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Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain executive benefits (e.g. golden handshake and golden parachute plans) or those that exceed federal or state tax-exemption standards.
The Universal Account Number (UAN) is a 12-digit number allotted to employees who contribute to an EPF. A UAN is generated for each PF member by the EPFO. The UAN acts as an umbrella for the multiple Member IDs allotted to an individual by different establishments and remains the same throughout the lifetime of an employee.
The term "double taxation" can also refer to the taxation of some income or activity twice. For example, corporate profits may be taxed first when earned by the corporation (corporation tax) and again when the profits are distributed to shareholders as a dividend or other distribution (dividend tax).
This form is used to file itemized deductions, so if you don’t have the form, you took the standard deduction, and your state refund is tax-exempt. Review line 12 of your Form 1040 from the ...
Rediscover identity, purpose, and fulfillment. Gilbert explained how work often provides people with the "big five": identity, structure, purpose, a sense of accomplishment, and relationships.
Provident fund is another name for pension fund.Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
When the TCJA opened the standard deduction to millions of new taxpayers, the time it took to complete the average return dropped by up 7% — but simplicity isn’t the only reason the standard ...
Annual contributions qualify for tax deduction under Section 80C of income tax as per the old Tax regime. The tax benefit is capped at ₹1.5 lacs per financial year. PPF falls under the EEE (Exempt, Exempt, Exempt) tax basket. Contribution to the PPF account is eligible for tax benefit under Section 80C of the Income Tax Act in the old Tax ...