A salaried taxpayer purchased a 2 BHK flat in Delhi last year with the help of a home loan for which he is paying Rs 3.5 lakh as interest annually. While he is living in a rented house in Mumbai ...

Income tax is charged on most types of income but tax allowances protect some from the taxman. Following the end of the tax year, which falls on 5 April each year, we look at the income tax rates and ...

Income tax expense is a critical component of a company’s financial statements, reflecting the taxes a business owes based on its taxable income for a specific period. It represents the total amount ...

This week we're going to use an example to illustrate how taxable income is calculated. As we've discussed, your taxable income is the income to which income tax rates are applied and your taxes are ...

The aggregate tax liability stands at Rs 1,75,000. Additionally, a 4% cess is applicable on this amount, which equals Rs 7,000. Consequently, the total tax payable amounts to Rs 1,82,000.Also Read | ...