Category Archives: Income Tax

Definition of Salary

As per new rule 3(9) (vi) “Salary” includes the pay, allowances, bonus or commission payable monthly or otherwise or any monetary payment, by whatever name called from one or more employers, as the case may be, but does not include the following, namely: Continue reading

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Medical bills and Tax

I have seen many people forge medical bills for the tax benefit. I know it is not right but many people do it for the obvious reason to save tax. I don’t know how far it is going to save their penny. I did little math out of it and this is what I have figured it out. Continue reading

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Income Tax Plans for the year

I have decided to meticulously work out a plan for the financial year 2009-2010. As far as I know, every single individual wants to save up every penny that he pays as income tax. I was wondering whether it is possible and I think it is. Since I have learnt this hard way, I want to share it with you so that you don’t find it hard. Everything that is learnt by me will be shared and this is just for your information only. I am not a financial expert and you better get your advices from the right kind of people. Continue reading

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