Income Tax is a kind of tax that is levied by government on the income generated from different sources. It is a direct tax, that is paid directly by the taxpayer to the Government of India. Income Tax is one of the major sources of income for the Government, which is thereafter used to fund… Continue reading Why is Income Tax necessary?
Any salaried individuals who reside in rented accommodation and pays rent to the landlord can claim the House Rent Allowance in respect of rental payments under section 10(13A) of the Income-tax Act, 1961. In case you don’t live in rented accommodation, this allowance will be fully taxable. Basically, the amount of HRA exemption is deductible… Continue reading Here’s How to claim HRA exemption at the time of Filing ITR
Did you ever think, that paying rent can lead to some tax exemptions, if not then you must know about HRA Exemption. Here are a couple of things that you need to know about HRA Exemption in India. How is HRA Exemption calculated? The deduction available is the least of the following amounts: – Actual… Continue reading Basic HRA Exemption Rules
“There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.” This quote, perhaps, best summarizes what many taxpayers think about doing their income tax returns. For why else would so many individual ITR filers use immature tactics such… Continue reading Common Misdemeanors that Income Tax Filers Commit