Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
Income Tax: Salaried employees can benefit from many financial benefits offered to them in the form of allowances to reduce their tax burden. Allowances are offered on a monthly basis and must be claimed when filing an income tax return (ITR). The Centre offers many such allowances, which are part of the salary structure. These … Read more
ITR: Filing tax returns is an annual affair. One should know every detail about the components in Form 16 and how one can get the maximum deductions and exemptions before filing the returns. Tax deductions refer to expenses that you can subtract from your total income, thus lowering the amount of income that is subject … Read more