Introduction Income Tax Act, Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. This section offers tax deductions on donations made to certain funds or charities. An amount donated by an individual to an eligible charity can be claimed as a tax deduction while filing an income [...]
Introduction House Property Income of the assessee is addressed as Income from house property. Also, amount of money that is received by the landlord from tenant(s) for using the property is called rental income. Here, property refers to any building including house, office building, warehouse etc. And any land attached to the building like compound, garage, [...]
Introduction The amount paid by an employer to an employee for services rendered in the company is known as Gratuity. However, it is paid only to employees who complete 5 or more years with the company. It can be given as a token of appreciation by the employer to the employee for services offered by the [...]
Introduction Income Tax Act allows many income tax exemptions for salaried employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for salaried employees and then the employer would compute the tax on the balance income as per the [...]
Introduction CGT (Capital Gain Tax) is a tax imposed on capital gains or the profit on the sale of an asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property and there are various methods to save capital gains tax. The point of owning assets is to get monetary benefits through them, which could either [...]
Introduction Interest income from Fixed Deposits is fully taxable. It is added to your total income and taxed at slab rates according to your total income. It is shown under the head ‘Income from Other Sources’ in your Income Tax Return. The tax is payable after addition of your interest income to your total income and [...]
