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...
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 make the most of the tax break in 2020?
Health problems coupled with their associated treatment expenses have been undergoing a rise in recent years especially due to poor lifestyle choices and changing food habits. We have seen that Indians self-finance 78% of their medical expenses out of which 72% comprise expenses related to purchasing medicines both before and after the procedures. This was the main reason behind the...
New Tax Regime Vs Old Tax Regime
In the Union Fiscal Budget 2020 unveiled by the FM, Nirmala Sitharaman announced a new and simplified income tax regime with revised income tax slabs and tax rates. This new tax system is optional to the taxpayers and it is not mandatory to opt for a new tax regime. To put it simply, the assessee can either choose the New Tax Regime or continue to follow the Old Tax Regime depending on what...
A Look At The New Changes In GST For Homeowners
The Government of India has been introducing (GST) all kinds of new regulations for Income Tax Returns (AY 2019-20), which needs to be filed by 31st July this year. The good news is that most of these reforms have made the filing process more fluid. For instance, if you are the owner of house property which is under construction, good news awaits you! In a move that brought a...
When Is The Right Time To Start Tax Planning
Waiting for the year-end to start planning your taxes? You might be wrong. Tax planning should be done as early as possible.When it comes to tax planning most of you delay your online tax preparation process either to the last financial quarter of January-February-March or to the last financial month of March. Why begin tax planning early in the financial year when you have to file your...
10 things every salaried Taxpayer should know
Tax filing is important if you are an earning individual and are earning more than Rs.2.5 lakhs in a financial year. With the Government’s increased measures on curbing tax evasion, it has become necessary to file your taxes correctly. If you are a salaried employee, it becomes all the more important to be careful with your tax filing. In fact, the Income Tax Department has issued a warning...