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Blogs, Income Tax for Starters (Basics), Income Tax Learning

Income and Tax almost go hand in hand. We know that Income earned over and above the basic exemption limit (Rs 2,50,000) is liable for income tax but are there any kind of incomes that are tax free? After all who doesn’t like earning some extra tax free money.In this first blog of 2-part series, we’ll tell you about some tax free income that you might not be aware of. This list is just for quick reference, for detailed knowledge on individual topics, please visit our Knowledge Center (blog.tax2win.in)So, withoutSEE DETAILS

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Being an Indian citizen but living in the foreign land, do I need to pay my taxes in India? Or being a foreign citizen and earning income in India, Am I liable to pay taxes in India? Non-understanding of correct residential status creates a buzz for persons residing outside India or the persons visiting foreign for most of the year. There remains an air of confusion as to whether taxes are to be paid in India and quantum of such taxes, provisions if income is earned in India or outsideSEE DETAILS

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You might be hearing income tax all around you these days. It shall be louder even more as the due date of filing income tax returns i.e. 31st July comes nearer. Everybody is so rushed up to pay his income tax or gather necessary documents to file tax return. Discussions whether to file income tax return or not, whether it is mandatory or not must be creating lot of confusions and buzz in your mind. Don’t worry; following reasons have been outlined to show why you should compulsorily file yourSEE DETAILS

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You’ve worked day and night last month on that big project for your boss and finally its payday. You walk in the office happy and proud. The accountant hands you your pay-slip and your mood sinks when the amount of TDS deduction catches your eye. Why? Why should the government be allowed to charge so much when they can’t even provide basic amenities to people? Why do you have to travel in crowded public transport, carefully make your way through open potholes and bad roads just to reach your placeSEE DETAILS

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The first step to understand the workings of Income Tax in India is to be aware of the taxation slabs released each financial year by the Indian Government. The taxation slabs for the financial year 2014-15 and 2015-16 for General tax payers and Women: –SlabIncome Slab (Rs.)Income Tax Rate00 to 2,50,000NILI2,50,001-5,00,00010%II5,00,001-10,00,00020%III10,00,001 and above30%If you fall in Slab I, tax will be deducted on the amount that exceeds Rs. 2,50,001/- . Similarly, tax for Slab II and Slab III will be calculated for the amount that exceeds Rs. 5,00,001/- and Rs.SEE DETAILS

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“Nothing in this world is said to be certain except death and taxes,” said the great Benjamin Franklin. For a common man, Income tax is perhaps one of the most difficult things to understand. They fear tax and thus fall prey to high tax liabilities and to avoid that, a good tax planning becomes a necessity for saving the taxes. Once the effective tax planning is brought on board, it not only help in saving money but will also enhance your quality of living.In addition to bearing heavy taxes, innocentSEE DETAILS

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It’s almost the time to bid farewell to the financial year 2015-16 and when employees are asked to submit the ‘Investment Proofs’ to the statement called ‘Income Tax Declaration’.At the beginning of the year or at the time of joining the company, every employee is required to submit ‘Income Tax Declaration’ to his employer. It’s a conditional statement that contains the proposed investment and expense details that employee is likely to make over the financial year including investments and expenses which are income tax deductible.At the year end, an employeeSEE DETAILS

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“I have just received Form-16 from my HR and she has asked all the employees to file their Income Tax Returns. But I really don’t know why should I file my Income Tax Return?” said Rahul, a young salaried graduate to his colleagues in office cafeteria.Like Rahul many of us have the same question ringing in our minds every time we are asked to file income tax returns. Let us find out the main reasons for filing Income Tax Returns:-For getting your money back – In case your employer hasSEE DETAILS

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Often at the time of filing income tax return, many of us face a common dilemma as to what is the criterion based upon which bifurcation of earnings in different heads is to be done. Whether salary received by a partner from partnership firm is taxed under “Income from salary” head or under “Profits and Gains from Business or Profession” or whether interest earned on saving bank accounts is chargeable to tax or not are some of the common issues faced by all of us. Our today’s article shall trySEE DETAILS

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“I never understand my payslip till date”, says Shreya kapoor, a native of rajasthan. Shreya, 25, software graduate moved to Pune two years back in the hope of turning her dreams into reality. She started working with a top notch company at a CTC of INR 8,00,000/-. On this CTC basis, she made lavish plans and started expending. But after sometime, when she got her salary, she was shocked. “Those numbers scared me”, she admitted.She says , for instance, i dont even understand my pay structure or CTC as it is called,SEE DETAILS

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