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Tax Hacks

3 Tax Saving Options

Saving Tax With Insurance

Paying and managing Income Tax is one of the most important responsibilities of life. As a citizen of a country, it is one’s duty to pay their income tax without fail. However, like they say, ‘where there is a will, there is a way’, you can save some part of your income from getting taxed by means of investments and other options.

Understanding Income Tax?

Income tax is an important part of . It i…

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3 Tax Saving Investments for Capital Safety and Great Returns for FY 2018-19

Tax Saving Investments for Capital Safety

Every year we lose a chunk of our hard-earned money to the taxman. That too despite numerous tax saving options available for you to save tax. Often the reason for higher tax liability is delayed investments for tax saving. Most taxpayers do not even consider this seriously until the last quarter of the financial year, and no doubt they lag on the tax saving targets and end up paying more taxes. The solution is simple, start early,…

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What is section 44ADA and how does it benefit freelancers?

In what comes as a relief to the freelancer community, the government in 2016 has added them in the ambit of presumptive taxation under Section 44DA of the Income Tax Act. could now be levied on only half of their income without the need to maintain regular books of accounts. 

Let us understand with an example. Suppose you are a freelancer. You have earned ₹40 lakhs in FY 2016-17, and your expenses …

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10 things you need to know about advance

People often think of income tax as a lump sum paid to the government at the end of the year. But instead of one annual collection, the government prefers smaller p…

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Go Beyond 80C Tax Benefits. Turn into a Smart Tax Saver.

Tax Benefits

Section 80C is the most used tax-saving section amongst the tax-payers. Section 80C provides for investment options whenever one wants to reduce his/her tax li…

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4 Reasons Why You Should Start Investing Now to Save Tax

Investment and tax savings

There is something empowering about deciding where your money goes. It is far better than spending money or worse, not having an idea on where your earnings are goin…

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5 Tax Saving Future Generali Plans for Young Parents

1. Future Generali Assured Education Plan

This is an assured income savings plan for funding the higher education of your children. It allows you to accumulate a co…

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5 things to keep in mind if your taxable income varies from month to month

Salaried individuals have an advantage over freelancers when it comes to filing taxes since the company sends them Form 16, which makes the process of

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5 things to keep in mind to ensure you are not breaking income tax laws

5 things to keep in mind to ensure you are not breaking income tax laws

There are very hefty fines if you are not paying your income tax in the right manner. By filing these returns, a person declares how much income he/she has ear…

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5 things to keep in mind while choosing the right tax saving plan by Future Generali India Life Insurance

Whether you are an individual or a family, the process of planning for taxes looks different for everyone. This is because, financially speaking, every person or famil…

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5 tax saving tips for couples

It is essential to learn about tax benefits for couples to maximise savings and achieve financial goals, whether for the long-term or short-term period.

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5 questions to ask yourself before picking between the different tax-saving options

Before choosing between the many tax-saving options available, you need to consider certain factors. Here are 5 questions to ask yourself before

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Here are 7 instruments can help you save tax under section 80C

Section 80C of Income Tax Act provides tax deductions upto ₹1.5 lakhs for various instruments to encourage citizens to save and invest their income sensibly. 

E…

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A guide to TDS for freelancers: Everything you need to know

Tax Deducted at Source (TDS) is the amount of money deducted as tax by the payer before making a payment for any service. TDS is a part of your tax obligation to th…

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A beginner's guide to taxation for an NRI

Who is an NRI as per Income Tax rules?

  • Their collective stay in the country during the year is less t…

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All you need to know about ELSS

Equity Linked Savings Schemes (ELSS) are mutual funds that invest primarily in the equity market. They’re that allow investors to enjoy th…

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Income tax appeal: 5 things you need to know

As a taxpayer, you have been vested with the power to file an income tax appeal should you not be satisfied with the assessment made by the Assessing officer during…

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Are festival bonuses at work taxable?

Are festival bonuses at work taxable

In India, Diwali, the festival of lights, is celebrated with cheer and grandeur. So much so, that most companies prefer to give festival bonuses around Diwali…

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Are income tax slabs different for children under the age of 18?

tax slabs different for children under the age of 18

In India, the income tax slabs are based on the total income a person earns during a fiscal year. Many a time, we see tax slabs changed by the government on de…

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Are you a doctor? Have you heard of presumptive taxation?

What is Presumptive Taxation?

The regular taxation system requires you to based on income earned from all sources. Here, the doctor’s practice…

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Are There Tax Implications When Moving From One State to Another?

While moving from one state to another, it is important to be aware of the professional tax implication. Professional tax, unlike the income tax which is levied by …

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As a salaried employee, you need to maintain the following documents for income tax purpose.

You need to maintain the following documents

All salaried employees need to pay income tax. Income tax constitutes a significant source of revenue for the government. Almost all formal employers deduct ta…

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At what age can I utilise the benefits of Senior Citizens’ Savings scheme?

Senior Citizens’ Savings Scheme (SCSS)

It is a savings deposit scheme from the government with a 5-year maturity from the date of its opening. It allows a deposi…

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A basic guide to calculating your income tax liability

You can calculate income tax by keeping a few simple things in mind. First, add up your earnings to arrive at your total gross income and then subtract applicable d…

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Can I avail tax deductions on the reconstruction of a house?

Tax deductions on the reconstruction of a house

Often, homeowners may find themselves in a situation where their house property requires a significant overhaul. Much like constructing a house from the start …

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Can I save tax with Future Generali Assured Income Plan?

Future Generali Assured Income Plan is a life insurance plan that provides you with both financial cover as well as assured returns on the premiums paid by you. The be…

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Can I save tax with the Future Generali Flexi Online Term Plan?

Introduction

The Future Generali Flexi Online Term Plan is a life insurance plan that allows you to secure a life cover up to the age of 75 years. You have the flex…

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Can tax saving plans by Future Generali India Life Insurance help me grow wealth?

