The Income Tax department added a new Section 115BBH to tax any income derived from the transfer of cryptocurrency and other virtual digital assets (VDAs), such as metaverse tokens and NFTs, has been imposed from April 1, 2022. The new tax, as well as the anticipated 1% TDS on VDA transfers beginning July 1st, has …
With the financial year coming to an end , most of us have our tax liabilities on our mind and are trying to maximise our tax benefits. Taxpayers with children can take advantage of extra tax benefits for the fee paid for their children. Here are the details of the tax exemption you can claim. …
Labour Welfare Fund is a mandatory contribution to be deducted by the employer from the salary of the employee and deposited to the state authorities. Every HR, owner, and employee should not just keep contributing but also reap the benefits from the money you spend. What is Labour Welfare Fund? It is a state compliance …
Filed the ITR before the deadline? Great!But have you filed your professional tax return? What is Professional Tax?Each state government of India levies a professional tax on the salary a resident earns through employment. It is mandatory for every private limited company, sole proprietor, limited liability partnership firm, etc. to apply for the professional tax …
Cost to Company (CTC) has become a common term in the employment world today. The biggest and the smallest employers prefer to offer a CTC package while making an offer of employment. So, in this edition we will learn to decode the CTC and negotiate better. CTC> Gross Salary> Net Salary CTC is the calculation …
Will you receive gratuity if you took a service break? How much gratuity will you get at retirement? Is it taxable? More gratuity for a long service period? These are some questions about the Gratuity that most of us don’t know much about.. In this edition, we demystify the rules and calculation of gratuity. Gratuity …
In ancient times, a “bonus” or “inaam”, was usually paid by the employer to the employee as a reward for his work and dedication. Traditionally, this reward was paid around Diwali as a gift so that the employees could shop and enjoy the festivities. However, post independence as India became more industrialised and moved towards …
Most investors don’t know that profit from stock investing is not your income, but it is capital gain. It is not taxed as per your income tax slabs but as per Long term and Short term capital gain rules. Infact by knowing these basics can help you with trading decisions and save a lot of …
Payment of Gratuity is a ‘Defined benefit’ provided to an employee as a lump sum, on his retirement. It is the money given to an employee in recognition of his services as a parting gift. The maximum amount of gratuity that can be paid to an employee is Rs 20 lakh. The employer can, however, …
House Rent Allowance, or commonly known as HRA, is an amount which is paid by employers to employees as a part of their salaries to employees for paying their house rent. This allowance is on the basis that the employee is renting a place for accommodation for his work purpose. How is HRA Calculated? The …
