Guide to Deductions u/s 80C

Taxes are a major source of income for the government and is utilized towards the service of the citizens. While these taxes burn a hole in the pocket of the taxpayers, certain provisions are also at hand wherein one can save tax. One such provision is of Deduction. Deduction reduces your overall taxable income, which lowers…

Know Your Taxes

In the budget of 2015, the Indian Government had increased the Service Tax rate from 12.36% to 14%. Moreover, it introduced Swachh Bharat Cess (0.5%) to be levied from 15th November, 2015 and Krishi Kalyan Cess (0.5%) came into effect from 1st June, 2016. Thus, the effective rate of Service Tax has become 15%, increasing the burden…

How to calculate Income Tax from Salary

How is tax calculated on our salary? The calculation often eludes us, especially the freshers. Thus in this post, I intend to explain the tax liability calculation in a very simple manner. Read on. So let us understand certain terms, before going over to the calculation part: Gross Total Income (GTI): The total personal income…