Unit Linked Insurance Plans(ULIP) go beyond the traditional mandate of insurance plans - they provide a combination of financial protection against uncertainties along…

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Can my work-related phone and WiFi bills help me reduce taxes?

My work-related phone and WiFi bills help me reduce taxes

Employers often reimburse employees for the expenses incurred by them in the delivery of their services. For instance, employers might

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I pay for my parents’ healthcare- can I get tax benefits?

With the rising cost of treatments for various illnesses getting out of the reach of the middle class, it is wiser to pay for a health insurance premium than bear o…

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What are the dates at which advance tax needs to be paid?

The dates at which advance tax needs to be paid
What is advance tax?

Advance tax, as the name signifies, is income tax that you need to pay in advance, over the course of the relevant financial year. It’s…

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Tax Liability for a freelancer: Everything you need to know

Everything you need to know

India is considered to be the second largest player in the freelancing world after the United States. While the US has around 53 million people working remotel…

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My child just won a scholarship - will I have to pay taxes on it?

My child just won a scholarship

A scholarship is aimed at providing help to students who deserve to study further but can’t afford it under their normal circumstances or due to family issues.…

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Do I need to pay tax on interest income? How is it classified?

forms can be daunting. You need to understand your salary structure, your tax slab features and various other clauses of the Income Tax Ac…

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Do market-linked investment instruments also have tax benefits?

There are 3 market-linked investments with tax benefits in India currently.

Unit Linked Insurance Plan (ULIP):

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Income Tax Liability for minors: Everything you need to know

Everything you need to know

Even though the government has banned child labor under the Child Labor (Prohibition and Regulation) Act, 1986 which is applicable to all children until the ag…

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Do you need a tax consultant to help you with tax planning?

Do you need a tax consultant to help you with tax planning

Tax planning is an important but often ignored concept in India. It not only means availing deductions but also includes planning finances and investments in s…

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Does a critical illness insurance plan have section 80D tax benefit?

What is Section 80D?

It allows an individual tax benefits towards the premium he/she pays for a . This also includes the premium of a cri…

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Does India have a high income tax rate? An analysis

The income tax rate for India follows a progressive tax regime, which means that individuals who earn more pay a higher share of taxes as compared to others. Moreov…

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What are the Eligible Securities under the Rajiv Gandhi Equity Savings Scheme?

The Rajiv Gandhi Equity Savings Scheme (RGESS) was a scheme introduced in the Union Budget of 2012-13. Due to low uptake, it was phased out in April 2017. RGESS aim…

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Everything you need to know about Atal Pension Yojana

What is Atal pension yojana (APY)?

It is a social security scheme by the government for those working in the unorganised sector such as maids, drivers, construct…

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Everything you need to know about Income Tax returns

What is ITR?

An Income Tax Return (ITR) refers to the form used by taxpayers to file records about their various sources of income. The form states their gross i…

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Taxation on dividends: Everything you need to know

Dividends serve as a source of income for investors across India. Here is what taxpayers need to know about taxation on dividends when filing their tax returns:

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How life and health insurance help you save tax while securing your family’s future

How life and health insurance help you save tax while securing your family’s future

With the tax season around the corner, you must be looking at ways to reduce your tax outgo. Well, you don’t have to look very far. Insurance helps you reduce you…

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Filling your income tax return is easy Here's How?

Filling your Income Tax Return is easy.

Here's How?

Incom Tax Return

Smart individuals follow these key steps to make the process smoot…

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Are you in your first job? 7 basics of salary structure you need to understand

The first salary you receive is a milestone and a reason for great pride. While you are overjoyed in the beginning, they might get confused later when they look at …

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What are the expenses that cannot be claimed by freelancers?

Income tax calculations for freelancers is a little different for salaried individuals. Their tax calculations are generally based on the calculation of profits aft…

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Have You Planned Your Tax Savings? Read on To Start Now

Have You Planned Your Tax Savings

You may be surprised to know that the history of taxation in India goes back almost 2,300 years. Before our ancestors pioneered the concept of currency, taxes were p…

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Have a health insurance? Secure a tax deduction under section 80D

Health insurance is not a luxury but a necessity. Apart from providing financial help in case of any medical issues, offers tax deduction under s…

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Here are the Future Generali Plans that can give you Section 10(10D) tax benefits

One of the tax benefits of life insurance is that the sum assured including any other add-ons payable to you upon the maturity or surrender of policy is typically not …

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Here's how Future Generali Assured Education helps you save tax

The Future Generali Assured Education is a life insurance plan that is specifically designed to meet the educational needs of your child. The cost of education is skyr…

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Here's how Future Generali Dhan Vridhi helps you save tax

Future Generali Dhan Vridhi is a Unit Linked Insurance Plan (ULIP) that combines the features of an insurance plan with an investment scheme. An insurance plan safegua…

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How to Save Tax in India as a Salaried Tax Payer in A.Y. 2019-20

Save Tax in India as a Salaried Tax Payer

Majority of us think that we pay excess taxes, and instead of figuring out , all we do is worry about it. Amongst all the taxpayers, the sala…

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How are donations to religious institutions taxed in India?

The Government of India is interested in promoting contributions and donations from its citizens to various charitable organisations across the country, and as such…

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How are non-resident sailors and seafarers taxed?

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Sailors and seafarers sail through and visit multiple countries on their voyage. This raises the question of how is income tax for sail…

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How can a term insurance plan help me save on tax?

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What is a term insurance plan? provide pure life cover for a specific time without a savings or profit compon…

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How can I reduce tax liability on Capital Gains?

The government provides several tax deduction benefits for Long Term Capital Gains in India.

What are long term and short term capital assets?

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How can I save tax with Future Generali India Life Insurance plans?

You can save tax with term insurance plans, Unit Linked Insurance Plans (ULIPs) and Health Insurance plans provided by Future Generali India Life Insurance while provi…

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How can I set off long term capital gains?

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What are long-term capital gains? 

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Long Term Capital Loss: How can I use this to my benefit?

