HRA Exemption for Airbnb and Hostels: A Complete Guide
HRA Exemption for Airbnb, Hostels, and Hotels in India House Rent Allowance (HRA) is one of the most effective ways for salaried individuals to save taxes. However, a common question many taxpayers have is whether they can claim HRA exemption for a rented hotel room, an Airbnb, or a long-term hostel stay like Zostel. While the Income Tax Act provides clear guidelines on HRA exemptions, the rules regarding non-traditional accommodations require a closer look. This article explains the provisions [...]
Professional Tax in Gujarat: Slab Rates & Payment Guide
Professional Tax in Gujarat: Slab Rates & Payment Guide Professional Tax (PT) in Gujarat is levied on individuals engaged in various professions, trades, callings, and employments, including self-employed individuals. The tax rates are structured based on the monthly income of the individual. Below is a detailed breakdown of the PT slab rates for self-employed individuals in Gujarat: Professional Tax Slab Rates in Gujarat:Monthly Income Range (₹), Monthly PT Payable (₹), Total Annual PT (₹) Up to ₹5,999, Nil, Nil₹6,000 to [...]
Section 80D: Deduction for Medical Expenses & Tax Savings
Deduction for Medical Expenses Under Section 80D: A Smart Way to Save Taxes Medical emergencies can be financially overwhelming, but the Income Tax Act, 1961, provides relief through Section 80D, which allows deductions for health insurance premiums and medical expenses. Understanding how to maximize these deductions can help taxpayers reduce their tax liability while ensuring financial security for their families. This article explains the provisions of Section 80D, who can claim deductions, the eligible expenses, and practical strategies to [...]
Professional Tax in Chhattisgarh: Slab Rates & Payment Guide
Professional Tax in Chhattisgarh: Slab Rates & Payment Guide Professional Tax (PT) in Chhattisgarh is levied on individuals engaged in professions, trades, callings, and employments, including self-employed persons. The tax rates are structured based on the annual income of the individual. Below is a detailed breakdown of the PT slab rates for self-employed individuals in Chhattisgarh: Professional Tax Slab Rates in Chhattisgarh: Annual Income Range (₹), Monthly PT Payable (₹), Total Annual PT (₹) Up to ₹40,000, Nil, Nil ₹40,001 [...]
Stipend Taxability in India: Salary vs. Scholarship Guide
Stipend Taxability in India: Salary vs. Scholarship Guide Stipends are financial allowances provided to individuals, often interns, trainees, or students, to support their living or educational expenses during a period of training or research. A common question that arises is whether these stipends are subject to income tax in India. The answer isn't straightforward and depends on various factors, including the nature of the stipend and the relationship between the payer and the recipient. Defining Stipend Income: Salary or [...]
Professional Tax in Jharkhand: Slab Rates and Penalties
Professional Tax for Self-Employed Individuals in India What is Professional Tax? Professional Tax (PT) is a state-imposed tax on individuals earning income through employment, business, or self-employment. It is levied by state governments and varies across states. Self-employed individuals, such as freelancers, consultants, and business owners, must pay PT as per the slab rates prescribed by their respective states. Who Needs to Pay Professional Tax ? Self-employed professionals (doctors, lawyers, architects, etc.) Freelancers earning above the exemption threshold Business [...]
