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income tax act india
A Complete Guide on Income Tax Act India

Category : Tax

Poonawalla Fincorp Team • Sep 04, 2024 • 638 views

The Income Tax Act of 1961 is a comprehensive set of laws governing taxation in India. It provides the provisions for levying, collecting and recovering tax on income earned by every taxpaying entity in the country. The official website of the Income Tax Department of India lists 23 chapters and 298 sections of this Act, listing rules and regulations related to taxation.

income tax slabs
A Complete Guide to Income Tax Slabs

Category : Tax

Poonawalla Fincorp Team • Sep 04, 2024 • 668 views

Income tax applies to the taxable earnings of every individual. Tax is calculated based on the slab or categories an individual falls into. This ’slab’ is referred to as Income Tax Slab. Read on to know the the various tax slabs under old and new tax regime associated rates in India, the factors that affect them, and more. Keep reading!

Income Tax Calculation
Income Tax Calculation

Category : Tax

Poonawalla Fincorp Team • Sep 04, 2024 • 629 views

Income tax calculation for FY 2023-24 and AY 2024-25 requires a thorough understanding of the income tax slab rates, deductions and exemptions under the new and old tax regime. Using an income tax calculator streamlines this process, offering individuals a reliable tool to estimate their tax liability with ease.

income tax return filing
Everything You Need to Know About Income Tax Returns Filing

Category : Tax

Poonawalla Fincorp Team • Jun 21, 2024 • 1123 views

The Income Tax Returns or ITR form has to be filled out and submitted to the Income Tax Department of India every year within the due date. The tax returns is a form detailing that provides all relevant information related to your income and the applicable taxes during a particular financial year, from 1st April to 31st March.

what is professional tax
Understanding the Professional Tax System

Category : Tax

Poonawalla Fincorp Team • Jun 21, 2024 • 769 views

If you are a salaried employee, you must come across a term professional tax on your salary slip. Do you know what is a professional tax? Is it just for salaried professionals? Read on to find out!

income tax saving instruments
9 Top Income Tax Saving Instruments You Must Know

Category : Tax

Poonawalla Fincorp Team • Jun 21, 2024 • 1629 views

Managing finances effectively involves not just saving money but also minimising your tax burden. The Indian Government offers a variety of tax-saving instruments that allow you to invest while reducing your taxable income. This blog explores some of the most popular tax-saving investments, helping you to learn how to save tax. Choose the ones that best suit your financial goals and risk tolerance. Keep reading!

tax concept and planning
A Guide to Basic Concepts of Income Tax

Category : Tax

Poonawalla Fincorp Team • Jun 21, 2024 • 1021 views

Tax concepts simplify how taxes work in India and help manage taxes effectively. Whether youe an individual or a business, taxes play a big role in your finances. This blog explores the basic concepts of income tax and strategies for smart tax planning. Read on!

tax exemption and its various categories
Tax Exemption & Its Various Categories

Category : Tax

Poonawalla Fincorp Team • Apr 03, 2024 • 1471 views

Finding it challenging to decode what tax exemption is and the categories present under it? Tax exemptions help taxpayers to decrease their tax liability. In India, tax exemption laws include provisions that allow certain taxpayers to save taxes on specific income or transactions.

benefits of gst and list of taxes it replaced
9 Advantages of GST & Taxes It Replaced

Category : Tax

Poonawalla Fincorp Team • Feb 16, 2024 • 5319 views

The Goods and Services Tax (GST) is a major reform of the Indian indirect tax system. It has replaced a multitude of indirect taxes levied by the state and central governments. GST has several advantages, starting from simplifying the tax system, reducing its cascading effect on taxes, and making compliance easier for businesses. Read on to learn about GST, its benefits, and more! But first, lets discuss about CGST and SGST.

thumbnail image how union budget is prepared
How is the Union Budget Prepared?

Category : Tax

Poonawalla Fincorp Team • Feb 02, 2024 • 1576 views

On February 1, Nirmala Sitharaman, Union Finance Minister, will present the Union Budget 2024 - 25 to the Lok Sabha. As early next year, the elections for the Lok Sabha are due, it will be termed as an interim Budget. The Finance Minister will present the full Budget for FY25 after the formation of the new government following the elections.

thumbnail image why is the union budget important
Importance and Impact of Yearly Union Budget

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 1642 views

According to the Constitution of Indias Article 112, presenting a budget at the Parliament is mandatory before starting a financial year. Popularly known as the Union Budget, it is issued for the upcoming fiscal year, usually in the first week of February. The Union Budget for FY 2024-25 will be presented on 1st February 2024 and will highlight how some of the key sectors in India will be impacted by it.

thumbnail image what are the various tax saving options under section 80c
A Guide to Tax-Saving Options Under Section 80C

Category : Tax

Poonawalla Fincorp Team • Jan 30, 2024 • 1689 views

The Income Tax department allows several deductions from your taxable income under Chapter VI A of the IT Act. Among all these provisions, Section 80C creates room for up to Rs. 1.5 Lakh deduction from every taxpayer’s annual income. In this blog, you will learn about the top investment options that enable tax savings through Section 80C.

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