It is that time of the year when you have to declare your investments to claim deductions. Take well-considered decisions.
It is that time of the year when you have to declare your investments to claim deductions. Take well-considered decisions.
The Income Tax Act provides a direct deduction on account of fees paid for the education of dependent children.
ELSS is a great instrument for tax planning which also ensures good returns. But investment should be carefully planned.
Tax expert Anil Rego answers readers' questions about how Finance Minister Piyush Goyal's Budget affects you.
While we have our wish lists ready, it's only on February 28 that the verdict will be out. We do hope the FM plays Santa and brings some good cheer in this financial year. Meanwhile let's take a moment and list our expectations.
Tax strategies for the next year; let's get ready now!
Tax Guru Anil Rego answers your personal income tax queries.
Interest payment on home loans could become fully taxable. Perks to be included in salary income and taxed.
A few components that can be used to reduce the tax liability on your salary income.
Deduction on home loan interest cannot be claimed when the house is under construction
With mutual funds becoming an increasingly popular investment avenue, it would pay to be tax-smart.
Taxpayers can claim a deduction on tuition fees for a maximum of two children.
Sections in the Income Tax Act that give good benefits.
Can you file your tax returns for the last three years before March 31, 2009? Is a post office recurring deposit covered under Section 80C? Can you claim any tax benefit on money spent on your child's school uniform? How can you avail of tax deductions under Section 80 DD? Can you claim tax deduction on interest paid on personal loans? Here are the answers.
It is that time of the financial year, when tax payers start getting active about investing in Section 80C instruments.
With less than 6 months left for the close of the financial year, smart investors would have commenced their annual tax planning. Tax-saving funds (also referred to as equity linked savings schemes -- ELSS) are popular avenues among risk-taking investors. Apart from providing benefits under Section 80C (investments in tax-saving funds are eligible for deduction from gross total income), tax-saving funds offer investor opportunity to invest as per their risk appetite.
While diligent paperwork helps claim tax benefits, with employers under pressure from the government, any lapse in documentation by an employee will lead to sharp cuts in salary.
The Insurance Regulatory and Development Authority has clarified that only the premium collected for providing health cover in the case of unit-linked health insurance policies will be eligible for tax benefits.
The tax rate rises to 10 per cent, 15, per cent, 20 per cent and 25 per cent for every Rs 2.5 lakh addition. A 30 per cent tax is charged for income over Rs 15 lakh.
The Public Provident Fund is one of the safest and convenient modes of investment.
Evaluate recurring investment products and do the numbers before making any investments.
For a lot of investors, tax-planning is little more than a mandatory investment activity (under Section 80C) for saving tax. However, the fact is there is a lot more to tax-planning than writing cheques indiscriminately to your insurance company.
Saving tax through Ulips will lead to mixing of insurance with investment.
Life insurance offers dual benefits: financial security to your family in case of the policyholder's death as well as helps you save tax, says Alok Patnia.
Check if cashless hospitalisation is included and also the number of hospitals where this facility can be availed.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
This 20 per cent increase will allow a taxpayer to save up to Rs 2,000 in taxes every year, a senior government official said.
Here's a list of Top 10 ELSS funds in terms of percentage gain in the last one year till August 10, 2007. These funds not only help you make money but also save taxes as per Section 80C.
As opposed to term insurance that keeps you covered for a specific time period, opting for a whole life term plan means that you are covered for your entire life, says Santosh Agarwal.
The right investment at the right age will help you enjoy a secured post retirement life.
However, you need to prove that the money was inherited.
Loan taken for higher education from any other organisation or person will not qualify for claiming deduciton u/s 80E, says tax expert Vikas Gandhi.
Tax deductions and prioritising their sequence will help you streamline your investments for efficient tax saving.
Ulip investments can be claimed as a deduction from taxable income. But there is a catch to this which most insurance companies do not tell you.
To select the right fund, investors need to first evaluate their risk profile and also assess the funds on parameters like the investment style, performance and risk, among others.
Here's how EPF stacks against other investment options
To increase the deposit base, the banking industry is likely to press for restoration of tax exemption on interest income, increase in ceiling for tax deduction at source
Being an ELSS, it offers deduction under Sec. 80C
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