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Whenever you get paid, a certain amount of income tax is automatically withdrawn (or withheld) from your paycheck and turned over to the IRS.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

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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 …

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What is allowance in income tax?

Taxable Allowance Taxable allowances are those allowances which are part of salary and are not exempted under any section of Income Tax Act. These are taxed as per the tax …

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What are Allowances and types of Allowances?

Taxpayers are usually aware of deductions under Section 80C of the Income Tax Act for which they are eligible. However, it is noticed that taxpayers are unaware of taxability of …

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Income Tax Return filing procedure

The Income Tax Return filing procedure can be extremely tedious and time-taking, especially for first-time filers, but having all the documents ready before hand makes the job a tad bit easier. There are exactly …

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What are Annual Reports and Understanding them

What are Annual Reports? An annual report is basically a comprehensive report on a company’s activities throughout the preceding year. It is a publication that public corporations must provide annually to shareholders to It …

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Difference Between Salary Slip And Form 16

A Salary Slip is a document issued by an employer to an employee. It contains an in depth description of the employee’s salary components like HRA, LTA, Bonus paid, etc …

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Understanding Part A And Part B Of Form 16

Form 16 is somewhat a very important yet very confusing part of income tax filing. There are basically Form 16, Form 16A & Form 16B which are to be selected …

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