The new Budget for the financial year 2020-21 introduced a new income tax regime for individual taxpayers. However, the new tax regime requires the individual taxpayer to renounce certain specified deductions. From April 1, 2020, an individual taxpayer will either continue with the existing tax regime or opt for the new one without 70 tax exemptions and deductions.
Your employer is responsible to deduct income tax from your salary. The income tax calculation is affected by factors such as: income other than salary, house rent, investment in certain funds, housing loan interest, and so on. In the beginning of a financial year, you have to make declarations to [...]
TDS (Tax Deduction at Source) is one of the modes of collecting Income tax from all earning individuals who are liable to pay direct taxes. Such collection of tax is effected at the source when income arises or accrues.
