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...
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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...
on the income earned by an individual or business after certain deductions. Due to multiple income tax slab rates combined with many tax exemptions and deductions, calculation of income tax can be a challenging task. Not with the presence of an easy-to-use online income tax calculator, though...
Exemption under Section 10 (22B) on income earned by a news agency Any income which is earned by a news agency which has been set up in India for the purpose of collection and distribution of news would be exempted from tax. To claim exemption, however, the income of the agency should ...
If a I paid a half yearly premium of 15000/- for five years from 2010 to 2015 and U I received Rs.145000.00 in 2015. Insurance company has already deducted 2% TDS. My income comes under 30% tax slab. My Form 26AS shows credit of full 1,45,000. ...