Buying a term insurance policy for tax saving? Avoid these mistakes The decision to buy a life insurance policy in a hurry can only drain water to take it. The easiest way to save tax is to buy a life insurance policy. This is what most people doing tax planning do at the last minute. […]
Tag Archives: Deduction under chapter vi
Tax Planning And Investment For Salaried Individuals We are in the last quarter of the current financial year i.e. 2019-2020, which will end on 31/03/2020. This is the high time everyone should take a look at their Tax planning and investments. In this article, I am sharing some important points and suggestions, especially for salaried […]
Life Insurance can provide Tax Benefits to you! Often, people opt into life insurance because of reasons that have to do with tax planning and saving. The importance of life insurance is not lost on anyone who has a family or dependents. Life insurance provides an essential financial shield for the family in the unfortunate […]
Section 80CCD – National Pension Scheme There are 770 lakhs registered individual taxpayers as per CBDT (Central Board of Direct Taxes). Individual Taxpayers always in worries about the burden of Direct Taxes. There are numerous provisions under the income tax act 1961 which provide the Tax relief to the different type of assessee whether by […]
of NPS contribution – Tax benefits This let us discuss income tax benefits available for contributions made by you to your NPS account. Though you can open Tier I and Tier II account under the NPS,The tax benefits are available only in respect of contributions made to your Tier I account and the discussion which […]
Expenditures Under Section 80C that Help You Save Tax Most of us want to save our money. Now, there are many plans and policies that help us save for our future as well as for rainy days. Careful planning can help us save in our taxable income as well. Various schemes and expenditures fall under […]
Tax Benefits related to rent paid,PPF and National Pension System Tax benefits in respect of rent paid Section 10(13A) of the Income Tax Act provides for Tax Benefits to a salaried person in respect of rent paid for a rented accommodation occupied by him if he is in receipt of House Rent Allowance (HRA) called […]
194IB – effects on Landlords and Tenants Finance Act 2017 dropped a bomb on the normal rent paying individuals in the form of section 194IB where an Individual & HUF paying a monthly rent of Rs. 50000 or above has to deduct the TDS at the rate of 5% from the total rent payment during […]