# salary
9 posts in `salary` tag
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Save Taxes Effectively: How to Pay Zero Tax on 12 Lakh Income
This blog provides a step-by-step strategy for persons earning 12 lakh annually to legally pay zero income tax. It investigates significant deductions and exemptions under several parts of the Income Tax Act, such as parts 80C, 80D, HRA, and NPS, and provides practical examples to aid comprehension.
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By Krishna
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Understanding Form 12BAA: Essential Tips for Salaried Individuals
Form 12BAA was created by the Income Tax Department to simplify salary tax deductions. In order to ensure correct TDS deductions and improved tax planning, this handbook assists salaried staff in understanding its goal, essential components, and use.
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By Krishna
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Why Section 89 Grants Tax Relief on Salaries but Excludes Interest
Salary taxpayers who receive advance payments or arrears in one lump amount are eligible for relief under Section 89 of the Income Tax Act, which lessens the tax burden associated with switching to a higher tax band. However, interest income and other financial gains are not covered by this relief. This blog helps taxpayers with efficient compliance and tax planning by outlining the goals, restrictions, and application of Section 89.
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By Krishna
TDS on Salary: An Extensive Guide on Income Tax Act Section 192
This article provides a comprehensive guide to TDS on salary and Section 192 of the Income Tax Act. It explains how TDS is calculated, deducted, and deposited with the government, and highlights the responsibilities of employers and employees. The article also covers tax exemption and deduction limits, making it a valuable resource for anyone looking to understand TDS on salary.
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By Krishna
Unlocking Section 10(13A) Benefits: An All-Inclusive Guide to House Rent Allowance (HRA)
This blog post provides a detailed guide to Section 10(13A) of the Income Tax Act, which allows salaried individuals to claim exemption on House Rent Allowance (HRA) received from their employers. The post covers the eligibility criteria, calculation, and documents required to avail this tax benefit, making it a valuable resource for individuals looking to optimize their tax planning.
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By Krishna
Section 192(b) of the Income Tax Act addresses the taxability of salary arrears.
This blog post provides an in-depth understanding of Section 192(b) of the Income Tax Act, which deals with the taxability of arrears of salary. It explains how to calculate TDS on salary, exemptions, and deductions, and also discusses the implications of the new tax regime.
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By Krishna
A Comprehensive Guide to TDS Refund Claim and Eligibility Check
This guide provides a comprehensive overview of TDS refund claims and eligibility checks. Learn how to file a TDS refund claim and understand the importance of TDS in income tax returns. Get detailed information on the components of Form 16 and Form 16A and how they are used in TDS refund claims.
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By Krishna
A Comprehensive Guide to Form 12BB: Claiming Tax Benefits and Rebates Made Easy
This blog post provides a comprehensive guide to Form 12BB, a statement of claims by an employee for deduction of tax. It covers the importance of Form 12BB, what to declare, and how to fill it out correctly.
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By Krishna
Form 16, 16A, and 16B: Demystifying the Differences for Income Tax Compliance
This blog post explains the differences between Form 16, 16A, and 16B, which are essential documents for taxpayers, employers, and payers. It provides a clear understanding of each form's purpose, contents, and importance in income tax compliance.
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By Krishna