earned by them in the previous year. It is a composite tax on the total of income derived from multiple sources. To compute the tax, income is classified into different slabs and tax is charged as per the rate of the concerned slab. It is majorly classified into: ...
Under the Indian income tax laws, each taxpayer is charged a different rate according to the tax slab that they come under. On the other hand, companies and firms have a fixed taxation rate charged on the profit earned during a fiscal year. For this reason, the income earned by people is...
Gross taxable income =Gross salary – HRA – LTA – Standard deduction + Income from other sources Step 2: Calculate the total tax benefits If you have made any tax-saving investments or are eligible for any exemptions, you need to compute the total benefits. You can cut your taxable earnin...
An online income tax calculator is an automated tool designed to help taxpayers calculate their liability as per the tax regime laid out by theIncome Tax Department in India. This calculator has integrated basic information such as annual salary, tuition fees, rent paid, interest on a child’s...
Like any salaried income, freelance income is also taxable as per the applicable tax slab for freelancers. One of the top-tier benefits that freelancers get in their tax payments is the permit to deduct their freelancer expenses from freelancers’ income. Depending on the income of the freelancer...
1.Salary remitted to NRE acc from foreign source. 2. Interest earned from NRE saving acc. 3. Interest earned from NRE FDs. 4. Life insurance earnings. Thanks & Regards. on July 21, 2016 at 11:27 AM As per section 194DA of the Income Tax Act of 1961, life insurance companies shall...
Exemption under Section 10 (7) on perquisites and allowances paid by the Government to its employees outside India If an Indian citizen is working outside India for the Government, any perquisite or allowance paid by the Government to such employee would be exempted from tax. The salary of ...