Capital gain and types of capital gain

The tax that is levied on capital gains is termed as capital gain tax. Such taxes are levied when an asset is transferred between owners. Though all capital gains are …

Read More

What is HUF?

HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A …

Read More

What is Conveyance allowance in Salary Slip?

Conveyance allowance, also known as transport allowance, is a kind of allowance offered by employers to their employees to compensate for their travel expense to and from their residence and …

Read More

What is other allowance in Salary and are tax free allowances?

The nine crucial components of your Salary Break-up Cost-to-Company or CTC The Cost-to-Company or CTC is the total amount that a company spends on you, directly or indirectly. It includes …

Read More

Do I claim 1 or 2 allowances?

Whenever you get paid, a certain amount of income tax is automatically withdrawn (or withheld) from your paycheck and turned over to the IRS. The number of allowances you claim …

Read More

What is Management Allowance?

If you think that your entire salary is taxable, then that is not true. The overall package, which is termed as CTC, comprises many allowances. While calculating taxes, employees must …

Read More