How to Save Income Tax? Tax Saving Guide.
Coming close to the end of the Financial year all of you might be thinking about How to save our Income Tax?Deductions allowed under the income tax act help you reduce your taxable income. You can avail these deductions only if you have made tax-saving investments or incurred eligible expenses. Equity Linked Savings Scheme ELSS is also known as Equity Linked Saving Scheme. ELSS is a...
New Income Tax Portal For e-Filing 2.0 | Portal Features & Benefits
The Income Tax Department launched its new e-filing portal www.incometax.gov.in New e-filing Portal Features And Benefits are covered in our video. 1. User-friendly a) Simplified b) Easy to use c) Multiple login Options d) Single Dashboard 2. Income tax payment on same portal a) Multiple Payment Options b) No challan needed Popular Article: Wealth...
5 Major Types of Taxes We Pay In India
Why does the Government want to take away our money? What are they using it for? Why do we have to pay tax on the all the income we earn? These are some of the most common questions, taxpayers ask. Well, India is a democratic country, so you have no choice but to pay tax. However, what you do have, is options to save the tax that you pay. The reason as to why we have to pay tax, is...
Disclosing LTCG from Stocks, Equity Mutual Funds.
Income Tax Returns (ITR) for individual taxpayers have to be filed by 31st Dec 2020. This means that it’s time to evaluate your finances and declare all sources of income, so your taxes can be filed correctly. While the process of filing your ITR has been one which has traditionally been riddled with complicated forms and procedures, the government has taken active measures in order to make...
Common Mistake While Filing Income Tax Return
As the ITR (Income Tax Return) filing date has again extended till 31st December 2020, the taxpayers are compiling their tax related documents and other relevant certificates and making their sacred rounds to the tax consultant’s office. But what if I tell you that you can file your own Income tax returns without making certain common repetitive mistakes. This would not only...
Know How To Structure Your Salary To Save Tax
Your salary is made of many components like basic salary, allowances (taxable and exempt), perquisites, etc. While calculating taxable salary, some of these components are taxed as per the Income Tax Act, whereas some stand exempt under the law or partial for some of the cases, subject to conditions. We will give you some of those items or parts of the salary structure, which would help you...
Different 80C Options You Are Completely Unaware Off
Tax Awareness’ is keeping yourself up to date with current tax rules made. Tax is vast and it is very difficult too, to keep up with the changes in these rules every year. And it is because of this lack of awareness, people just pay the tax that gets deducted from their salary. They feel that tax is so complicated, that is better to just pay it off. Some people have had bad investment...
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...