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...
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...
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...
Useful Tax Saving Tips For Financial Year 2020-21
Saving tax is always at the forefront of every taxpayer’s mind. That is why individuals look at legal avenues to lower their tax liability. Thanks to the Income Tax Act provisions, there are ways in which an individual tax-payer can lower his tax outgo. The provisions provide for tax deductions and tax exemptions from the taxable income. These deductions and exemptions reduce your tax...
How To Improve Your Savings
Savings and investment can be boosted up easily either by increasing your income or cutting down on expenses. Whether you are on the brim of retirement or a fresher who has just started with his work tenure with a big MNC, savings remains to be the ultimate goal during all stages of our life. Contrary to popular belief, even 100 INR saved today can go a long way in adding to your corpus if...
Save Tax Without Investing More! How?
Tax saving without investing? Seems like a dream, isn’t it? But yes, it’s true! There are certain exemptions and certain deductions which you can claim and gain the tax savings without investing a penny. Generally, these will come in the form of a loss from a certain head of income or certain expenses. So why wait? Let’s see what all is there in store for you. Housing loan benefit...
Difference between Tax Exemption and Tax Deduction
With the tax return filing season around the corner, many of you must be planning your taxes or reviewing your tax status. After putting so much effort in earning money, who likes paying taxes on their incomes? No one does, right?. But, like it or not, as per the current tax regulations, if your income is anywhere above Rs. 5 lakhs in a financial year, you would have to pay taxes. However,...
Financial Planning for Contract workers
Financial planning is considered to be essential for those people having contract or commission jobs or their income being seasonal or unpredictable. Proper planning can help to ensure that the ends are met adequately throughout the year. At the same time, it also helps to reduce stress, especially during times, when there is consistent low cash flow. Financial planning – An...
Things to Teach Your Kids About Money Management
Money management for kids? Really? Yeah, they are growing up in a very high paced and global environment, where they would need to manage their every penny. This is not an easy task as you know it, so why not start early? Good habits die hard and this money management habit will really help them a lot in future. So let’s start! Pocket Money Pocket money or monthly allowances can...