Why Tax Planning Is So Important That It Can’t Be Missed
‘Tax’ a most feared word. No one likes to pay tax, since it’s a compulsory contribution. People think that paying tax is a waste of their hard earned money, because money is going out in form of tax but the money is not reaching the right hands. The more you earn the higher tax bracket you fall into. But having said that, there are plenty of tax saving tools out there. Of...
Know How To Save Taxes By Claiming Expenses
For many people, tax planning is all about how to save taxes. However, there are various sections under the Income Tax Act of India in which you can claim specific expenses as deductions. To reduce taxes it is not only important to invest but it is important to properly arrange financial affairs as well. To reduce the tax burden for its citizens, the Indian Government each year through the...
Tax Planning Demystified
Income tax is always a complicated subject. It’s difficult to understand for a layman. For a salaried person understanding complicated and confusing tax terminology is a nightmare. Through this article, we will make your life simple and make you understand tax jargon in an easier manner. In today’s article, we will discuss the basic difference between Exemption, Deduction, and...
Saving Tax On Long Term Capital Gain
I’m sure that, more than half of the nation, wishes that, they didn’t have to pay tax. Life would be a lot easier if we didn’t have to pay. Sadly that’s not possible in India. This is because most of our Government earnings are dependent on the public through tax. It is our duty as citizens of India to pay tax, where our money goes, is a whole different thing...
What Is Form 16?
Form 16 is the most important document for which any salaried individual waits for. This document is issued by the employer mostly till 31st May for previous financial year. Being a valuable document for return filing for any salaried individual, It is very easy to understand and this article will give you insights on the same. What is Form 16? Form 16 is nothing but TDS Certificate...
Things to Know Before You Submit Investment Proofs for Tax Saving
The closing of 2nd quarter of the financial year is in the vicinity and tax season for employees is about to start. Knowing the tax rules, exemptions, and a variety of ways to save tax is important to plan tax saving. In India, employers deduct tax from the salary of employees on monthly basis and deposit the same with govt every month. This requires calculating the taxable salary of each...
Tax Saving Strategies for Senior Citizen
As per the income tax act, a person attaining age 60 or more in a financial year even for a day becomes a senior citizen. Income tax gives relief to senior citizens in the form of a higher tax exemption limit. If a senior citizen is aged 60 or above but less than age 80, his income of Rs.3 Lacs p.a. is tax-exempt. If a senior citizen is above age 80 then his income up to Rs.5 Lacs is exempt...
Salaried Employee Income Tax Benefits apart from Section 80C
The Income Tax allows individuals a number of deductions on the gross income of an assessee after considering a number of factors. The Chapter VIA of the Income Tax Act deals with these additional deductions and must be separately distinguished from the exemptions, which are provided in Section 10 of the Act. The one point of difference between the Section 10 and Chapter VIA is that while the...
Tax Planning For Salaried Youngsters
Just started making money. First Job, first-month salary. How do you feel when tax is deducted from your salary? obviously, the feeling is not good. The best you can do is to start on the right note. Start tax planning in the right way as per your future financial goals and aspiration. The objective of tax planning should not be only to save taxes but also to help you to create corpus or...