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In general, you are liable to pay tax in respect of your own income. However, sometimes it may not happen. In some specific cases, the income of other persons may be added with your income. Your income tax liability will be calculated on the basis of such total income. It is known as “Clubbing of … Read moreHow to understand Clubbing of Income provisions under the Income Tax Act

The income tax liability of a person can be calculated on the basis of income tax slab for the relevant assessment year. So, income tax for the current assessment year can be calculated on the help of income tax slab for assessment year (A.Y.) 2019-20. It is really important to know the correct slab otherwise … Read moreIncome Tax Slab For A.Y. 2019-20

Taxability of gifts and its exemption ruless is an important topic in Income Tax. The term “Gift” is very well known to all. In general terms, the gift means a presentation to any nearest and dearest one on the eve of any occasion. It may be either in cash or in kind. However, in a … Read moreTaxability of Gifts: Gift Tax and Its Exemption Rules

The term “Dividend” is very well known to us. It is a payment made by the companies to its shareholder out of its profit or reserve. But what is the tax on dividend income? Is the dividend income taxable in the hands of taxpayers? What is the rate of tax on the dividend? All the … Read moreTax on Dividend Income in India

Hello Taxpayers! The return filing period for the Assessment Year 2019-20 is knocking the door. You are all busy to ensure the fulfillment of the required amount of tax deduction right now. Some of you are busy to make proper tax planning to reduce tax liability. For example, payment of the final advance tax before … Read more18 Mistakes You Should Avoid While Income Tax Return Filling. A.Y. 2019-20

The term “HRA” stands for House Rent Allowance. It is allowance paid by the employer to the employee for the purpose of payment of rent for accommodation. It is also a part of the salary structure of an employee. However, the amount of HRA is not fixed. It depends on various criteria. The main point … Read moreHouse Rent Allowance- HRA Rules for Income Tax

When we are talking about the computation of income tax our main discussion is about income from salary or profit from the business. And there is no surprise for that. These two heads are the main source of generating income for maximum people. According to the Income Tax Act, there are 5 heads of income … Read moreImportance of Interest Income for Income Tax Computation