Many salaried employees in India live in housing societies where they pay rent to their landlords and an additional maintenance fee to the society. A common question that arises is whether these maintenance charges qualify for tax exemption under the House Rent Allowance (HRA) provisions. Let’s break down the details in a simple and engaging …
Gold prices fluctuate daily based on global market trends, demand, and currency exchange rates. Staying updated on these changes is essential for investors, jewellers, and buyers to make informed decisions. Check out today’s gold rates in Dubai. Dubai Gold Rate Comparison: Today vs. Previous Session The table below shows the per-gram and 10-gram gold prices …
The Income Tax Department has recently issued notices to several taxpayers across India who have been paying rent of ₹50,000 or more per month but failed to deduct Tax Deducted at Source (TDS). This move is aimed at ensuring compliance with tax laws and preventing revenue leakage. If you are a tenant paying such a …
Empowering women through financial support and savings is a key focus of government schemes in India. Two such initiatives are the Mahila Samman Savings Certificate (MSSC) and the Delhi Mukhyamantri Mahila Samman Yojana (DMMSY). While MSSC is a savings scheme with attractive interest rates, DMMSY is a direct benefit transfer initiative for financial assistance. Below …
The Mahila Samman Savings Certificate (MSSC) is a laudable step towards financial empowerment Indian women. It was launched by the Department of Economic Affairs, which comes under the Ministry of Finance. The scheme aims to provide a secure and attractive investment option for women and girls across India. Unique Benefits and Features of Mahila Samman …
Many tenants pay rent on time, file their income tax returns properly, and even claim House Rent Allowance (HRA). Yet, some still receive unexpected tax notices questioning their rent payments. The reason? A lesser-known Tax Deducted at Source (TDS) rule that applies to rent payments above ₹50,000 per month. Why Does the Income Tax Department …
The National Payments Corporation of India (NPCI) has instructed banks and payment service providers (PSPs) to update customer mobile number records before March 31, 2025. The move is aimed at addressing technical issues and growing fraud risks arising from recycled or surrendered mobile numbers. NPCI’s Directive to Banks and UPI Apps NPCI has made it …
As the financial year 2024-25 comes to a close, taxpayers in India must stay alert to a series of critical tax deadlines. Failing to act before March 31, 2025, could result in penalties, interest payments, or missed tax benefits. From updated returns to advance tax payments, here’s a quick guide to everything that must be …
In India, both salaried employment and consultancy offer distinct career paths, each with its own structure, benefits, and tax implications. While income tax slabs remain the same for both, the treatment of deductions, benefits, and compliance can vary significantly. Here’s a detailed comparison to help you understand how taxes work differently for salaried employees and …
Income Tax and Income Tax Return (ITR) are often used interchangeably in everyday conversations about personal finance. However, they serve two very different purposes in India’s taxation framework. Understanding the distinction is vital to avoid errors during tax filing and to ensure compliance with income tax laws. What is Income Tax? Income tax is a …
