Are you in one of the higher income tax brackets, such as the 30 percent top rate? – If you responded yes, your Income Tax liability will be subject to an extra surcharge. To put it another way, an income tax surcharge is an additional tax imposed on people who earn more than a specific amount.
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To provide the complete details of income for the relevant financial year, all assessee must file income tax returns with the Income Tax Department. Once the assessee has filed such a return, the next step is for the Income Tax Department to examine it and determine whether it is correct. Assessment is the process of […]
Section 16 of the Income Tax Act of 1961 allows for a deduction from taxable income under the heading of “salaries.” It allows for basic deductions, entertainment allowances, and professional tax deductions. A salaried taxpayer can use this deduction to reduce the amount of taxable salary income that is subject […]
It is firmly prompted that you document your annual assessment forms quickly. This is on the grounds that the sooner you document your profits, the sooner you will accept your discount, in case there is one. Over the long haul, the annual expense office will be immersed with extra re-visitations of the handle. This […]
India has always been a country with an income tax system that is progressive in nature. India follows the principle of “last-in, first-out” (LIFO) to calculate the taxable income. India also allows for certain deductions and exemptions under Section 89(1). One such exemption is salaried arrears which are considered as past dues paid during […]
Did you know that doing good deeds and being kind can help you save money on taxes? The Indian Income Tax Act, Section 80G, makes provision for this. To calculate your taxable income, you can deduct your donations to Central and State Relief Funds, NGOs, and other Charitable Trusts or institutions under Section 80G. In this […]
