The certificates of taxes that are deducted at source on all the sources of income that you have are the Form 16, Form 16A and Form 16B. However, there is a huge difference among all of them in terms of their feature and the purpose they serve. In this article, we will try to list down all the differences that these forms have. Each individual … Continue reading Know What is Form 16A and Process How to Get it Online?
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
Did you know that there is nothing permanent in this world other than taxes and death? There even is an old saying about the same. However, a few months back BJP MP Subramanian Swamy pitched for abolition of Income Tax to ease the burden on the middle class and promote higher economic growth in the country. As a result you won’t need to pay any … Continue reading Here’s Why the Income Tax System in India Should not be Abolished
Form 16 is a very important document which is usually given by the employer for filing income tax returns. In India, those who cross the income tax limit of Rs.2 lakh per annum have to file tax returns mandatorily. Form 16 essentially has two parts. Form 16A provides tax deducted by the employer from the source along with names and addresses of employer and employee, … Continue reading Form 16 Guide: What is Form 16 and How to Use it to File Tax
There are many ways to save income from tax. But the best one will depend upon your income and personal criteria. Given below some ways on how to save income tax. 1. Section 80C You can save income from tax if you invest in certain schemes. Utilize section 80C for a maximum deduction of up to Rs.1,00,000. invest in any of the options as follows: … Continue reading Best Ways to Save Income from Tax