Wed, Jan 10, 2024
Investment schemes such as Public Provident Fund (PPF), Fixed Deposit (FD), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC) not only provide fixed income and guaranteed returns but also give tax benefits up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Know more about such tax saving schemes.
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Sat, Mar 25, 2023
Income Tax: Tax planning is an essential component of financial planning. An intelligent tax-planning strategy can help individuals meet their financial goals while also saving money on taxes.
Wed, Mar 15, 2023
Tax-saving FDs: Tax planning is significant as it helps taxpayers to make the best use of the various tax exemptions, deductions, and benefits to minimise their tax liability, and as the financial year is about to end it's time to consider investments that will help save maximum
Thu, Feb 23, 2023
Income tax on property: Here are some deductions that can be applied while filing the income tax which will reduce the tax liability
New Income Tax slabs FY 2023-24: Taxpayers are allowed to claim three deductions under the New Income Tax regime. The New Income Tax regime will also be the default option, starting financial year 2023-24.
Wed, Feb 01, 2023
Budget 2023: The highest surcharge rate of 37 per cent, which was applicable on those individuals with income above Rs 5 crore, has been brought down to 25 per cent.
Budget 2023: The finance minister said the mechanism to defer the filing of a case in a tax dispute till a constitutional court decides the common legal question would "greatly help in reducing the repeated litigation between taxpayers and the department".
Budget 2023: Old vs New Tax regime - For high salary people, Sitharaman also reduced surcharge from 37 per cent to 25 per cent for high net worth individuals with income above Rs 2 crore.
Budget 2023: The number of tax slabs have been reduced from 7 to 5 and the tax exemption limit is increased to Rs 3 lakh.
Budget 2023:Sitharaman will on Wednesday present her fifth straight budget at a time when the economy is slowing due to global headwinds and specific sectors need attention.
New Income Tax Regime: It offers seven tax slabs with prevailing rates reduced on income up to Rs 15 lakhs.
Wed, Jan 25, 2023
Budget 2023: Under Section 234D, if a taxpayer miscalculates and pays excess income tax and the return gets delayed, a levy of interest on excess refund is granted to the taxpayer.
Mon, Jan 23, 2023
Budget 2023: As per provision, salaried taxpayers can save tax to the tune of Rs 100 per month per child.
Thu, Jan 19, 2023
Budget 2023: The government had in 2020 introduced a new tax regime. In the new regime, a taxpayer is not allowed to claim exemptions. The new tax regime has six slabs -- 5 per cent, 10 per cent, 15 per cent, 20 per cent, 25 per cent and 30 per cent.
Income Tax Act 80C and 80D: As of now, 80C and 80D are the two significant sections in the Income Tax Act that help taxpayers save some tax.
Wed, Nov 30, 2022
Budget 2023: The Confederation of Indian Industry (CII) has suggested putting in place policies to rationalise income tax slabs and rates for individuals in order to raise consumption demand.
Wed, Jun 01, 2022
Under Section 80C, a taxpayer can lower their overall taxable income by a maximum of Rs 1.5 lakh per year. As there is a limit of Rs 1.5 lakh per year, most taxpayers wish to reduce their taxes. here know What is Income Tax Section 80C.
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