Category: Income Tax
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How Latest Income Tax Rules May Impact Taxpayers
The draft legislation concerning the new Direct Tax Code (DTC) has been submitted to the finance minister, Nirmala Sitaraman this past Monday. The task force behind this new DTC draft headed by Principal Chief Commissioner of Income Tax Akhilesh Ranjan was formed back in November 2017. This panel has been assigned the responsibility of reviewing […]
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Why filing your Income Tax Return before 31st July is Important?
The July 31st deadline for income tax returns in knocking the door and let the cloud of doubt surrounding it cleared. Income tax is what you pay the government when you earn income above a threshold level. It is what you shell out for all the services you avail from the government. Whereas Income tax […]
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Income Tax Basics
Income tax is what a citizen owes to the government when he or she earns an income more than INR 2.5 lakhs per annum and is below the age of 60 years. For citizens in the age bracket of 60 to 80 years the taxable income base starts from INR 3 lakhs per annum and […]
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Top 10 Tax Free Income in India that every Indian should know
The relation between income and taxation is directly proportional, the more you earn, the greater will be your income tax liability. However, this statement is not entirely true as there are certain incomes for which your tax liability is nil. These earnings are not included in your assessable income for that financial year and thus, stay […]