The determination of tax liability of the assessee relies on the slabs and rates for different heads. As per law, the taxpayers need to file anIncome Tax Return, depending on their income and the sources from which the income arises. After filing the ITR, the individual will get to know ...
Tax liability might be different from the TDS deducted (Ex TDS on FD is 10% but Tax is as per income slab). You need to Pay Additional tax before filing ITR (Advance Tax or Self Assessment Tax) Mostly All those persons/institutions who are required to deduct tax at source have to obta...
The Income tax slab and rates applicable for the Financial Year (FY) 2013-14 and Assessment Year (AY) 2014-15 are mentioned below: 1. For Individual’s and HUF (Hindu Undivided Family) Income (in Rupees)Tax Percentage 0 to 2,00,000No tax ...
A significant aspect of payroll is calculating and withholding taxes from employee wages. This includes income tax and sometimes unemployment taxes. The appropriate tax rates and deductions depend on various factors like employee location, earnings level, and filing status. Payroll Processing in India H...
Interest earned from investments is generally taxable, and Savings Accounts are no exception. The interest is added to your "Income from Other Sources" and taxed based on your income slab. However, under Section 80TTA of the Income Tax Act, 1961, you can claim a tax exemption of up...
Perquisites - Perquisites or perks are benefits given to employees at discounted rates or free of charge. They form part of the gross salary. What is Net Salary? After clarifying the gross salary, let us now understand the other term ‘Net Salary’. Net salary is the part of your salary ...
The rate of interest offered depends upon your principal amount and chosen tenure. Typically, the FD interest rates are higher for long-term FDs and lower for short-term FDs. Flexible Tenure and Renewal FDs can be held for terms ranging from one week to 10 years. You can choose your prefe...
For intrastate sales (within the state), CGST and SGST (State GST) are typically half of the total GST rate each (assuming equal rates). So, CGST would be ₹900 (9% of ₹10,000), which is half of ₹1800. Calculation of CGST: GST = Value of Goods x GST rate / 100 = ...
The hotelier who is responsible for collecting the tax from the clients may do so at a rate allowed by the law in effect at the time. When a company owns, manages, or operates a business, the company and each of its partners are jointly and severally accountable for paying taxes. Each ...
They are treated similarly to debt funds for taxation purposes. Short-term Capital Gains (STCG): If units of debt-oriented hybrid funds are held for less than three years, gains are added to the investor’s taxable income and taxed according to their applicable income tax slab rates. Long-...