Save tax on rent payment You may be operating outside your city and do not have company accommodation. Expenses on rent payment should be subtracted from your taxable income. House rent allowances comprise 25 % of the total income. However, the deduction will not be permitted if you own a residential house in that location. …
There are two types of tax duty one is a direct tax, and the other one is an indirect tax. Income tax is a direct tax that is directly attributable to the income of the taxpayer. Income which is produced from the various head of income viz. Salary, Capital Gain, House Property, Business, and Revenue …
Income Tax e filing: Last Date is Knocking The Door Read More »
Return filing is an essential part of managing income tax compliance in India. It is the process that kickstarts assessment procedures as assessees must file their IT returns on time in the designated format according to Section 139 of the Income Tax Act. Along with the income tax return filing, individuals will have to submit …