Author: Beena Wilson

The Income Tax Act has classified the types of taxpayers into various categories. Different tax rules apply to different types of taxpayers. Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India). For simpler classification, the Income tax department breaks down income… Continue reading Types of Income

Because of a mix of exclusions and deductions, your taxable income may be affected by a substantial amount. So, in order to maximize your earnings, savings, and assets each year and keep your taxable income to a minimal, tax planning is essential. While exemptions are part of your salary, like the House Rent Allowance (HRA) and Leave Travel… Continue reading Deductions and Exemptions Available under the Old Tax Regime

Individual taxpayers in India are taxed based on a slab system. Income tax slabs refer to different tax rates applied to different income ranges. These tax rates increase as the taxpayer’s income increases. Typically, this type of taxation allows for progressive and fair tax systems. Every year, the tax slab structure changes during the Union… Continue reading The Income Tax Slab – Old Regime