Income Tax

You are travelling abroad, and you buy an expensive gift for a family member or friend. When you land in India, you realize that you must pay an additional amount as customs duty on the product. What exactly is customs duty and why is it levied?

Shakespeare once said “What’s there in a name” and rightly so, when there’s no uniqueness in a name and the same name is shared by hundreds or may be tens of thousands, a name really doesn’t serve a purpose. That’s precisely why IT has made it mandatory for businesses to have a Tax Identification Number.

Fringe benefits is when company often pay its employees something extra over and above the salary. It could be in the form of reimbursing expenses, paying subscription, offer shares, tickets, reimbursements, company vehicles or in any other way.

Does the thought of income tax play on your mind at the end of every fiscal year? Knowing the income tax slabs can certainly help you get rid of the worries. It will give you a clear idea of how much money would be deducted from your salary and where you can save. In this way, you can determine the take-home salary and choose how to enjoy tax benefits.

You can save a lot of tax by intelligently using provisions in the Income Tax Act that provide exemptions and rebates on specific investments and expenses.