Pillar 11
Tax Concepts
Taxes are confusing because the language is technical and the rules change yearly. This section explains the underlying concepts: what tax slabs are, what deductions and credits do, what capital gains tax is, what HRA exemption means in India, what FICA tax funds in the US. These are definitional explainers, not filing advice. For your specific tax situation, consult a qualified Chartered Accountant in India or a Certified Public Accountant in the US.
14 articles
The AIS (Annual Information Statement) is the tax department's record of your financial year. The PDF password, what it shows, the TIS, and giving feedback.
17 min read
Form 26AS is your PAN's tax-credit statement. What it shows now, how to download it, the DOB password, and how it differs from the AIS. India, FY 2025-26.
16 min read
Complete India income tax guide for salaried employees for FY 2025-26 (AY 2026-27), new vs old regime, Form 16, HRA, 80C, capital gains, ITR-1 vs ITR-2, step-by-step filing, common mistakes, and when to consult a CA.
26 min read
GST is India's unified indirect tax. The new GST 2.0 rates from 22 September 2025 (nil/5/18/40%), CGST vs SGST vs IGST, input tax credit, and registration.
15 min read
FICA is the US payroll tax funding Social Security and Medicare. What Fed OASDI/EE and Fed MED/EE mean on your paycheck, the 2026 rate, and the wage base.
12 min read
What is the difference between a tax deduction and a tax credit, and between standard and itemized deduction? Tax deductions reduce taxable income (worth your marginal rate × deduction amount); tax credits reduce tax owed dollar-for-dollar. Standard deduction is the flat IRS-fixed amount ($15,750 single / $31,500 married joint for TY 2025); itemized deduction sums specific expenses (SALT cap $10K, mortgage interest, charitable contributions, medical above 7.5% AGI). Covers the math, the structural distinction, and when each makes sense, for educational understanding, not filing advice.
10 min read
A plain-English guide to the core tax concepts in India and the US: slabs, deductions, TDS, GST, capital gains, FICA, and an India and US tax glossary.
16 min read
Marginal vs effective tax rate explained: the tax on your next rupee versus total tax over total income, with worked India and US examples and the bracket myth.
13 min read
TDS is tax withheld from your salary, interest, and rent. The FY 2025-26 section rates and thresholds, what Budget 2025 changed, and how TDS differs from TCS.
15 min read
What is Form 16? The password to open it, Part A vs Part B, why you can't download it from TRACES, the 15 June 2026 deadline, and filing ITR without it.
15 min read
Capital gains tax in India and the US: short vs long-term rates, the post-Budget-2024 12.5% LTCG and ₹1.25 lakh exemption, and the US 0/15/20% brackets.
14 min read
Section 80C cuts up to ₹1.5 lakh off taxable income for PPF, ELSS, LIC, EPF and more, but only under the old regime. The 2025-26 list, limit, and how to claim.
13 min read
HRA exemption is the least of three amounts under Section 10(13A). See the FY 2025-26 formula, a worked example, metro cities, the limit, and the claim rules.
13 min read
Income tax slabs in India for FY 2025-26 (AY 2026-27): new and old regime rates, the ₹12.75 lakh salaried zero-tax point, the 87A rebate, surcharge, and cess.
13 min read