Leave Travel Allowance: Employees opting for the old tax regime should be aware of the various exemptions and deductions that they can claim to reduce their tax. Leave Travel Allowance (LTA) is one such benefit. If it’s included in their salary or cost-to-company (CTC), employees can claim it.According to ET, there are certain restrictions and…
Employees’ Provident Fund Tax Benefits: It’s that time of the year when you have to choose between the old and the new income tax regime so that your employer will start cutting TDS from the April salary. When understanding the tax exemptions available under the old tax regime and deciding on tax saving investments, don’t…
New versus old income tax regime – understanding TDS on salary: The new financial year, 2024-25 has begun starting from April 1. However, the income tax laws from the previous year, FY 2023-24, remain in effect for FY 2024-25 because the government has not made any changes. Potential changes may be announced in the upcoming…
Public Provident Fund: The Public Provident Fund (PPF) is popular because of its attractive interest rates and tax benefits, especially for small savers. You can deposit as little as Rs 500 or up to Rs 1.5 lakh annually in a PPF account.PPF provides tax exemption under section 80C of the Income Tax Act, and its…
HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees’ salary packages. Unlike basic salary, HRA isn’t entirely taxable, subject to specific conditions outlined in Section 10(13A) of the Income-tax Act, 1961.The exemption on HRA reduces the taxable portion of an employee’s income, thus offering a means to save on…
NEW DELHI: Bengal chief minister Mamata Banerjee on Thursday launched a scathing attack on the Bharatiya Janata Party (BJP) while addressing a public rally in Cooch Behar ahead of the Lok Sabha elections.In a no-holds-barred attack on the BJP, the Trinamool Congress (TMC) supremo alleged that the central probe agencies, BSF, and CISF are working…
NEW DELHI: Union home minister Amit Shah on Monday slammed Rahul Gandhi‘s ‘murder of democracy,’ stating that the Congress MP had no ‘right to talk’ due to his grandmother, Indira Gandhi putting ‘lakhs of people in jail during emergency.’‘Rahul Gandhi has no right to talk about democracy; his grandmother put lakhs of people in jail…