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Capital losses arise when you make a loss on the sale of a capital asset. Long-term capital losses occur on assets held for over 2 year…

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How Child Plans by Future Generali India Life Insurance Can Help You Save Tax

All parents want the best education for their children. However, the cost of quality education is ever-increasing. Child Plans by Future Generali India Life Insurance …

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How do I choose which insurance company to buy from?

Everybody knows the importance of buying a reliable insurance policy. Regardless of whether the insurance is for an individual’s health, home or car or even term insur…

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How do I distinguish between capital receipt and revenue receipt?

how-do-i-distinguish-between-capital-receipt-and-revenue-receipt

A business generally receives two different types of receipts – capital receipt and revenue receipt. To understand the difference between capital receipt and reven…

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How health insurance can help you save tax

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Investing in can help taxpayers reduce their tax liability. Section 80D of the Income Tax Act offers tax benefits o…

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How do the lock-in periods of different tax saving instruments differ?

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Tax-saving instruments are an integral part of annual financial planning. Such investments typically offer

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What are the tax implications of moving jobs in the middle of the financial year?

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When you are hired for a new job, your new employer is not going to wait for the financial year to end. However, when you are switching j…

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Where is my tax contribution to the government spent?

Where is my tax contribution to the government spent

The tax system in India is quite simplified and well structured. According to the Constitution, the Central Government is responsible for levying taxes like in…

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FDs can help you save taxes - here's how

In case you still haven’t made any tax-saving investments and are wondering what could be the right step in that direction, then a tax-saving fixed deposit (FD) cou…

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How free-switching in Future Generali ULIP gives you flexibility

Unit Linked Insurance Plans(ULIPs) merge the safety of an insurance plan with the earning potential of investments. A part of the premium is redirected to funding the …

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At what frequency is a freelancer required to deposit tax with the government?

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Freelancers are individuals in the workforce that are self-employed and are hired by companies to work on a project-by-project basis. E…

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How fund-switching in ULIPs make them a flexible, all-round product

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A Plan (ULIP) is a product that offers both life insurance and investment options at the same time. The insur…

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How Future Generali Bima Advantage Plus can help you save on tax

Tax saving is one primary reason behind investors looking for new instruments to invest in. Unit Linked Investment Plans (ULIPs) are the perfect instrument for investo…

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How Future Generali Cancer Protect Plan can help you save on tax

Future Generali’s Cancer Protect Plan is a health insurance policy that has specifically been developed for providing a protective cover for cancer. Not only does it a…

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How Future Generali India Life Insurance tax saving plans let you milk market cycles by allowing fund switching

Future Generali India Life Insurance ULIPs put the security of an insurance plan and the wealth-expanding potential of investments in the same convenient package. Unit…

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How health insurance plans by Future Generali India Life can help you save tax

With the cost of healthcare rising in India, medical emergencies can take a substantial toll on the financial resources of an individual. Health insurance can help you…

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Do you have a housing loan? You can use Section 24 to secure an income tax deduction

You can use Section 24 to secure an income tax deduction

Constructing a house or buying one is not an easy task. From choosing the right housing loan at a competitive rate of interest to finding a dependable construc…

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How is agriculture income defined?

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According to section 10(1) of the Income Tax Act, 1961, agricultural income has been exempted from taxation. Any income or revenue deri…

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New capital gains tax in union budget 2018: How it can affect your portfolio?

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In simple words, a capital gain is defined as the gain or profit earned upon the sale of a capital asset. The profit made comes within …

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TDS Refund as an NRI: All you need to know

All payments made to NRIs involve TDS deductions.  This is applicable even if their income falls within the income tax slab of 0% - which is for those earning an an…

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How partial withdrawals are a powerful feature in Future Generali India Life Insurance ULIP plans

Future Generali India Life Insurance Unit Linked Insurance Plans (ULIPs) allow families to achieve the dual goals of long-term wealth creation and creating a financial…

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Senior Citizens' Savings Scheme: How it can help you save tax

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The Government of India has started a saving scheme for senior citizens, which also doubles as a tax-saving scheme. 

Tax Benefits o…

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How the E-Assessment Scheme Will Improve Your Tax Experience

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The Income Tax E-Assessment Scheme of September 2019, aimed at reducing red-tapism in the country, does away with the need to interact …

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How the presumptive taxation scheme can make your life easier?

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What is presumptive taxation scheme? It allows tax computation at a prescribed rate on income or profit estimated by a business owne…

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Is Income calculated as Income earned or actual money received in the bank?

Is Income calculated as Income earned or actual money received in the bank

Calculating income for income tax purposes can be tricky. Income can be accumulated through monthly salary, but it can also be acquired through gains on proper…

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What is the formula for calculating income from house property?

What is the formula for calculating income from house property

Income from a property or house property or let out property comes when you have a property from which you receive Rental Income. Sometimes Income from let out…

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How to calculate long term capital gains tax liability?

Capital gains refer to the ‘gains’ made from the sale of fixed capital assets. Capital assets may include, among others, vehicles, house property, building, land, j…

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What is Casual Income? What are the tax implications for the same?

how-to-calculate-tax-for-casual-income

Casual income, as the name suggests, is non-recurring in nature. It's an income which is earned by chance and not likely to occur again in a year. This earning is …

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What can I do to get income tax refund?

One can claim Income Tax Refund in the case of having paid a higher amount as tax vis-a-vis the amount actually payable. Sections 237 to 241 of the Income Tax Act p…

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How can I check the status of my income tax refund?

For assessees who’ve paid income tax in excess of their tax liability, the government issues an income tax refund, which is equal to the excess amount paid by the a…

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Do I get interest on my tax refund?

