Save Tax

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TDS Rate Chart FY 2022-23

Budget Updates 2023 Removal of the limit of Rs 10,000 for TDS on winnings from online gamingTDS rate for EPF withdrawal reduced from 30% to 20%TDS must be deducted on interest payment on listed debentures.Penalty and prosecution for default in...

tax saving options

Tax Saving Schemes

How to save tax or rather how to plan your investment is a question that bothers each one of us. While tax planning is crucial, tax saving schemes are also essential. You can save tax and earn returns with the...

save taxes on health insurance

How to Save Tax on Health Insurance?

If you are planning for your tax saving, then a good option would be to invest in Health Insurance. Not only does it reduces your taxable income but also, provides you protection against the rising medical expenses. How much deduction...

save tax on property sale

How to Save Tax on Sale of Property?

Special Exemptions on Capital Gains on Sale of Immovable Property: The Government of India provides some exemptions on long-term capital gains arising from the sale of immovable property like houses, apartments, etc. For instance, you purchased a flat in May...

old vs new tax regime

Old vs New Tax Regime – Which is Better in AY 2023-24

Income tax is levied on all individuals, HUFs, partnership firms, LLPs, and corporations as per Income Tax Act. If an individual's income exceeds the minimum threshold limit, they are subject to a slab system of taxation (i.e. basic exemption limit)....

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income tax

Income Tax for NRI – Taxation, Deductions, and Exemptions in India

How To Determine NRI Status for an Individual? The income tax for NRI depends on their residential status and accrual of income from India. By definition, an NRI is a person of Indian origin or a citizen who does not...

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Income on Profits from Business Or Profession

What is the Meaning of Income From Business and Profession? As per section 2(13) of the Income Tax Act, a business includes any trade, commerce or manufacture or any adventure or concern like trade, commerce or manufacture. The term profession...

income tax slabs

How to Save Tax for a Salary of 20 Lakhs?

Income Tax Slabs Under the Old Income Tax Regime and New Income Tax Regime Old Tax Regime Income Tax SlabTax RateUp to ₹ 2,50,000Nil₹2,50,001 - ₹5,00,0005%₹5,00,001 - ₹10,00,00020%Above ₹10,00,00030% New Tax Regime (FY 20-21, FY 21-22 & FY 22-23) Income...