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What to consider when choosing your Payroll Software?

What to consider when choosing your Payroll Software?

Choosing your Payroll software for your business may seem like a simple decision on the surface, but it can be quite complex. All sorts of things need to be considered, including the size and nature of your business and technical things like software compatibility. It...

Provident Funds in India

Provident Funds in India

In India, we have different types of provident funds which are created to address the needs of different sections of people. In this article, we will be looking into these different types of PFs. Employee Provident Fund or EPF Any person who has employed 20 or more...

Leave Travel Allowance

Leave Travel Allowance

As the name itself suggests, it is an exemption for allowance/assistance received by the employee from his employer for traveling on leave. Though it sounds simple, many factors need to be kept in mind before planning the travel for the purpose of claiming a Leave...

Understanding Section 10 of Income Tax Act in India

Understanding Section 10 of Income Tax Act in India

Section 10 of Income Tax Act is an essential provision under the Indian Income Tax Act, 1961. It provides various exemptions and deductions to taxpayers, reducing their taxable income and, ultimately, their tax liability. Every taxpayer in India needs to understand...

Tax Benefit on Home Loan

Tax Benefit on Home Loan

Taking a home loan can help you save tax as per the provisions of the Income Tax Act, 1961. Even more so after the announcements made during the latest financial budget 2020: Tax benefits on home loans remain unchanged, though the timeline for availing loans for...

What is Section 80EEA of the income tax act?

What is Section 80EEA of the income tax act?

Section 80EEA of the Income Tax Act is a deduction that taxpayers can claim on the interest paid on home loans. It was introduced in the Union Budget of 2019 to relieve middle-class taxpayers who have taken home loans. In this article, we will discuss the key aspects...

Section 80 E

Section 80 E

Any individual who has applied for a loan for higher education can avail of the benefits of tax savings provided by Section 80E of the Income Tax Act, 1961. Even if an individual has availed the maximum available deduction of INR. 1,50,000 under section 80C, they can...

Donating Money? Tax benefit under section 80G.

Donating Money? Tax benefit under section 80G.

The amount of donation which can be claimed as a deduction under section 80G is determined as per certain rules. You can claim either 100% or 50% of the amount donated as a deduction subject to ‘With’ or ‘Without’ the upper limit.How much of the amount donated can be...

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