The phenomenal growth of the Indian economy has resulted in a large number of salaried income tax filers. In India, we are estimated to have 8.50 crore tax-filers and the salaried employees and managerial personnel constitute the largest segment out of the same. With the Individual Tax filing season at its peak, every taxpayer intends to optimise their tax planning.
In this publication, we intend to offer a broad outline of various tax regulations currently prevailing and relating to income from salaries under the Income-tax Act, 1961. The broad areas covered in this publication include:
- Basics of Indian Tax Law
- Tax Rates and Computation
- Certain Allowances and Relief
- Certain Deductions and Exemptions
- Expatriate Taxation – Working in India
- Duties and Obligations of Employer, Penalties and Prosecution
- The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 – Key Highlights
Also, this present edition incorporates amendments made up to the Finance Act, 2022.