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What is Form 16?

  If you are a salaried employee, you must be aware that at the end of each year your Employer issues you a document titled as “Form 16”. In brief, Form 16 is a document that an employer issues to the employee when the employer deducts TDS on salary payments. This is because, when an … Continue reading “What is Form 16?”

House Rent Allowance – How to claim and maximize deduction?

Section 10(13A) of the Income Tax Act, 1961, provides exemption from tax on house rent allowance (HRA) received for salaried employees residing in a rented accommodation. Self-employed individuals and those salaried employees who do not have HRA in their salary structure cannot claim deduction of HRA.  Still they can claim benefits on the house rent … Continue reading “House Rent Allowance – How to claim and maximize deduction?”

Tax implications on Black Money: The Demonetization impact!

Prime Minister Narendra Modi led government caught the nation by surprise on November 8th, 2016, in a massive demonetization move. 3 weeks on, and the crackdown has only intensified to ride out the ills of black money hoarding and illegal monetary activities in the country.   Following the bold stance, the Finance Minister, Arun Jaitley … Continue reading “Tax implications on Black Money: The Demonetization impact!”

Places where you can use Rs 500 and Rs 1,000 notes till November 24th, 2016

  The Government of India recently withdrew the legal validity of Rs 500 and Rs 1,000 currency notes. This means that all Rs 500 and Rs 1,000 notes with you in hand become invalid with effect from November 8th, 2016. Therefore, you cannot do any transaction with both of these currency notes.   However, the … Continue reading “Places where you can use Rs 500 and Rs 1,000 notes till November 24th, 2016”

All you should know about Rs 500 and Rs 1,000 ban – RBI Clarifications

  The Government of India recently withdrew the legal validity of Rs 500 and Rs 1,000 currency notes. This has led to chaos in the Country, with lots of questions running in the minds of people. The Reserve Bank of India has been issuing various answers to clarify confusions among people.   We have explained … Continue reading “All you should know about Rs 500 and Rs 1,000 ban – RBI Clarifications”

Income tax rates for 2016-17

  The Government of India prescribes applicable tax rates and slab rates every year in its annual finance budget. Income tax rates applicable for Financial Year 2016-17 are as follows: All Individuals (resident or non- resident, Men or Women) below the age of 60 years:   Illustration Now let us understand this with an example. … Continue reading “Income tax rates for 2016-17”

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