The Indian income tax rate remains mostly unchanged for the financial year 2023-24 (assessment year 2024-25). The income threshold for each bracket under alternate tax regime is adjusted slightly this year.A salaried individual is taxed on his/her taxable income as per the income tax slab rates applicable.Taxable income is the amount on which how much tax you owe to the … [Read more...] about How Wages and Salaries Are Taxed in India: All you need to know
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Last date for a salaried individual to file income tax return in India
You file an income tax return to report your total annual income, tax deductions, exemptions, and tax liabilities along with other details to the tax authorities. By filing your annual income tax return with the authorities you fulfill your legal obligations to report your income and pay taxes as per law.Also Read: When salaried employees are not required to file their … [Read more...] about Last date for a salaried individual to file income tax return in India
When should a salaried employee file an income tax return in India?
Salaried employees are those who receive a fixed amount of compensation from their employer regardless of the working hours.An individual below 60 years of age is required to file his income tax return if gross total income for the financial year 2023-24 (assessment year 2024-25) exceeds 2.5 lakh.The last date to file income tax return for the financial year 2023-24 … [Read more...] about When should a salaried employee file an income tax return in India?
Value of perquisite where accommodation is provided in a hotel
In our last article, we discussed how to calculate the taxable value of perquisite where accommodation is provided by the employer. In this article, we will be discussing how to calculate the value of perquisite where accommodation is provided in a hotel by the employer.For this purpose hotel includes licensed accommodation in the nature of motel, service apartment or guest … [Read more...] about Value of perquisite where accommodation is provided in a hotel
Essential Documents You Need to File Your Income Tax Return
Filing your income tax return (ITR) can seem complicated, but it’s easier when you gather the right documents ahead of time. Whether you are filing your taxes yourself or working with a tax professional, having these documents organized will ensure that you file accurately and on time.This guide will walk you through the essential documents needed to file your income tax … [Read more...] about Essential Documents You Need to File Your Income Tax Return