KNOW ALL ABOUT : Save your Tax outgo
You could reduce the tax payable on your total income simply by doing tax planning in advance. In fact, tax saved equals income earned because your post-tax income increases if you make tax-saving investments and claim the tax deductions you are eligible for. Tax saving investment is an essential part of tax planning which is something every tax payer should do. So here is all the information and analysis you need in order to choose the tax saving investment that suits you.
ITR filing mistakes often made by taxpayers
Many taxpayers make errors in their income tax returns. Find out how you can file an error-free tax return.
These 4 lesser known tips can help you save tax
If you think your tax liability has been very high so far, follow these tips to bring it down and not pay more than necessary in futu...
New tax regime doesn't allow LTC cash voucher tax benefit: Experts
As per existing income tax law, an employee can claim tax-exempt payment of LTA/LTC (if provided by employer) equal to the fare of domestic travel subject to limits and conditions. To claim this tax exemption, an employee is normally required to provide proof of his travel.
Should you opt for the LTC cash voucher scheme? Here's how much tax you will save
Here is a look at how much you stand to gain by opting for the LTC cash voucher. This story will tell you about the rules of availing the LTC benefit and compare it to the conditions specified under the new voucher. Further, we will tell you if you should indeed opt for this scheme.
Nippon India Growth mutual fund review: Scheme has to prove credentials over long-term
With a flux of new entrants and complete exits in recent months, the fund portfolio is seeing a lot of churn. After years of anaemic returns, the fund’s performance has picked up in recent years but the fund needs to prove its credentials over a longer time frame in its new avatar.
HDFC Taxsaver mutual fund review: Why this scheme will take time to turn around
This tax-saving fund takes a sharper large-cap tilt compared to peers in its category. While the fund’s longer term track record of outperformance remains intact, it has slipped sharply in recent years. Its risk-reward profile has also suffered.
Can I claim deduction on principal of home loan EMI paid if I have not received possession of property?
The principal portion of the EMI paid for the year is allowed as a deduction under Section 80C in the year of payment. Do remember that the property should not be sold within five years of possession.
Tax optimiser: Why software engineer Menon should replace LTA, opt for NPS benefit to cut tax
Pune-based software engineer Vijay Menon should ask his company to replace the taxable medical allowances in his salary with tax-free perks such as newspaper allowance. The leave travel allowance should also be replaced.
What other deductions can I claim from my salary part from common ones like 80C, 80D?
The current income tax laws allow various other deductions from the income chargeable to tax apart from common ones such as section 80C, 80D, section 24 etc.
MF portfolio doctor: Sethi needs to increase mutual fund SIPs to Rs 80,000 to reach money goals
The mutual fund portfolio doctor assesses the health of the mutual fund portfolio, examines the mutual fund schemes and their suitability with regard to the money goals and, if required, recommends corrective measures.
TDS certificates should be available now: 4 steps to prepare to file income tax return
The last date of issuing TDS certificates such as Form 16, Form 16A etc has expired on August 15, 2020, for FY 2019-20. However, before you start filing your income tax return (ITR) for FY 2019-20, there are four things you should do.
SBI Long Term Equity mutual fund review: This tax-saver fund may see sharp upswing in return profile
This ELSS mutual fund is strictly run with a value-conscious approach. However, the value bias has not worked in its favour in recent years, yet the fund manager maintains conviction in his philosophy. The fund’s track record suggests average performance.
5 Money and tax tasks you should complete by July 31, 2020
In the wake of novel coronavirus pandemic, the government has provided various relaxations in meeting the financial deadlines to the common man. Many of these deadlines are expiring on July 31, 2020. Here is the list of five of those financial deadlines.
Has working from home increased your tax liability? This is what you should do to save on tax
As work-from-home becomes the new normal across the country, salaried taxpayers are seeing their tax shoot up. Many of the allowances in the pay package, including the commonly used reimbursement of fuel or conveyance expenses, have become taxable due to the travel restrictions imposed by Covid.
How to save enough to make tax-saving investments
Low income reduces one’s ability to save. For a young earner, the tax-saving instruments under Section 80C are perhaps the only avenues to accumulate some wealth.