Since the Income Tax Act maintains several provisions for tax returns, an individual might not be aware of the regulations simultaneously. This can cause them to lose out on funds through redundant tax payments, reducing their annual savings respectively. We…
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Interest earned on your PF contribution above Rs 2.5 lakh per year to be taxable – Budget 2021 Announcement
The Budget also proposed to remove the tax exemption available under Section 10(10d) to Ulips with a premium of more than Rs 2.5 lakh per year. Present Provisions Presently, any payment received by an employee from his provident fund account…
Choosing the right Tax Structure – 2021
It’s been several months since the financial year 2020-21 began, but many are still undecided on the big question – whether to continue with the old tax structure or opt for the new one? The new tax structure has lower…
How much Tax do you pay on your Equity Investment?
We all know that Income from salary, rental income and business income is taxable. But what about income from sale or purchase of shares? Income/Loss from sale of equity shares is taxed. Investment in equity is an important part of an…
7 Ways to Save Taxes for FY 2020-2021
The Union Budget for the year 2020 made a major change by introducing the optional new tax regime which came into effect from April 1, 2020. This gives an individual taxpayer the option to either continue with the existing tax regime or opt for the new tax. Ideally, opting for the old tax regime will yield you more benefits. Here is some useful tax saving tips for financial year 2020-21 to lower your tax:
Are you really saving your taxes? Know your Tax slabs and review your investment plans now!
It’s that time of the year again, when our investments come again to the forefront. The investment receipts are all out, our inbox is full of mails urging us to claim our tax-saving investments and most of us are once…
The pitfall to avoid while availing extra time to file Tax Returns
A rider that the government inserted in June while giving extra time for filing income tax returns for FY20 could cost high net worth individuals additional interest outgo if large tax dues were not paid by July end, cautioned tax…
Serving, former soldiers exempted from panchayat property tax
All serving and retired soldiers in Maharashtra will be exempted from the Gram Panchayat property tax, Rural Development Minister Hasan Mushrif said. A government resolution for this was issued on Tuesday, he said in an official statement. The decision was…
Who is eligible to file which tax return for FY 2019-20?
All individuals having taxable income or those who satisfy other prescribed conditions are required to file annual income tax return (ITR) within the specified due date. For the financial year (FY) 2019-20, the specified due date for individuals (as extended…
7 Money and Tax tasks you should complete by July 31, 2020
Since March 2020, the government has extended various tax-related deadlines and relaxed terms and conditions of certain post office investment schemes. This was done to help the common man tide over financial problems caused due to the coronavirus pandemic. Many…