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...
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...
Don’t invest just to save taxes
For many people in India investment is all about tax saving. For them, Investment planning starts with tax savings and ends with tax planning. As the second quarter of the financial year has started, many of us will start thinking to invest to save taxes. Also, because the tax-saving deadline has been extended to 31st July 2020 for FY19-20. In this process of investment many times we may get...
How to gain Tax Benefits on Loans in India
Loans are a great responsibility for any person – be it any type of loan. Loans such as auto loans and home loans have a substantial tenure too that makes reimbursement a truly problematic and tedious routine task. The selection of the type of loan solely depends on the financial requirement for which you need the loan. Hence, customers can’t choose loans on the basis of the tax benefits they...
Five heads of Income eligible for Income Tax Computation
As per Section 14 of the Income Tax Act of 1961, there can be several modes of income for an individual. The income tax computation is an important part and has to be calculated according to the income of a person. For a hassle-free computation, the income has to be classified properly so that there is zero confusion regarding the same. The government has classified the sources of...
Income Tax Benefits in 2020: The HUF Advantage
HUF or Hindu Undivided Family is a unique taxable entity which is existing only in India. This entity is taxed independently from its members. This entity can be created by Hindus as well as by Sikhs, Jains and Buddhists also. Let’s see how it can be advantageous from a taxation perspective. How to create HUF The moment you are married, HUF is automatically created, however, it should...