Paying property tax is essential for Bangalore residents to ensure their properties remain compliant with the local authorities. The BBMP property tax system enables property owners to contribute to the city’s development and maintenance by paying taxes based on property size, location, and usage. In this article, we’ll walk you through everything you need about […]
5-Year RD Tax Exemption in Income Tax: Features and TDS
Have you ever wondered why the interest earned on a 5-year recurring deposit (RD) isn’t eligible for tax exemption under Section 80C? When people look at different ways to invest their money, many consider RDs for their benefit. It’s important to understand how taxes work with these deposits, especially regarding the interest earned and the […]
Income From Other Sources: Calculation, Taxability, Exemptions, and Deductions
How can one accurately determine their tax liabilities related to such a varied income stream? When figuring out your total income, you need to include all of these earnings. You can also subtract certain costs you had while earning this income. According to tax laws, you can deduct expenses like interest on loans used for […]
Tax on Rental Income in India
How can taxpayers ensure they comply with current regulations while optimizing their tax liabilities? The Income Tax Act sets the rules for tax on rental income, mainly classifying it as Income from House Property. Many people are concerned about figuring out how much of their rental income is taxable and what deductions they can claim. […]
Personal Tax Planning: Meaning, Types, and Benefits
Frequently, tax planning presents more questions than answers. As tax laws change, personal tax planning becomes important for people who want to minimize their tax liabilities while adhering to legal regulations. What does it mean to plan your taxes effectively? Why is it important? What strategies should individuals consider to maximize their financial well-being? Fundamentally, […]
Tax-Saving Options for Salaried Individuals
Are you making the most of your salary by leveraging tax-saving techniques? Many people with salaried jobs miss out on great ways to lower their taxes. When you contribute to certain accounts like EPFs, PPFs, NPS, Section 80C investment accounts, etc., you use money before taxes, which means you pay less in taxes. It’s also […]
Differences between Tax Evasion and Tax Avoidance in Income Tax
Why is it important to know the difference between tax evasion and tax avoidance, and how can it affect people and businesses? Tax avoidance in income tax is a legal way to reduce how much tax you owe. It involves using tax deductions, credits, and exemptions that the government provides. The government encourages these practices […]
Mandatory Corporate Dividend Tax Rates and Taxation
Are you confused about the recent changes in how corporate dividend tax are taxed in India? One substantial change is that the Dividend Distribution Tax (DDT) was removed starting April 1, 2020. Before this change, companies had to pay a 15% tax on declared dividends. This meant shareholders received less money because the company deducted […]
General Provident Fund (GPF): Features, Benefits, and Withdrawal
Do you want to know how to secure your financial future after retirement effectively? Many government employees face the challenge of planning for a stable income once they leave service. A solid way to save and grow your money while receiving numerous benefits is through the General Provident Fund (GPF). So, what is GPF? It […]
Section 206AA—Applicability and Rate of TDS
Have you ever wondered why some taxpayers face difficulties with Tax Deducted at Source (TDS) rates? Section 206AA of the Income Tax Act needs to be clarified for those who deduct taxes and those who pay them. This section affects the TDS rates, which some people might need a clarification of. Due to Section 206AA, […]