Do I get interest on my tax refund

The term ‘tax refunds’ won’t be new to taxpayers. Whenever the amount of tax paid is greater than the total tax liability, a refund is due. In a lot of cases, …

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Didn’t receive HRA? Section 80GG can help you save tax

Section 80GG can help you save tax

Salaried employees staying in rented accommodation who do not receive any (HRA) from their company have no reason to worry. They can sti…

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Here's how to maximize your tax savings by investing the right amount

to maximize your tax savings by investing the right amount

The Income Tax Act, 1961, comes with multiple provisions that you can use to maximize your tax savings. Deductions offered under these sections can help you lo…

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How to Pick the Right Tax Saving Plan by Future Generali India Life Insurance for Yourself

It is well known that insurance plans come with a host of tax benefits. A diverse range of insurance plans are now available in the market, but you must pick the plan …

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How to minimize tax on mutual fund returns?

If you want to minimize tax on mutual fund returns, first it’s important to understand how mutual funds are taxed.

How are mutual fund returns taxed?

Mutual f…

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How to save tax on long-term capital gains?

How to save tax on long-term capital gains?

Profit arising on sale of any capital asset is termed as capital gain and bifurcated into short term or long term for tax purposes. It depends upon the period …

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How to Save Tax Using Future Generali India Life Insurance Online Term Plans

The benefits of a life insurance plan are various; financial protection for your family being the primary advantage. There are, however, a number of other benefits tha…

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How ULIPs by Future Generali India Life Insurance can help you save tax

Many people think life insurance is limited to offering a pre-decided amount on the death of the insured. But life insurance products like unit-linked insurance plans …

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How ULIPs provide the joint benefit of insurance and capital appreciation

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A Unit Linked Insurance Plan is a plan that provides both insurance and investment. The goal is to provide life cover while the rest is…

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A 10 point beginner's guide to income tax in India

If you’ve been looking for a quick beginner’s guide to income tax to help you understand the law, it’s essential to start at the basics. The following 10 points can…

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Special Income Tax benefits for senior and super senior citizens

Income Tax benefits for senior and super senior citizens

The government has recognized the importance of easing out the financial burden of those in their retirement years. This has been reflected in the budget propo…

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Is a cut in personal income tax rates expected in FY 2019-20?

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In recent times, it has been reported that the government is considering cutting personal income tax rates. The thinking is that with lower tax rates, disposab…

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What are the latest income tax slab rates for FY 19-20?

Let us take a look at the income tax slabs for the financial year 2019-2020, mainly differentiated by the age bracket criteria:

    1. Individuals below the age of…

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Increase Your Take Home for JFM with These 4 Steps

CAN DIFFER SIGNIFICANTLY FROM YOUR GROSS PAY DUE TO TAX DEDUCTIONS.

Increase Your Take Home for JFM
Here’s a
1-minute to increase your take home for jfm

HERE’S A 1-MINUTE

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In what kinds of instruments can I invest to get tax benefit under RGESS?

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The Rajiv Gandhi Equity Savings Scheme (RGESS) was announced in the Union Budget presented for FY 2012-13 in order to offer

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Are cashbacks on mobile wallets taxable?

Are cashbacks on mobile wallets taxable

Mobile wallets and e-payment apps have made our lives so much easier! You can now pay your mobile bills, electricity bills and even restaurant bills with just …

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Received dividend from a foreign company? Here is the tax implication

Here is the tax implication

When a taxpayer invests for the first time, they might be unsure about the tax implications of dividend payments they receive from companies they have invested…

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Is the national pension scheme relevant today?

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With an increase in the young population of India along with higher life expectancy, a is more necessary than ever bef…

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Key changes in income tax rules in Budget FY2019-20

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Of the many noteworthy decisions taken by Finance Minister, here are the key changes made to income tax rules in India, effective Septe…

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Tax deductions on charity: Everything you need to know

How does Tax Deduction Work for Different Donations?

Under Section 80G of the Indian Income Tax Act, a tax deduction is made available on donations made to a c…

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Structuring your contract as a consultant vs salaried employee: Pros and Cons

Structuring your contract as a consultant

A significant difference in being onboard a company as an employee versus a consultant is that in the case of the former, your receipts are classified as

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Are the tax liabilities of buying a second home different from the first?

The can be split into two periods – one before and the other after the Interim Budget 2019. Here’s a closer look…

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Tax implications for transgender individuals: New rules help provide clarity

New rules help provide clarity

Being a transgender in India has always been difficult. However, the government has been recognising their issues and granting them various opportunities for e…

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Starting your first job? 9 things you need to know about personal finance

9 things you need to know about personal finance

Getting a job after completion of education is the dream of every individual. Everyone wants to be self-dependent. What will you do with the salary for your fi…

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7 Reasons For Which You Can Receive An Income Tax Notice

7 Reasons For Which You Can Receive An Income Tax Notice

Receiving a notice from the Income Tax Department can leave you in a state of panic. As a responsible taxpayer, you try your best to file your Income Tax Retur…

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Received money from friend via a payment app. Is that taxable?

Received money from friend

Payment wallets and apps have made our lives so much easier. It is now easy to split the bill with friends when you have dinner. You can easily split the expen…

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Section 154 of the Income Tax Act: Rectification of errors in tax return

Section 154 of the Income Tax Act allows income tax authorities to rectify any mistake apparent from the record. The rectification of errors can be made to amend an…

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8 salary components that can help you save on tax

8 salary components that can help you save on tax

Income Tax is a tax applied to the salary earned by an employee from the employer. Income Tax Act, 1961 gives power to the government to take income tax from s…

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Save Tax with life Insurance Investment

Tax Savings with Life Insurance

Life Insurance – A multi purpose option

Most of us, especially the salaried people believe that the best time to start tax planning is always at the beginning of a fina…

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Tax Planning: Use Income Tax Section 80 to Save Tax Legally

Use Income Tax Section 80 to Save Tax Legally

Paying tax on your hard-earned income leaves a sour taste in your mouth, doesn’t it? That is why you approach your tax consultants and Chartered Accountants to…

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Section 80TTA can help you save tax on savings account interest income

Section 80TTA can help you save tax on savings account interest income

The total amount of deposits in savings accounts of Indian banks touched 36 lakh crores for fiscal year 2017-18. Financial inclusion has almost doubled the num…

