Heena Sharma Blog

Stressing that tax concessions have been provided with a view to help poor and middle-class people living on a tight budget, Finance Minister Piyush Goyal on Tuesday said that now individuals earning up to Rs 9.5 lakh can escape liability by taking advantage of saving schemes. Replying to the debate on the Finance Bill in Lok Sabha, the Minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy. The Finance Bill, which contains tax proposals, was passed by the Lok Sabha with a voice vote, completing the budgetary process in the lower house. In a swipe at the Congress, the Minister said that unlike the previous UPA dispensation, the present Modi government in the interim budget did not reduce levies of SUVs which are used by rich persons. In the Finance Bill 2019, the Minister proposed to raise tax rebate for people having annual income up to Rs 5 lakh from Rs 2,500 to Rs 12,500, which will e...

Nowadays, many of us prefer to work independently as a consultant or freelance than being associated with full time with an organization, being on their payroll . This is because of the enormous flexibility one gets to have by being self-employed. However, it is equally important to understand that flexibility cannot be the sole determining factor to choose self-employment over being salaried. Financial and tax compliance plays a significant role in deciding which option is more suitable for you. These have been discussed in this article. Taxability First and foremost, it is important that one understands that a salaried individual gets taxed differently from a professional consultant. If you are salaried, you can offer income from salary after claiming various exemptions like House Rent Allowance, Leave Travel Allowance, Children’s Education Allowance, Standard Deduction etc. The net salary income will be taxable under the head “ Income from salary ”. An independent pro...