In India, the Income-tax Act entails the rules and regulations to follow, for computation of tax. The Act establishes different tax slabs for calculating the taxes for a person based on different categories. Every year the slab rates are finalized in the Union Budget. Depending upon the income earned by a person the slab rates vary, and so does the tax. Tax Slabs The tax … Continue reading Here are Steps for Calculating Income Tax
Forms introduced under the Income-tax Act, 1961 such as the 16, 16A & 16B relate to TDS as per specific situations. The employer should understand what is Form 16 before issuing it to an employee, which specifies the total amount of tax deducted from an employees’ salary. Civic duty includes paying tax regularly on or before the deadline. The salary for government employees’, expenses related … Continue reading Here is What Is Income Tax Form 16 And Why Is It Important?