Tax Planning articles

Time for family “succession” planning – Better late than never

It is rightly said that failing to plan is planning to fail. This adage resonates further in case of family succession planning. If an individual fails to plan for his/ her succession, it can create havoc and chaos for the grieving family and for the business in general. Family succession planning involves passing the wealth […]...

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Posted Under: Income Tax |

Benefits available to senior citizens under income tax

The Indian income tax laws provide certain tax benefits to senior citizens. Let us discuss those benefits. 1. Higher Basic Exemption Limits for senior citizens under income tax For ordinary individual tax payers the basic exemption limit, upto which he is not required to pay any tax, is presently capped at Rs. 2.50 Lakhs.  However [&hell...

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Posted Under: Income Tax |

Advance Tax Provisions, Payment Challan, e-payment Utility & Examples

As per section 208, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of advance tax. In this part you can gain knowledge on various provisions relating to payment of advance tax by a taxpayer....

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Posted Under: Income Tax | ,

5 Income Tax Changes affecting Tax planning from 01.04.2018

Tax planning is one of the Key planning in which everyone indulges to get the most out of the benefits available in Income Tax Act. Budget 2018 proposed some key changes in the income tax laws which will become effective from 01.04.2018. Following are New Income Tax Changes affecting Tax planning from 01.04.2018...

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Posted Under: Income Tax |

7 must-do’s before 31st March-A quick checklist

We all are aware that end of the financial year 17-18 is approaching. 31st March, 2018 is an important date to remember for individuals and taxpayers in India as it is the deadline for completing all financial obligations. Here are must 7 things to do before the end of 31st March 2018:...

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Posted Under: Income Tax |

Claim Tax Benefit on HRA as well as Tax Deduction on Home Loan

For some people, the tax-planning season has just started. You know that house rent allowance (HRA) and the deduction related to home loan repayment can lower your tax liability. You will be pleased to know, in certain cases, you can avail tax benefits from both of these....

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Posted Under: Income Tax |

Why March of Every Year is a Boon in Disguise?

Some would say December is, end of the year - good, bad, worst or phenomenal it is still coming to an end. So we make resolutions which are broken before the first week of January ends. ...

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Posted Under: Income Tax | ,

Tax Benefits From LIC Life Insurance Plans (F.Y. 2017-18)

In the cases of persons covered under the above categories having a total income exceeding Rs. 50 Lakh but up to Rs. 1 crore, the income tax as calculated above be increased by a surcharge at the rate of 10 per cent of such income- tax. If such income exceeds Rs. 1 Crore, rate of surcharge will be @15%....

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Posted Under: Income Tax |

How to save income tax (For Salaried Individuals)

This article mainly deals with the understanding of some common ways to save income tax of a salaried individual...

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Posted Under: Income Tax |
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