Budget 2024: Salary components, allowances that can reduce taxpayers’ outgoing tax

Budget 2024: Salary components, allowances that can reduce taxpayers’ outgoing tax

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

Income tax return: How tax exemptions are different from tax deductions. Explained

Income tax return: How tax exemptions are different from tax deductions. Explained

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