If you are a salaried person, you are probably aware of the importance of tax planning. By carefully planning finances, one can minimize tax liability and save a significant amount of money. This article is mainly written for people in the 30% tax bracket. I was specifically asked, how to save tax after section 80C…
![Income Tax Slabs: Tax Liability Comparison Between 2020 and 2019 [Calculator]](https://ourwealthinsights.com/wp-content/uploads/2020/02/Income-tax-slabs-Image.png)
In Union Budget presented in Feb’2020, a new tax regime has been proposed. The income tax slabs has been altered. Compared to 2019 the new tax rates are lower. But the lower tax rates will not necessarily reduce the tax liability for everyone. Who will benefit? Some will benefit from the new lower tax rates….
Recently I read a document published by Income Tax Department on Presumptive Taxation. I found this document very useful. It deals with how freelancers, self-employed people like bloggers can pay income tax. Hence, I thought to write a blog on presumptive taxation specially highlighting section 44ADA. Earlier, the section 44ADA under presumptive taxation was not there. …
It is necessary for people to file ITR even if tax liability is zero? The answer is No. A person whose taxable income is below a limit, can avoid income tax return filing. Such people can file IT returns voluntarily. What is the limit below which, filing ITR becomes a voluntary requirement? When taxable income…
What is the effective income tax paid on the salary that we earn? Whenever this question is posed on people their answer is, “as per our tax slab”. But when the question becomes more specific, people start to falter. Why? Because they have never done this calculation themselves. If you also subconsciously desired to get…
Advance tax payment is not only applicable to the rich Bollywood stars and Businessmen. Even a salaried person may require to pay advance tax. How a salaried person can pay advance tax? This is what we will see in this article. But before that, lets understand the conditions under which a salaried person may be…
