May, 2024 - My Tax Support

Smart Tax Planning Tips for Salaried: A Complete Guidance

Individuals to Save More in 2024: Introduction: Tax planning is a crucial aspect of financial management for salaried individuals, offering opportunities to optimize savings, minimize tax liabilities, and achieve long-term financial goals. In this guide, we'll explore key tax

Salary: Tax Insights and Strategies for Employees: A Complete Guidance

1. Meaning of Income under the Head "Salaries": Income under the head "Salaries" refers to the money an individual earns from their employment. It encompasses various components such as basic salary, allowances, bonuses, commissions, and perks received from an

How to Maximize Your Leave Travel Allowance (LTA) Benefits: A Comprehensive Guide

What Is Leave Travel Allowance? Leave Travel Allowance (LTA) is a component of the salary provided by employers to employees to cover their travel expenses when they go on leave. It is a tax benefit offered under the Income

Unlocking the Secrets of Leave Encashment: Understanding Taxation, Exemptions, and Benefits

What is leave encashment? Leave encashment refers to the payment made by an employer to an employee for unused leaves. In India, leave encashment is governed by the Income Tax Act, 1961. According to the Act, leave encashment received

A Complete Guide to Gratuity: Calculation, Eligibility, Tax Implications, and More

What is Gratuity? In India, the gratuity is governed by the Payment of Gratuity Act, 1972, rather than the Income Tax Act. The Payment of Gratuity Act, 1972, mandates that gratuity is a lump sum payment made by an

A Comprehensive Overview of Section 80 Deductions

Savings: Deduction Under Section 80C Section 80C of the Income Tax Act in India allows for deductions up to a certain limit from an individual's gross total income for specified investments and expenses. As of my last update, the

Old vs New Tax Regime: Which Is Better for Salaried Employees?

The Budget 2023 stirred confusion among taxpayers about choosing between the old and new tax regimes. In a bid to promote the new regime, the government introduced several incentives, signaling a gradual shift towards the new system while maintaining

Income from Other Sources: A Complete Guidance

When it comes to income tax in India, various sources contribute to an individual's total income. Besides salary or business profits, income from other sources is an important component. Here's a detailed overview of what constitutes income from other

Understanding Section 271F and Its Implications

Introduction: In the realm of income tax compliance, timely filing of returns is crucial. Failure to adhere to these deadlines can lead to penalties, impacting your financial standing. One such provision, Section 271F of the Income Tax Act, carries

Penalties for Concealment of Income under section 271(1) (c)

Understanding Section 271(1)(c) of the Income Tax Act: Penalties for Concealment of Income and Furnishing Inaccurate Particulars Introduction: The Indian Income Tax Act of 1961 contains numerous provisions aimed at regulating taxation in India. Among these, Section 271(1)(c) holds

Month: May 2024