Usually, more earnings correspond to increased tax liability. However, this in fact is not the case with all your income sources. As per the IT Act of 1961, there are provisions where the income obtained from certain sources and professions are tax exempt at best or feature a low tax rate at worst. These are […]
As we close in on the end of this year’s tax deductible investment dates, a question that starts to loom large is how to plan ahead and reduce your tax burden for the subsequent year. There is definitely no dearth tax saving investment options out there. But this year, instead of running from pillar to […]
As part of the Union Budget 2017 speech, Finance Minister Arun Jaitley has proposed a penalty of up to Rs.10,000 for delayed filing of Income Tax Return (ITR) from 2018-19 Assessment Year (AY) onwards. If ITR is filed after the due date but on or before 31st December, then the Penalty of Rs.5000 will be […]
The Government might make NPS (National Pension Scheme) completely tax free in the coming budget session. Currently, NPS enjoys an exempt-exempt-tax (EET) regime but it is possible that NPS will become EEE in all the three stages, i.e. contribution, accumulation and withdrawal. It’s still not final yet and the government might instead make 80% of […]
The average salaried individual often has one key focus in life – planning for retirement. This is because during our golden years, we still have expenses, but not necessarily a steady and sizeable income. NPS, earlier known as the New Pension Scheme, was introduced in 2004 to help private and government sector employees. Through the […]
When it comes to tax saving investment options, Section 80C of the Income Tax Act 1961 definitely tops our mind. Rightly so too, as this section includes a wide range of tax saving investment option ranging from ELSS tax saver mutual funds and PPF to life insurance and home loan principal repayment. However, the cumulative […]
Tax planning is an essential element of personal finance whether you are self-employed or salaried. As the New Year starts, most individuals start seeking tax saving options to claim relief on their overall tax liability. A majority of the popular tax saving options available in India are available under Section 80C of the Income Tax […]
With the tax season here, it is important to get your tax act together. While you scramble for that elusive LIC policy receipt or sift through reams of paper to find your tax-saving mutual fund investments, you are sure to miss out on something or the other. Here’s a short list of 5 lesser known, […]
The tax savings investment deadline for the financial year 2016-2017 is round the corner. It is only natural that you are wondering which options are best suited to your needs. In fact, the range of tax-savings products on offer is seemingly unending which makes selecting a product difficult. Add to this, the complication that some […]
The Pension Fund Regulatory and Development Authority (PFRDA) has declared that a National Pension Scheme or NPS account can now be opened online, without any need of sending physical printout to the CRA (Central Recordkeeping Agency). Previously, for opening an NPS account, one had to send a signed printout of the form submitted online […]
