Income Tax : Explore tax benefits available for parents under the Income Tax Act, including education, health insurance, and deductions for med...
Income Tax : Learn how to achieve tax-free rental income of ₹20,00,000 by leveraging deductions under Section 24 of the Income Tax Act, 1961,...
Income Tax : Learn how tax harvesting helps offset capital gains tax by selling loss-making investments. Optimize your tax savings and maintain...
Income Tax : In this article, we provide a brief overview on certain tax-saving checklist for taxpayers in India to ensure that taxpayers take ...
Income Tax : Explore the legal boundaries of tax avoidance, recent rulings, and the evolving jurisprudence in India with key cases like Vodafon...
Income Tax : Trusts and institutions carrying out charitable activities will face more stringent taxation regime when the new direct taxes code...
Finance : Money managers, who have historically used dividends as a ploy to lure investors to tax-saving stock funds, are shying away from p...
Income Tax : Bhoruka Steel Limited (BSL) was incorporated in the year 1969. The company became a sick industrial company within the meaning of...
Income Tax : Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ...
Tax Planning Tips for Pensioners and senior citizens for Assessment Year 2021-2022 If you want to get pension from April 2020, you have to give an anticipatory statement in Treasury or bank in March 2020. Therefore, as a pensioner you need a basic idea about the new finance bill of Feb 2020. Through this article, […]
Leave Travel Allowance (LTA) is the most common element of compensation adopted by employers to remunerate employees due to the tax benefits attached to it. Section 10(5) of the Income-Tax Act, 1961, read with Rule 2B, provides for the exemption and outlines the conditions subject to which LTA is exempt. Through this write-up, I want to shed light on the taxability and some other interesting relevant aspects which you as a salaried employee must keep in mind.
Investment Declaration’s Dribs & Drabs in tax planning (Proof submission for Income Tax Purposes (Correct TDS on Salary Calculation) by Salaried Employee to His Employer) Almost all companies have intimated their employees to submit investment declarations or IT proofs for Financial Year 2019-20.This article states about how to conveniently climb ladder till ITR filling by […]
The deadline for making tax saving investments is 31 March. But, there is still time to adopt last minute tax saving tips to claims tax benefits offered by the Government. This article discusses some tax investment avenues which can be utilized before 31 March to lower one’s overall tax liability.
Author discusses 7 Avenues to Save Tax in F.Y. 2019-20 which includes Deduction under Section 80C on Specified Investments or Expenses, Deduction for Contribution to the National Pension System, Deduction for payment of Health Insurance/Mediclaim Premiums, Deduction on Home rent paid by you, Deduction on the interest on your home loan, Deduction on interest Income […]
It really hurts to see a large pie of the salary cut towards tax. So the obvious question in everyones mind is How do I reduce my tax?. Every year we are forced to invest in something which reduces our tax liability. It may be NSC…it may be PPF…it may be ulip…it may be Mutual Fund ELSS.
This Article explains how to save tax in a private limited company. It explains various legally permissible ways in which you end up saving a lot of income tax. Company is an artificial person created by law. it is clothed with many rights, obligations, powers and duties prescribed by law. What is a Private limited […]
Mr Chaudhury has just sold his old ancestral house for a lump sum consideration of Rs. 20,00,000. He has now set his eyes on a new apartment which is due for possession within the next two years. Mr. Chaudhury is in a dilemma, he is aware that the amount he has received is a Capital Gain in his hands and is liable to tax. His intention is to use this fund towards paying for his new abode. What are his options?
The Financial Year end is round the corner, and shortly, all employees are required to submit the investment proofs for the year 2019-20. Since the Income tax department made it very clear to all employers to verify the geniuses of each claim made by the employee (circular 1/2017), the document verification will be more stringent […]
What a salary structure should include and how we can reduce our salary tax liability This article will help us to figure out how to reduce your tax liability under salary head and how to set salary structure for AY 2020-21. This article will cover various allowances which any type of employees will able to […]
