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What is the standard deduction for salaried individuals?
The standard deduction for salaried individuals is Rs. 50,000 per annum.
The standard deduction for salaried individuals is Rs. 50,000 per annum.
See lessWhat is House Rent Allowance (HRA)?
HRA is an allowance given to employees for meeting rental expenses, which is partially or fully exempt from tax.
HRA is an allowance given to employees for meeting rental expenses, which is partially or fully exempt from tax.
See lessWhat are some common exemptions available for salaried individuals?
Common exemptions include House Rent Allowance (HRA), Leave Travel Allowance (LTA), and standard deduction.
Common exemptions include House Rent Allowance (HRA), Leave Travel Allowance (LTA), and standard deduction.
See lessHow is salary income taxed in India?
Salary income is taxed based on the applicable income tax slab rates after considering exemptions and deductions.
Salary income is taxed based on the applicable income tax slab rates after considering exemptions and deductions.
See lessWhat are the benefits of presumptive taxation?
Benefits include simplified tax filing, reduced compliance burden, and lower tax rates.
Benefits include simplified tax filing, reduced compliance burden, and lower tax rates.
See lessWho is eligible for presumptive taxation?
Individual, HUF, and partnership firms with a turnover of up to Rs. 2 crore (for businesses) or Rs. 50 lakh (for professionals) are eligible for presumptive taxation.
Individual, HUF, and partnership firms with a turnover of up to Rs. 2 crore (for businesses) or Rs. 50 lakh (for professionals) are eligible for presumptive taxation.
See lessWhat is presumptive taxation?
Presumptive taxation allows eligible small businesses to pay taxes based on a fixed percentage of their total turnover or receipts.
Presumptive taxation allows eligible small businesses to pay taxes based on a fixed percentage of their total turnover or receipts.
See lessWhat are some common deductions allowed for businesses?
Common deductions include rent, salaries, depreciation, utilities, and other business-related expenses.
Common deductions include rent, salaries, depreciation, utilities, and other business-related expenses.
See lessHow is business income taxed in India?
Business income is taxed based on the net profits after deducting allowable expenses, as per the applicable income tax slab rates.
Business income is taxed based on the net profits after deducting allowable expenses, as per the applicable income tax slab rates.
See lessWhat is indexation benefit?
Indexation adjusts the purchase price of an asset for inflation, reducing the taxable capital gain on long-term assets.
Indexation adjusts the purchase price of an asset for inflation, reducing the taxable capital gain on long-term assets.
See less