Before heading to the deductions for a salaried employee, let's get a clear view of the term salary first. According to the Section 17(1) salary includes the following amounts by an employee from his employer Basic Salary House Rent Allowance PF Contribution Perquisites in addition to salary Incentives Bonus, statutory or gratuitous Profit in lieu [...]
The government announced a much-awaited economic package for MSMEs which has given a sigh of relief amid the economic slowdown due to Covid-19 crisis on 13th May, 2020. The relief package is expected to infuse fresh life into the country’s micro, small and medium enterprises (MSMEs), which account for almost 30 percent of the national [...]
In this post let's demystify some of the basic concepts & benefits of Income Tax Filing. Individuals, mostly salaried, are not worried about their tax returns since they believe their TDS has been deducted by their employer and the obligation of tax payment has been completed. But that’s not entirely true. In this article, we [...]
The government announced a much-awaited economic package for MSMEs which has given a sigh of relief amid the economic slowdown due to Covid-19 crisis on 13th May, 2020. The relief package is expected to infuse fresh life into the country’s micro, small and medium enterprises (MSMEs), which account for almost 30 percent of the national [...]
How to avoid last-minute tax planning? Chill, we have got your back! We all have gone through the process of employer deducting tax, investing to save tax and then filing tax returns by oneself or with the help of our CA. Tax planning is an important financial objective for every taxable person and organisation. It [...]
There's no denying of the fact that investments are a vital part of financial growth, and for salaried persons, they should make it a ritual to save monthly incomes at an early stage to get compounding benefits. Since salaried individuals have a fixed monthly income, they have to allocate investments along with their expenses. [...]
The Year 2020 As we all are battling the ongoing Covid-19 pandemic crisis, it has not just put in danger millions of lives but it has also given a huge blow to the world economy, especially emerging markets and populous countries like India. As a matter of fact, IMF has already declared it the [...]
We all must have heard about Provident Fund under EPFO scheme under which 12% is deducted from our salary as employee deduction towards contribution to Provident Fund. Also there is further employer contribution of 12%. EPF is a retirement saving option, specially designed for salaried professionals and it is for a long term period. The [...]
