Money has become as important as natural resources to survive in this world. Prices of almost everything are touching the sky and it is making survival of a common man extremely difficult. Food is the most basic commodity for survival and the prices of the same fluctuate the most. It directly affects the economy… Continue reading Dearness Allowance (DA) – Meaning, Types, Calculation etc
What is ESI? What is the meaning of ESIC? The Employees State Insurance Scheme is social insurance embodied to protect employees from the incidences like maternity, sickness, disablement, and death due to employment injury which results in loss of wages and to provide medical care to insured and their family. The Act also ensures reasonably… Continue reading Employees’ State Insurance (ESI) Scheme: Registration, Procedure, Benefits
Every assessee having taxable income, is under obligation of disclosing his income sources to the Income Tax Authority of India. This is done by filing an income tax return. One of the biggest factors which has to be considered in this regard is TDS or tax deducted at source. According to the Income Tax Act,… Continue reading The Difference Between Form 16 And 16A
What is the e-Filing vault? Is it related to e-filing your Income tax returns? Is the e-Filing system a secure system? These questions might bother you if you come across terms like e-Filing vault and e-Proceedings. Fret not, this blog will explain everything about e-Filing fault and you can check out our other blog for… Continue reading e-Filing Vault- Way to Secure Your Income Tax e-Filing Account
Every employee is entitled to receive a salary slip from his/her employer. This is a legal document which acts as proof of your employment. It’s an important document which has all important details about your salary like basic salary, medical allowance, conveyance allowance, deductions, and other information like your employee code, date of joining, and… Continue reading Understanding the Salary Slip – Pay Slip | Format, Download, Components
From 1st June 2013 through section 194IA of Income Tax Act a provision was rolled out by Mr. P Chidambaram to deduct 1% TDS on sale of the property to a resident Indian. The property here includes every immovable property like House Property Commercial Property Plot or unconstructed land And all such other properties except… Continue reading Sale of immovable property – 1% TDS u/s 194IA
The most awaited step after verifying your Income Tax Return is getting refund. But, many a time our wait is Prolonged!! Who likes to wait for getting some money? No one right!! So, today we would be understanding 11 such possible reasons for a delay in getting Income Tax Refund Online and the actions you must… Continue reading 11 Reason for Not receiving your Income Tax Refund
We hear a lot around us about Income Tax, Income Tax Return, Income Tax Department and so on. But have you ever given it a pause and thought form where this cycle starts?? Well, we’ll tell you, all this starts with the term Income!! Yes, if there is no income there won’t ever be any… Continue reading What is Income as per Income Tax Act?
What is Rent Free Accommodation (RFA)? RFA means house provided to you by your employer for residential purpose. Some employees get the facility of accommodation from their employer without any charge but in some cases it chargeable to some extent. Hence, in a simple way, RFA is a part of perquisites that are considered as… Continue reading What is Rent Free Accommodation (RFA) and its Taxability?
Before discussing the Direct Taxes & Indirect Taxes in India, let us first understand what is the meaning of tax. What is a Tax? A tax may be defined as a “pecuniary burden laid upon individuals or property owners to support the government, a payment exacted by legislative authority. In simple words, the tax is… Continue reading What are Direct Taxes & Indirect Taxes in India?