Difference between Tax Exemption and Tax Deduction
With the tax return filing season around the corner, many of you must be planning your taxes or reviewing your tax status. After putting so much effort in earning money, who likes paying taxes on their incomes? No one does, right?. But, like it or not, as per the current tax regulations, if your income is anywhere above Rs. 5 lakhs in a financial year, you would have to pay taxes. However,...
New Tax Regime Vs Old Tax Regime
In the Union Fiscal Budget 2020 unveiled by the FM, Nirmala Sitharaman announced a new and simplified income tax regime with revised income tax slabs and tax rates. This new tax system is optional to the taxpayers and it is not mandatory to opt for a new tax regime. To put it simply, the assessee can either choose the New Tax Regime or continue to follow the Old Tax Regime depending on what...
A Relief for Taxpayers Earning Under Rs. 5 lakh
Tax season brings with it a set of concerns regarding the rules and regulations which need to be followed, but these need not be confusing for you! We’re here to help you understand every aspect of the Income Tax Filing process to make it a smooth transition. What’s more, with the kind of changes introduced by the government for AY 2019-20, filing taxes has become easier than ever! For...