Income Tax on Pension: Rules, Exemptions & Savings
Taxation of Pension in India: A Comprehensive Guide Pension is a crucial source of income for retirees, providing financial stability after years of service. However, it is important to understand the tax implications of pension income to plan your taxes effectively. The Income Tax Act, 1961, lays down specific provisions regarding the taxation of pensions, and knowing these can help in reducing tax liabilities. This article explains how different types of pensions are taxed in India, available exemptions, tax-saving [...]
House Rent Allowance: Everything You Need to Know
HRA Exemption by Paying Rent to Parents or Family: Everything You Need to Know House Rent Allowance (HRA) is one of the most effective ways for salaried individuals to reduce taxable income. Under Section 10(13A) of the Income Tax Act, 1961, employees who receive HRA and live in a rented house can claim an exemption. A lesser-known but completely legal way to maximize this exemption is by paying rent to parents or family members. However, this method requires careful [...]
Professional Tax in India: Rates, Payment & Exemptions
Professional Tax in India: A Comprehensive Guide Professional Tax (PT) is a state-imposed tax levied on individuals earning income through employment, trade, or profession. It applies to salaried employees, self-employed professionals, and businesses, with varying rates across different states. This article provides a detailed overview of PT, including state-wise slabs for self-employed individuals and businesses. What is Professional Tax? Professional Tax is a direct tax imposed by state governments in India under the authority of Article 276 of the Constitution. [...]
Claim HRA Exemption by Paying Rent to Parents : A Guide
Can You Claim HRA Exemption by Paying Rent to Your Parents? (2025 Guide) If you live in a house owned by your parents and pay them rent, you might wonder whether you can claim House Rent Allowance (HRA) exemption on it. The good news is—yes, you can! However, there are specific income tax rules, conditions, and documentation requirements that you must meet to ensure compliance and avoid rejection. In this 2025 HRA Exemption Guide, we will cover eligibility, tax benefits, necessary documents, and compliance tips to help [...]
11 Ways to Save Income Tax in 2024: A Comprehensive Guide
11 Ways to Save Income Tax in 2024: A Comprehensive Guide The Income Tax Act of 1961 presents numerous opportunities for taxpayers to effectively manage and reduce their tax obligations. This guide explores several key strategies that can help individuals lower their tax burden by the close of the financial year. 1. Investments and Payments under Section 80C, 80CCC, and 80CCD Maximum Deduction Cap: INR 1,50,000 (Additional 50,000 under 80CCD(1B)) Qualifying Expenditures: Payments made up to 31st March Section [...]
Understanding Professional Tax in Odisha: A Comprehensive Guide
Understanding Professional Tax in Odisha: A Comprehensive Guide Recent Update: Numerous businesses registered under GST in Odisha are receiving show cause notices from the Department in Form XV due to non-payment or non-registration under the professional tax. To gain comprehensive knowledge about the applicable professional tax, please refer to the article provided below. Professional tax is a form of direct taxation imposed by state governments throughout India. As a state-specific tax, the rules pertaining to its collection, payment, and [...]
