Income Tax : Discover expert tips and strategies on how to save tax in India through various exemptions and deductions under the Income Tax Act...
CA, CS, CMA : Discover the complexities of tax compliance for freelancers and gig workers, from understanding income sources to navigating legal...
Income Tax : Learn about key deductions under Section 80 for Income Tax Returns (ITR) filing. Explore benefits, limits, and eligibility criteri...
Income Tax : The Income Tax Act's Section 80, which gives taxpayers several deductions to lower their taxable income, is one of its most import...
Income Tax : Explore top tax-saving options beyond Section 80C for FY 2023-24, including NPS, health insurance premiums, medical expenses, home...
Income Tax : Pro-rata deduction of single premium paid in year one should be allowed over the term of the policy. E.g. if the premium paid is R...
Income Tax : Aviva Life Insurance today announced the launch of its online health plan – Aviva Health Secure. The plan provides the policyhol...
Income Tax : It is, therefore, proposed to also allow deduction in respect of any contribution made to CGHS by including such contribution unde...
Income Tax : In Sandip Chattopadhyay vs. ITO case, ITAT Kolkata ruled that deductions under sections 24(b), 80C, and 80D cannot be denied for n...
Income Tax : Vide Income Tax Notification No. 35/2020 dated 24.06.2020 govt extends Due date for ITR for FY 2018-19 upto 31.07.2020, Last...
Income Tax : Central Government hereby notifies the Ex-Servicemen Contributory Health Scheme of the Department of Ex-Servicemen Welfare, Minist...
Income Tax : Central Government hereby notifies the Contributory Health Service Scheme of the Department of Atomic Energy for the purposes of s...
Income Tax : Notification No. 6/2014-Income Tax In exercise of thy powers conferred by clause (a) of sub-section (2) of section 80D of the Inco...
Are you an *NRI (defined at the end), then you should know few provisions of Indian Income Tax Act which treat NRIs differently from resident Indians. I have tried to articulate few provisions of Income Tax Act, which makes tax implication on residents Indian and NRIs different: 1.For Residents, their global income is taxable while […]
As we are in the mid of March which is last month of the financial year, many of us are concerned as to where and how much to invest to save tax. As one can claim a set limit deduction from his / her income under the Income Tax Act, one must be very careful […]
The best way to make your aging parents feel cared for is to give them a health insurance policy. A customized health insurance for senior citizens plans is critical; as it assures that they’re independent financially and taken care of in case of critical illness. With several health insurances for senior citizens available at your disposal […]
हर वित्त वर्ष के अंत में वित्तीय सेवाएं देने वाली कंपनियां बहुत सक्रिय हो जाती हैं. इनमें बैंक, बीमा कंपनी और फंड हाउस शामिल हैं. ये केवल ईमेल और मैसेज से नहीं बल्कि बड़ी-बड़ी होर्डिंग के जरिए एक ही बात का प्रचार करते दिखती हैं. वे बताती हैं कि कैसे आप उनके प्रोडक्ट का इस्तेमाल […]
An individual can claim upto Rs. 25,000 as a deduction on medical insurance of self and family (spouse and dependent children). If the taxpayer or any member in his family is more than 60 years old, maximum deduction claimable is Rs. 50,000.
Every Person wants to SAVE TAXES..!! Isn’t it..?? But how could anyone do that?? How and where to Invest? What is the most tax efficient investment? Pretty much Confused. Right..?? These are some of the very common questions which can easily be seen floating around. To achieve that purpose we need to understand the concept […]
Central Government hereby notifies the Ex-Servicemen Contributory Health Scheme of the Department of Ex-Servicemen Welfare, Ministry of Defence, for the purposes of section 80D(2)(a).
For most of the people ‘tax savings’ brings to mind life insurance, PPF, NSC, Sukanya Samriddhi Account and equity-linked savings scheme, among others, that qualify for tax deduction under Section 80C of the Income-Tax Act. An individual can claim tax deductions of up to Rs 1.50 lakh (One Lakh Up to AY 2014-15) under 80C.
Often, investment for most individuals begins and ends with tax planning. Although it is pertinent to avail tax breaks, this should not be the sole focus. Start by jotting down your key financial objectives, the tentative time of money requirement and the corpus needed to achieve those goals.
Income tax laws allow you various benefits in respect of amounts spent or invested. Primarily these tax benefits are available for amounts spent or invested on yourself but for certain items, the benefits are available for amounts invested or spent on family members.
