HRA Calculation: Formula, Example and Tax Exemption Rules Introduction An eligible salaried employee must apply the prescribed HRA calculation formula to determine the amount that can be claimed as exempt. The balance, if any, is included in the taxable salary. […]
Section 194C of the Income Tax Act: TDS on Contractor Payments Introduction Section 194C of the Income Tax Act governed tax deducted at source, or TDS, on payments made to resident contractors for carrying out contractual work. It also covered […]
A complete guide on PF Return Annual Filing Introduction The Provident Fund, which has been registered with the Securities and Exchange Commission (SEC), is a separate legal entity that is totally cut off from both the employer and the investment […]
Types of correction in TDS return Introduction The TDS idea was introduced with the intention of collecting tax at the source of revenue itself. Tax filing is a time-consuming process that is subject to unavoidable mistakes. The TDS returns and […]
Difference between Professional Tax and Income Tax: A complete guide Income tax is not the same as professional tax. While a professional tax is governed by the state government, the income tax is controlled by the federal government (Central Government). […]
7 primary differences between EPF and PPF (Public Provident Fund) Introduction Employees’ Provident Fund (EPF) is a retirement benefit programme designed only for those who receive a salary. The company and employee will both make contributions to this plan. The […]
Difference Between Section 80TTA and Section 80TTB Introduction The difference between Section 80TTA and Section 80TTB mainly relates to the eligible taxpayer, type of interest covered, and maximum deduction permitted. Interest earned from bank accounts and post office deposits is […]
Section 80TTA of Income Tax Act,1961: Deduction Rules & Eligibility Introduction The 80TTA of the Income Tax Act provides a deduction on interest earned from eligible savings accounts. Under the 80TTA of the Income Tax Act, eligible individuals and Hindu […]
Tax Incentives for Startups in India Under Section 80-IAC Overview The Government introduced Section 80-IAC to provide Tax Incentives for Startups and support innovation, employment generation and business growth in India. Under this provision, an eligible startup can claim a […]
