How many pay taxes in India?
A break-down of the trends in tax return filings, and personal income tax collections across 10 years to see how taxpayer participation is changing.
LTA
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My landlord is refusing to give his PAN card number. Can I still claim HRA?
If you’re paying an annual rent of more than 1 lakh rupees, then compulsorily you will have to submit your landlord PAN to your employer so that your employer deduct…
I just joined Infosys recently and I am a complete fresher in income tax. What does assessment year and financial year mean?
In India, there are three types of years. There are normal birthdays that you celebrate. That is the year that you consider aging is called the calendar year. It starts…
I am a software engineer with a CTC of 12 lakh rupees. Should I choose the old tax regime or the new tax regime?
If your total deduction is below Rupees 1.5 lakh, the new tax regime is always better. If deductions exceed Rupees 3.75 lakh, the old regime is definitely more beneficial. For…
I worked for three employers, none deducted tax, and my total income exceeds the exemption limit. Do I need to pay taxes?
Yes, you have to file ITR as our income tax works on the basis of an honest system. Since your income was below the basic exemption limit of 3 lakh…
How to Fix Mismatch Between ITR and AIS?
A mismatch between your ITR and AIS can trigger tax scrutiny! Here's why it happens and how to fix it so you don’t face penalties.
Hi, I have left my job and flown abroad to pursue higher education. What will happen to my PF account? Will it be earring interest or should I just withdraw it?
Hi, I have left my job and flown abroad to pursue higher education. What will happen to my PF account? Will it be earring interest or should I just withdraw…
Can I claim HRA tax exemption and deduction on home loan interest as well at the same time?
Yes, Reshma, you can claim both HRA and home loan interest deductions under specific conditions: If you have a house loan and live in a rented home in a different…
Can you explain the major changes in capital gains taxation from the Budget 2024? I’m trying to figure out how these updates will impact my investments.
The Budget 2024 introduces several significant changes to capital gains taxation that will impact your investments. Short-term capital gains are now taxed at 20%. Long-term capital gains on both financial…