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How Life & Health Insurance helps to save tax & protect your family’s future

With the tax season around the corner, you must be looking at ways to reduce your tax outgo. Well, you don’t have to look very far. Insurance helps you save you…

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Tax benefit on buying an affordable house - deduction under Section 80EEA

If you have always wanted to buy your own house, now might just be the right time. The Government of India, in Budget 2019, introduced a new provision in the Income…

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Securing section 80D tax deduction with Future Generali India Life insurance plans

A higher incidence of diseases, coupled with the rising cost of medical care, has made health insurance a necessity. The government provides a variety of health insura…

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5 significant changes to Income Tax laws in the past 5 years

5 significant changes to Income Tax laws in the past 5 years

The Finance Minister of the government at the centre introduced several income tax changes since his first budget in 2014 to the one in 2018. These 5 years saw…

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Sole proprietor vs private limited company: A tax guide

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Sole Proprietorship v/s Private Limited Company:

Sole Proprietorship is the purest business form under which one can operate a busin…

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5 special tax provisions for central government employees

5 special tax provisions for central government employees

Many Indian job seekers prefer government jobs over private employment. Even though private companies often offer better pay, government jobs are highly sought…

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5 steps to take when you get salary increment that can help decrease tax implications

5 steps to take when you get salary increment

If you have worked hard with commitment and purpose, then it is no wonder that you deserve salary increment. But, before you go into celebration mode, you must…

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Joint ownership of a house with wife: Tax implications?

Among the many aspects of taxation, joint ownership of property (between two spouses) is one such topic that is not commonly discussed. However, it can have signifi…

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A comprehensive guide to taxation around term insurance

taxation around term insurance

Tax savings should not be the sole objective of your term insurance plan ; however, it’s an important benefit you get from investing in a term life insurance plan. M…

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Child's education fees: Do they have tax benefits?

With the cost of education rising every year, parents find themselves under a significant amount of financial burden. Fortunately, the Government of India, through …

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Can I get tax benefits on medical expenses incurred on in-laws?

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You cannot directly get tax benefits on medical expenses incurred on in-laws, but you may be able to avail the benefit indirectly. Income…

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Is term insurance premium tax-free

Tax Free Conditions for Term Insurance Plan

It becomes essential to purchase term insurance policy as it gives financial security to your loved ones after you are no longer around. The sum which comes with a t…

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10 NGOS to consider donating to in order to get tax exemption

tax-benfits-of-donating-to-an-ngo-under-section-80g

You can claim tax deductions under section 80G if you donate to an NGO. Let’s find out how this works.

Who is eligible? If you are eligible to pay tax, you ar…

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Is there any deduction for interest on a personal loan?

Is there any deduction for interest on a personal loan

Instant personal loans are key financial tools that give you the funds you desperately need with quick approvals and disbursement. Usually, personal loans do n…

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As a freelancer, what expenses can I claim as deductions?

Freelancers can also reap tax deduction benefits as individuals and business owners. As individuals, they can claim tax-saving deductions available to salaried indi…

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Consultant vs Salaried Employee: Key taxation differences for you

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An increasing number of millennials in India is choosing to freelance or work as a consultant instead of working as a salaried employee. …

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Here's How You Can Build a For Your GOLDEN YEARS

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Here's How You Can Build a

TAX-FREE PENSION

for your GOLDEN YEARS

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"ULIPs can help you avail tax-free pension and make your ret…

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Tax implication for LTCG on husband's gift to wife

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Indian laws mandate the payment of tax on any gains accrued through the sale of capital assets. Depending on the period of holding, the…

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Cash basis vs accrual basis accounting: Tax implications of each

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There are two methods of accounting allowed under the Income Tax Act- cash accounting and accrual accounting. 

What is cash account…

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Tax jargon simplified for you

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Each year, as the season rolls around, you’ve probably wondered about all the tax terminology floating around. Here’s an ove…

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If I win money in a lottery or as prize money in a contest, do I have to pay tax on it?

If I win money in a lottery or as prize money in a contest

With the increase in promotions by companies as well as the popularity of game shows, the avenues to win a lot of prizes have increased a lot. From TV contests…

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Tax rebate benefit for individuals earning up to 5 lacs

Tax rebate benefit for individuals earning up to 5 lacs

In the Interim Budget 2019, the government proposed that under Section 87A of the Income Tax Act, individuals earning a taxable income of up to ₹5 lakhs would …

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Earning royalty on a patent? Section 80RRB can help you save tax

Section 80RRB can help you save tax

Patents are typically granted for things which have proven utility, are original and non-obvious. Patents can be granted for tools, machines, compositions, new…

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Taxation on gifts: Everything you need to know

Everything you need to know

Let us take you through some of the rules and key points to remember about taxes on gifts this season.

What is a gift tax?

In tax terminology, a ‘gif…

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The Exempt-Exempt-Exempt tax benefit of ULIPs

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Unit Linked Insurance Plans (ULIPs) are financial instruments that combine the benefits of insurance and wealth-creation. Moreover, the…

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Want to educate yourself on income tax? Here are 9 basic facts to begin with

Want to educate yourself on income tax

Here’s a quick look at 9 basic facts that can help you understand many essential things about income tax for individual taxpayer.

