What is the effect of depreciation on Taxes?
Depreciation is a key accounting method that allows businesses to allocate the cost of tangible assets over their useful lives. This practice not only…
Difference between Itemized and Standard Deduction?
When filing taxes, taxpayers can choose between two primary deduction methods: itemized deductions and the standard deduction. The standard deduction offers a fixed dollar…
Which is better: a tax credit or a tax deduction?
When navigating the complexities of taxation, understanding the difference between tax credits and tax deductions is crucial for maximizing potential savings. A tax credit…
What is the difference between marginal and effective tax rates?
The marginal tax rate refers to the percentage of tax applied to an individual’s or business’s last dollar of income, which increases as income…
Debt fund taxation change: With no indexation benefit, should you still include debt funds in your investment portfolio?
Debt fund taxation change has removed the indexation benefit, which has raised concerns about their attractiveness in investment portfolios. However, it is important to…
7th Pay Commission Rules: Get Tax Benefits on Salary Arrears With Form IOE
The 7th Pay Commission is a central government body in India responsible for recommending revisions in the salary structure and other allowances of central…
Decoding Property Tax in India: A Guide to Understanding and Complying
Property tax in India is a mandatory tax that is levied on individuals who own tangible assets such as residential or commercial properties. It…
Why Invest in Fixed Deposits (FD)?
It’s important to note that while Fixed Deposits offer numerous advantages, they might not provide high returns compared to other investment avenues like equities…
Tax Saving Fixed Deposit Rates
A Tax Saving FD is a special deposit scheme designed to provide tax benefits under section 80C of the Indian Income Tax Act, 1961.…
Maximise Your Savings: Paying Rent to Parents Could Reduce Your Taxes Considerably!
Paying rent to parents can be a strategic financial move that not only helps support your family but also offers potential tax benefits. By…