Tax Home

Posted in Finance, Accounting and Economics Terms, Total Reads: 65
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Definition: Tax Home

Tax Home is simply a place where an individual works. A Tax home is the city/location where a person works formally to earn livelihood. It may be or may not be same as the place of residence. It has the effect on the tax rate of an individual. The income tax department considers employees travelling if he/she is required to stay away for long period than a working day.

Example

An employee works in Mumbai but he lives in Thane. Then his Tax home is Mumbai.



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