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Tips to ensure you are not breaking income tax law

5 things to keep in mind to ensure you are not breaking income tax laws

There are very hefty fines if you are not paying your income tax in the right manner. By filing these returns, a person declares how much income he/she has ear…

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Evaluating two different job offers with similar CTC? Tips to evaluate salary structure

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Whether it is a first job or a change in job, analysing the Cost-to-Company (CTC) breakup is crucial because the take-home salary per m…

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Triple benefits with ULIPs at Future Generali India Life Insurance - tax saving, insurance & capital growth

Unit Linked Insurance Plans offer three-fold advantages to an investors. The benefits of ULIPs include tax savings, insurance, and capital growth. Here’s a detailed lo…

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ULIPs: The only market-linked product not under LTCG

In 2018, the Union Budget of India stated that Long Term Capital Gains (LTCG) tax would be levied on mutual fund returns. The policy is as follows-

10.4% tax rate w…

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Understanding Standard Salary Structure For A Salaried Employee

Understanding Standard Salary Structure For A Salaried Employee

Most of us know the joy of finally getting a job after months of job hunting and giving interviews. When you receive your offer letter, it usually mentions ter…

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How much term insurance do I need? Understanding life insurance coverage ratio

Understanding life insurance coverage ratio

Term insurance is a kind of life insurance that bears coverage for a specific period or "duration" of years. If the insured person dies within the period defin…

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Cash withdrawals over 1 crore: Understanding the TDS implication

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For the past few years, the Indian government has been constantly making efforts towards reducing cash transactions and promoting digit…

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Union Budget 2018: 7 Key Highlights of Personal Income Tax

7 Key Highlights of Personal Income Tax

Union Budget 2018: 7 Key Highlights of Personal Income Tax

The budget every year brings important considerations that impact individuals across the country. …

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5 things to keep in mind for people with multiple income sources

5 things to keep in mind for people with multiple income sources

Even as has gotten easier over the years with newer and simpler forms, e-filing, and several other reforms in tax rules, it remains a dread…

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A comprehensive guide to Form 16

a comprehensive guide to Form 16
What is Form 16?

Form 16 is one of the most important documents you need in order to file your tax returns. Under Section 203 of the Income Tax Act, your employer…

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What are the tax implications of an inheritance?

What are the tax implications of an inheritance

The Inheritance Tax was in the news a few months ago, amidst speculation about the government reintroducing it in the 2019 Budget. However, the government deci…

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What are 54EC bonds in the context of long term capital gains?

What are 54EC bonds in the context of long term capital gains
What is a capital gain?

Profit generated from a sale of assets (property and gold, for instance) is known as a capital gain.

54EC Bonds

54EC bonds, al…

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What are the benefits of ULIPs?

What are the benefits of ULIPs

Unit Link Insurance Plans (ULIPs) are the combination of benefits of both investment and life insurance. The goal of the ULIPs is to give life protection along…

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Income Tax Compliance in India: What is the trend?

Income Tax Compliance in India

The most defining trend of Income Tax compliance has to be attributed to technology. The government has been bringing up proposals such as the provision of fre…

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Are you a freelancer providing services to clients outside India? Here is your income tax guide

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Introduction: A freelancer is a self-employed person who works for clients on a project/assignment-basis or on a retainer for providi…

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What are tax-free income sources apart from agriculture?

There are some sources of income that are not taxable in India. Income generated from agriculture is one of them.

Some of the other sources of income that are n…

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What are the benefits you receive from paying income tax?

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As any informed citizen knows, are an essential part of the finances that go into developing the country’s infrastru…

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Are you an author? Here is how Section 80QQB can be beneficial to you for tax savings

Publishers earn a profit on selling a book, and they pay a percentage of the sales to the author as per agreed terms. This compensation received by the writer is te…

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How do the different tax saving options in section 80C compare against each other?

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Section 80C of the Income Tax Act, 1961 has several provisions for tax savings through investments in different instruments.

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Parameters on which to Choose Tax Saving Instruments to meet 80C Deduction Target

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Here are the parameters you need to consider: 
    • Amount of Tax Deduction To Avail: Under Section 80C, tax can be deducted …

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What are the different loans that have tax benefits?

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The Income tax Act offers tax benefits to those repaying the loans that they have taken to finance a home, vehicle or even their educat…

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What are the different tax saving plans offered by Future Generali India Life Insurance?

Future Generali India Life Insurance plans come with affordable premiums and can help you achieve a variety of goals from creating a retirement fund to funding your ch…

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A primer on the different taxable heads of income

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The tax amount depends on the income slab of the assessee. According to Section 14 of the , an individual’s income is cat…

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What are the special income tax benefits for women?

What are the special income tax benefits for women

Women form 48% of India’s population but haven’t received their share of economic progress in India. Less than one-third of Indian women who are 15 years or ol…

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What are the instruments that allow section 80C deduction?

The instruments that allow section 80C deduction

There are multiple sub-sections under Section 80C. For those wondering how to save tax, one can claim an Income, Section 80CC…

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What are the post-tax returns on an FD?

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Traditional investment and saving options such as fixed deposits (FD) continue to remain popular with investors. However, there is one …

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What are the pros and cons of tax-saving FDs?

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Tax-saving FD is a specific kind of fixed deposit that enables tax deduction under Section 80C of the Income Tax Act. 

This tax-savi…

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Political party donations: understanding Sections 80GGB and 80GGC

India is a vibrant democracy with more than 2000 political parties. A citizen of India can exercise his voting power to support a party of his choice during electio…

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Not hiring a tax advisor? Here is the self-service guide to income tax in India

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The following 5 points will give you the essential information about income tax, brief you on tax benefits, and inform you about the be…

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What are the tax benefits of Future Generali Assured Money Back?

Introduction

Future Generali Assured Money Back Plan is a life insurance plan that provides you with both financial cover as well as an element of savings by offeri…

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What are the tax benefits of the Future Generali Big Dreams Plan?

The Future Generali Big Dreams Plan is a Unit Linked Insurance Plan (ULIP). ULIPs combine the security of an insurance plan with the wealth-creation opportunities of e…

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What are the tax deductions available on donations to a political party?

You can secure tax deductions for donations to political parties under Section 80GGC. The Income Tax Act encourages contributions to political parties by allowing

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National Savings certificates: What are the tax exemption benefits of this instrument?

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What is a National Savings Certificate (NSC)?

It is a fixed income instrument by the government that can be bought from a post offic…

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What is Agricultural Income? What are the tax implications for such income?

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Agriculture continues to be the primary occupation in India despite the progress of secondary and tertiary sectors. The government tries …

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What are the tax implications of family pension?

