CTC (Cost to Company) refers to the total amount of money a company spends on an employee, including their salary, benefits, bonuses, and any other perks. On the other hand, the in-hand salary is the actual amount that an employee receives after taxes and other deductions have been taken out. ▶ Here are some of… Continue reading CTC (Cost to Company)
Category: Finance
Types of Income
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
Income Tax Slab -New Regime
The income tax system in India based on the Income Tax Act,1961. Individuals are required to file an income tax return (ITR) annually, declaring their income from various sources like salary, business or profession, capital gain and other sources and applicable deductions or credits. Failure to file taxes result in penalties and legal consequences. It is important… Continue reading Income Tax Slab -New Regime
Currency exchange rate saved search
This article summarizes the creation of the currency exchange rates saved search without showing duplicate rates in the result. We can create a currency exchange rate saved search from the currency exchange rate page. When creating a saved search for currency exchange rates, it will show multiple lines for the exchange rates of the same… Continue reading Currency exchange rate saved search
Country Based GST Rates
The GST (Goods and Services Tax) percentages levied vary from country to country. Here are the current GST percentages levied in some countries: India: The GST rate in India is 5%, 12%, 18%, and 28% for different goods and services. Additionally, there is a special rate of 0.25% on rough precious and semi-precious stones, and… Continue reading Country Based GST Rates
Goods And Service Tax (GST)
GST (Goods and Services Tax) is a consumption-based tax system, introduced to replace multiple indirect taxes such as excise duty, VAT, and service tax. GST is a value-added tax that is levied on the supply of goods and services and is charged at every stage of the production and distribution chain. It is a comprehensive,… Continue reading Goods And Service Tax (GST)
Deductions and Exemptions Available under the Old Tax Regime
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
The Income Tax Slab – Old 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