In Union Budget presented in Feb’2020, a new tax regime has been proposed. The income tax slabs has been altered. Compared to 2019 the new… Read More »Income Tax Slabs: Tax Liability Comparison Between 2020 and 2019 [Calculator]
Why do we pay taxes? The tax paid by us becomes a receipt (income) for the government of India. They use the receipts to fund… Read More »Why Do We Pay Taxes? What Does Government Do With Tax Money? [India]
When a ‘capital asset‘ is sold for profit, income tax must be paid by the seller. We all know this, right? But the bigger question… Read More »How to Save Tax on Sale of Real Estate Property – Section 54?
Why I say that there is a catch behind Rs 5 lakh tax free income? Because everyone is not going to get the advantage of… Read More »Budget 2019: The Catch Behind Rs 5 Lakh Tax Free Income
Recently I read a document published by Income Tax Department on Presumptive Taxation. I found this document very useful. It deals with how freelancers, self-employed people… Read More »Presumptive Taxation for Freelancers Under Section 44ADA
Is there really any available alternative to savings account in India? India has really evolved over the past 2-3 decades in terms of utilising investment… Read More »Which is the Best Alternative to Savings Account?
It is necessary for people to file ITR even if tax liability is zero? The answer is No. A person whose taxable income is below… Read More »Why to File ITR even if Tax Liability is Zero?
What is the effective income tax paid on the salary that we earn? Whenever this question is posed on people their answer is, “as per… Read More »What is the effective income tax paid on salary?
Advance tax payment is not only applicable to the rich Bollywood stars and Businessmen. Even a salaried person may require to pay advance tax. How… Read More »Advance Tax Payment for Salaried People