Pension is an employee’s retirement benefit in the form of monthly income. If this income is passed on dependent family members after an employee’s death, it is cal…

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What are the tax implications of perquisites received from employers?

What are the tax implications of perquisites received from employers

Perquisites are benefits distinct from wages and salaries that one receives due to employment. Section 17 of the Income Tax Act deals with perquisites. Perquis…

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What are the tax policies regarding employer funded vehicles?

What are the tax policies regarding employer funded vehicles

If you are a salaried employee in an organisation where you have the benefit of utilising employer-funded vehicles, there are certain tax implications and

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Tax saving beyond 80C - what are the options?

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While considering an investment, it is important to not just look at returns, but also to look at post-tax returns. Investments covered…

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Don’t leave tax savings for the end of the fiscal year: Plan ahead with these 5 tips

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Are you paying a high amount of income tax at the end of every fiscal year? Use these tax-saving tips to minimize it.

1. Use Tax-sa…

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What are Unit Linked Insurance Plans?

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Unit Linked Insurance Plans, known commonly as , are instruments that combine life insurance and wealth creation in a single pr…

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What books of accounts does a freelancer need to maintain?

books of accounts does a freelancer need to maintain

Being a freelancer comes with its comforts and disadvantages. One tedious job that freelancers have to do is maintaining of books of accounts.

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Filed my income tax return; what comes next?

Filed my income tax return

Filing Income Tax Returns (ITR) on time, according to an individual’s tax liability, is a mandatory provision of law. Failure to file income tax returns could …

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What happens to your taxes if your salary is delayed?

What happens to your taxes

Salary is the amount received by an employee from the employer on a monthly basis. The employee and employer sign a contract where the salary is mentioned with…

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What happens if I make a mistake in my Income Tax returns?

What happens if I make a mistake in my Income Tax returns

Tax returns often give people anxiety. From calculating the right amount of income to be declared in the tax forms to making sure there are no mistakes in othe…

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What instruments come under the Exempt-Exempt-Exempt tax regime?

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Instruments that allow can often have higher post-tax returns compared to other options. The Exempt-Exempt-Exempt tax r…

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What is a gift deed and tax implications

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Any document that records gifting of movable or immovable property is considered a gift deed. A donor is a person giving the gift, and …

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What is a property tax and when is it paid?

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Property tax is paid by property owners annually to a local level government such as a Municipal Corporation. Under a property-tax syst…

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What is a relocation allowance? How is it different from HRA?

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Changing business requirements may require employees of a company to relocate to another office in a different city. In such cases, emp…

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What is an income tax appeal?

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For Indian taxpayers who believe they have been incorrectly or unfairly taxed, there is a provision for filing petitions. This can incl…

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What is an income tax amnesty scheme?

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Governments around the world know that people underreport their earnings to This leads to a loss i…

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What is base year and how does it affect your taxes?

In Budget 2017, the then Finance Minister made an announcement for the revision of base year from April 1, 1981, to April 1, 2001, to ease indexation of cost. This …

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What is corporate tax? Who collects it and what is the rate?

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Corporate income tax is a direct tax levied on profits or net income of companies. The tax is levied at a specific rate under the Incom…

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What is double taxation and how can I prevent it?

What is double taxation and how can I prevent it

Double taxation is a situation where an income is subject to tax twice. This can occur in one of two ways - economic or juridical. Economic double taxation occ…

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What is faceless assessment in Income Tax and how does it impact me?

The Government of India launched a new system for tax returns assessment in October 2019. In this system, income tax assessments can take place without the help of …

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What is FATCA and how does it affect your taxes?

FATCA and how does it affect your taxes

You must have heard the terms FATCA and FATCA compliance before. Although it is a US law, it affects financial laws and financial institutions all over the wor…

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What is form 26AS?

(ITR) online involves filling multiple forms. One such form is form 26AS, also known as your ‘Annual Statement’.

What is form 26AS?

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What is House Rent Allowance and how is it calculated?

House Rent Allowance

House rent allowance, often abbreviated to HRA, is an allowance that’s paid by an employer to the employee as a part of the latter’s salary. As the name clearl…

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Tax planning for super senior citizens: How to leverage special provisions?

The government has given much-needed consideration to those above 80 years of age, also termed as super seniors, by relaxing Income Tax rules for them. Here are a f…

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What is leave travel allowance? How do I use it?

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As the name suggests, Leave Travel Allowance is an allowance provided by the employer to the employee for travelling while on leave. It…

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What is the long term impact of faceless assessments of income tax?

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On October 8, 2019, the Income Tax department introduced the faceless e-assessment scheme, which eliminates physical interaction betwee…

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What is minimum alternate tax?

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The Indian government, in the 1980s, noticed a strange phenomenon. Some companies that were recording healthy profits were still paying…

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National Pension Scheme: What are the tax benefits of this instrument?

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The tax benefits of investing in the National Pension Scheme (NPS) are three-fold, making it one of the

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What is professional tax and who is required to pay it?

State governments impose a professional tax in exchange for the infrastructure it provides to professionals conducting operations under its jurisdiction. For employ…

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What is Section 80C of the Income Tax Act and what are the available instruments?

enables individuals to claim deductions on taxable income for investments in specific instruments. Here are some commonly used i…

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What is section 80DDB and who is eligible for exemption under this section?

who is eligible for exemption under this section

The Income Tax Act of 1961 allows tax deductions to individual taxpayers on the treatment of a few specific diseases. As per Section 80DDB, these taxpayers are…

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What is a tax audit and to whom is it applicable?

What is a tax audit and to whom is it applicable
What is a tax audit?

The term ‘audit’ refers to a check, review, verification or inspection of a record, transaction, account etc. A tax audit is the proces…

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What is tax saving under section 80CCG?

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With the Union Budget 2012-13, the Central Government introduced the Rajiv Gandhi Equity Savings Scheme (RGESS) to encourage new retail i…

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What is the difference between deduction and exemption in Income Tax?

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What is meant by deductions, and how are they different from exemptions?


