Difference Between Tax Exemption and Tax Deduction
The Income Tax Act of 1961 specifies various tax exemptions and deductions available to taxpayers in India. These exemptions and deductions can help reduce your overall tax liability, but they…
Common Mistakes to Avoid While Filing Income Tax Returns
Albert Einstein once said, “The hardest thing to understand is the income tax.” While he was only joking, there is some truth in the statement. Every year, people face many…
Tax Concepts in India – Know Meaning, Types of Taxation & More
Taxes play an essential role in the functioning of a country, and it is the responsibility of every citizen to pay their fair share of taxes. By paying taxes, you…
How to Save Tax for a Salary Above 10 Lakhs?
The tax system in our country is progressive, meaning that as a taxpayer's income increases, the tax rate applied to that income also rises. This system makes sure that the…
Direct Tax and Indirect Tax: Understanding Key Differences
Taxes are everywhere in our daily lives. Whether you're buying a pack of chips or enjoying a trip to the cinema, cashing a paycheck, or selling investments, you pay taxes.…
Section 80E: Tax Benefits on Education Loan
One of the most valuable investments one can make in life is an investment in education. However, the cost of getting a higher education is rapidly increasing. While the consumer…