SAVE TAX IN NEW TAX REGIME
Investment in NPS via this route can help you save tax in new tax regime
Investment in Tier-I account of NPS via your employer allows you to claim a deduction from your gross total income under the Income-tax Act even under the new lower tax regime. Here's all you need to know about it.
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ET Wealth tells readers how they can optimise their tax by rejigging their income and investments.
How the old tax regime serves the double benefit of tax-saving and financial well-being
It is universally accepted that tax breaks on investments nudge people to save more. The new tax regime has taken away the incentive to save. The deductions ensure financial wellbeing of taxpayers. Do you know the role they plan in your financial plan?
Comparison of new income tax regime with old tax regime
The new income tax regime provides for concessional tax rates vis-à-vis tax rates in the existing or old regime. Further, as most of the exemptions and deductions are not available, the documentation required is lesser which makes filing of ITR easier.
Have you finished your tax-saving investments for last FY?
The extended deadline to make tax saving investments is July 31. That means you hardly have a few working days to finalise and make your investments to claim tax deduction for the last financial year.
How to choose the tax regime for TDS on salary for FY2020-21
Individuals should remember that TDS on salary is deducted as per the applicable income tax slab rates whereas TDS on say interest income from fixed deposits is deducted at only 10 per cent.
After leaving job, how long will my EPF account earn interest? Will interest stay tax-free?
Despite the tax on the interest, EPF continues to have the highest returns among small saving schemes. So it makes sense to make small periodic withdrawals to ensure that the account does not become inoperative.
What are ELSS or tax saving mutual fund schemes?
Tax saving schemes are mutual fund schemes that qualify for tax deductions under Section 80C of the Income Tax Act.
Tax saving mutual funds for a new investor
If you have any mutual fund queries, message on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.
Centralised AAAR put on fast track
Officials said the key issue of allowing all taxpayers to approach the centralised authority and not just those parties that have got conflicting orders in different jurisdictions in a particular case, is being reconsidered.
Government further extends tax compliance deadlines. Check the new dates here
The extension will reduce hardship of taxpayers on one hand and will also give some more breathing time to tax officers, said experts, amid challenges faced in meeting the statutory and regulatory compliance requirements due to the outbreak of Covid-19.
Govt exempts properties in Delhi's unauthorised colonies from income tax
The government had last year legalised unauthorised colonies in the national capital, giving house owners legal property rights. Now, the government has decided to give such owners exemption from payment of income tax.
Have I chosen right mutual funds for my retirement?
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