Salaried employees usually submit an investment declaration to their account department in the beginning of financial year. Following which, account department calculates and deducts tax from employees’ salary. In the month of Feb and March, accounts department flood the mails of their company employees with the mails asking for the proofs of tax saving investments […]
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Income tax act provides scope of claiming deduction from gross total income. Income earned by an individual under different heads like salary, business or profession is clubbed together to calculate the gross total income. Then eligible deductions are claimed and tax is calculated on the balance income. Here we shall discuss deductions allowed for assessment […]
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If you changed your job in the previous year and the tax has been calculated and deducted by your second employer without considering the income from your previous employer, or you have earned income from other sources like saving bank interest exceeding Rs. 10000, interest on fixed deposit, capital gain etc. then you may have […]
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We have entered in the new financial year and most of the salaried individuals would be waiting fortheir appraisal letters. Along with increment in your salary in the new financial year, your expanses like child’s education fees and house rent might increase as well. Those who are salaried employees will be asked to submit investment […]
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Financial year starts from 1st April and ends on 31st March. We have to pay tax on the total income earned during the year from various sources. 31st March is a very important date for every tax payer. An act of negligence may result in payment of interest and penalty in future. Financial year 2014-2015 […]
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