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 …

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Whenever you get paid, a certain amount of income tax is automatically withdrawn (or withheld) from your paycheck and turned over to the IRS.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

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

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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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There are 7 types of ITR forms, you know which income tax return form to fill?

ITR Form 1- This type of ITR form is also known as ‘Sahaj’. It is filed if you are an individual taxpayer. It is applicable if you: ·         Earn income …

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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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