eligible for tax deductions under Section 80C of the Income Tax Act in India.… Read More »
