A salary slip or pay slip is a document which an employee receives from their employer every month. It contains key details of compensation ranging from the gross salary, deductions, TDS details as well as the net take-home pay for the specific month. After an employer provides your pay, the salary slip gets sent out each month. When people change their jobs, it becomes crucial to know their salary slip, so that they can secure a better salary after negotiation at the new workplace.

Tax planning is a key component of a financial plan. Whenever we make investments, one of the thoughts in our mind is "Will it be eligible for tax benefits? This article is an attempt to make the readers identify some popular tax friendly investments.

There are various investment options under section 80C, 80CCC and 80CCD of Income Tax Act that allow deductions from our total income (up to Rs. 150,000). When you utilize these provisions, the net taxable income reduces resulting in lowering tax liabilities. A gist of the various forms of investments is given below:

The Constitution of India gives the authority to governments to levy taxes in India under the Indian tax system. As per the directives of the Indian tax system, the government collects taxes from its citizens to generate income for undertaking public-works projects and improve the country's economic footprint.

The Indian tax system allows common taxpayers to plan their taxes and earn maximum tax saving benefits. Additionally, if an individual invests money into any tax saving instrument, there is a provision for tax exemption on the same. Let us understand the different types of taxes in India and their benefits in detail.

The main objective of a life insurance policy is protection of your family against any unforeseen events, in case of an unfortunate event of death. However, a life insurance policy is a great tax-saving tool as well. It is important to be aware about all the benefits and exemptions from a tax perspective when investing in a life insurance policy. Life insurance plans are of many kinds like ULIP plans, Pension Plans, Child Plans, Protection plans and so on, each of them provide a unique set of benefits. Here are some top frequently asked questions around tax benefits when investing in a life insurance plan. Nirmala Sitharaman, the Finance Minister of India presented the Union Budget 2023 on 1st February, 2023 and introduced new income tax slabs and rates for the new tax regime. The new tax regime was introduced in Budget 2020 with 6 slabs, which have now been decreased to 5 income tax slabs for regular individuals, senior citizens and HUF (Hindu Undivided Family). Moreover, the basic exemption limit was also increased to Rs. 3 lakh from the earlier Rs. 2.5 lakh in the case of the new tax regime for FY 2023-24. However, no changes for the tax slabs and rates were made in the case of the old tax regime for AY 2024-25 which will remain the same as income tax slab FY 2022-23 (AY 2023-24).

Let’s check the updated income tax slab FY 23-2024 for the new tax regime and the old tax regime.

Tax Deducted at Source (TDS) is one of the most effective ways of collecting taxes. It is convenient both for the government and taxpayers as it limits tax evasion. One of the many subsections of the Income Tax Act, 1961 that deals with TDS is Section 194J. This section is however applicable specifically to payment of fees made towards availing various professional or technical services.

Read on to know details of TDS applicability u/s 194J, TDS rates and other details when dealing with fee payments made when availing technical and professional services.