  • Exemptions: In your income, there are several element…

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What is the Exempt-Exempt-Exempt tax regime?

To maximise returns on investment, investors prefer For every investment, three components can be taxed by the gove…

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What is the history of tax rates in India?

The history of tax rates in India

The history of  India’s income-tax rates is fascinating. From as high as 99.75% and 11 tax slabs to a minimum of 5% and 3 tax slabs, the rates were changed sev…

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What is the meaning of standard deduction?

In July 2019, an announcement was made to increase the standard deduction available to salaried employees to ₹50,000 from ₹40,000, proposed in February 2019 by the …

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What is the minimum amount I can contribute to the various options in section 80C?

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At some point in life, every individual, whether salaried or non-salaried, finds himself thinking of making investments that would help…

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What is the presumptive taxation scheme?

What is the presumptive taxation scheme

It becomes tedious for small businesses and professionals with a low turnover to maintain complete books of accounts for taxation purposes. To assist them, the…

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What is the procedure to receive section 80DDB deduction?

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The Income Tax Act, 1961 provides for a tax deduction on the treatment of certain serious diseases and conditions under Section 80DDB. …

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What is the property tax rate?

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The government charges property tax as a levy on the property you own in the country. The state governments decide the tax rates while …

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What is the Rajiv Gandhi Equity Savings Scheme?

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The Rajiv Gandhi Equity Savings Scheme (RGESS) was introduced by P. Chidambaram, then Finance Minister of India, in the 2012-13 Union B…

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Does India have a wealth tax? What is the rate?

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Wealth tax was introduced in 1957 through the Wealth Tax Act. It is a direct tax that applies to the assets owned by a person. It was i…

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What is the risk factor in Equity Linked Savings Schemes?

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Risks associated with the Equity Linked Savings Scheme
  • Market risk: Equity-linked savings scheme (ELSS) invests a major portio…

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What is the section 10(10D) tax benefit of Future Generali Big Dreams Plan?

Section 10(10D) of the Income Tax Act, 1961, lays down rules for taxation of life insurance policy proceeds received on maturity or death of the policyholder. Generall…

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What is the Sukanya Samriddhi Yojana?

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What is Sukanya Samriddhi Yojana? that focuses on helping th…

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What is the tax benefit of buying an electric vehicle? Understanding section 80EEB

What is the tax benefit of buying an electric vehicle

The 2019 budget attempted to give some relief to taxpayers by bringing in two new sections:

    • Section 80EEA for an affordable home loan
    • Section 80EEB…

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What is the tax implication of online contest winnings?

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If you happen to win big in a contest, you would need to ensure you meet all your

    • TDS…

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What is the tax liability of daily allowance?

What is the tax liability of daily allowance

Some employees enjoy lump-sum allowances to cover expenses incurred on work trips. This is called a per diem or daily allowance. This is an amount given to onl…

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What is the tax rebate reform?

The 2019 budget gave individual taxpayers some relief. The Union Minister announced a hike in the standard deduction for the salaried class from ₹40,000 to ₹50,000.…

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What is withholding tax and is it different from TDS?

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Withholding tax is collected when income is paid outside India. This also applies if the payment is made to NRI (non-resident Indian). …

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What organisation regulates income tax in India and what is its responsibility?

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In India, direct taxes are regulated by the Income Tax Department under the Central government. The department falls under the Finance …

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When is an assessee liable to pay Capital Gain tax?

When is an assessee liable to pay Capital Gain tax
What is Capital Gain Tax?

Any gain or profit resulting from the transaction of an asset is viewed as 'capital gain'. Capital assets are properties or invest…

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Which Future Generali India Life Insurance plan can give me section 80C tax benefits?

Under section 80C of the Income Tax Act, 1961, some investments and expenditures allow taxpayers to reduce their taxable income by up to ₹ 1.5 lakh in a financial year…

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Here is why you should file your Income Tax Return before the deadline

ITR before Deadline
Introduction

Income tax refers to a percentage of your income that you pay to the government. It is a kind of direct tax that is used for infrastructural developm…

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Why are ELSS funds highly rated as tax saving instruments?

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Equity Linked Saving Scheme (ELSS) is a mutual fund scheme considered to be a good option for those looking to invest in a market-linke…

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Why do so many millennials ignore tax savings?

Why do so many millennials ignore tax savings

Millennials are quite savvy when it comes to technology. But are they equally savvy to use this technology and become financially proactive? Let us find out.

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Why do your parents love FDs?

Why do your parents love FDs

If you make a fixed deposit, you will pay a lump sum to your bank for a fixed term at the agreed rate. At the end of your term, you will receive the amount you…

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New PF Rules for 2021- How Will I Be Affected?

New PF Rules for 2021- How Will I Be Affected

Provident Fund is a government-managed retirement savings scheme for employees, who can contribute a part of their savings towards their fund, every month. In some PFs, the e…

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Post office fixed deposits: Why should I invest my money in these instruments?

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The Post Office Fixed Deposit (POFD) (alternatively known as the post office ‘time’ deposit) is a reliable and secure alternative to fi…

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Do I Get Tax Benefits with the Future Generali New Assure Plus?

Future Generali New Assure Plus is a life insurance plan that combines the elements of financial protection and savings. The plan offers maturity benefit upon survival till …

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I recently won an award at my workplace that includes cash as well - is it taxable?

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In the interpretation of the Income Tax laws in India, an award received by an employer can be considered to be a gift from the employe…

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Tax Benefits under Future Generali Heart & Health Insurance Plan

The financial burden of a critical medical diagnosis can be massive to bear on your own. The costs of securing the best medical care and facilities can be enormous, which is …

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Which Future Generali India Life Insurance Plans Offers Tax Benefits under Section 80D?

Which Future Generali India Life Insurance Plans Offers Tax Benefits under Section 80D?

Section 80D of the Income Tax Act 1961 allows a taxpayer to avail tax deduction on health insurance premiums of a policy purchased for self, spouse, dependent children and…

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