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.
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, pla…
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 2016-1…
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.
Before choosing between the many tax-saving options available, you need to consider certain factors. Here are 5 questions to ask yourself before
This is an assured income savings plan for funding the higher education of your children. It allows you to accumulate a corpus …
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 …
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 earned. F…
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 family ha…
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.
Employe…
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 packet…
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 liabilit…
Who is an NRI as per Income Tax rules?
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 the gov…
Equity Linked Savings Schemes (ELSS) are mutual funds that invest primarily in the equity market. They’re
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 a pa…
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. In In…
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 demand f…
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 the C…
The regular taxation system requires you to
All salaried employees need to pay income tax. Income tax constitutes a significant source of revenue for the government. Almost all formal employers deduct tax at s…
It is a savings deposit scheme from the government with a 5-year maturity from the date of its opening. It allows a deposit of a…
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 deduct…
Often, homeowners may find themselves in a situation where their house property requires a significant overhaul. Much like constructing a house from the start of pur…
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 benefi…
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 flexibili…
Employers often reimburse employees for the expenses incurred by them in the delivery of their services. For instance, employers might
What is the National Pension Scheme? …
Unit Linked Insurance Plans(ULIP) go beyond the traditional mandate of insurance plans - they provide a combination of financial protection against uncertainties along wit…
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 out-of…
What is Sukanya Sukanya Samriddhi Yojana (SSY)?
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 differ…
All salaried employees need to pay income tax. Income tax constitutes a significant source of revenue for the government. Almost all formal employers deduct tax at s…
It allows an individual tax benefits towards the premium he/she pays for a
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. Moreover, s…
Most of us, especially the salaried people believe that the best time to start tax planning is always at the beginning of a financi…
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 remotely from…
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. The p…
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 paid …
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 going. B…
There are 3 market-linked investments with tax benefits in India currently.
Unit Linked Insurance Plan (ULIP):
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 is r…
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 age of 1…
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 developments …
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 such a …
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 term …
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. Most …
Income tax in India is determined by the Income Tax Act which changes from time to time when the government revises the slab rates. The slab rates are nothing but differ…
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…
It is a social security scheme by the government for those working in the unorganised sector such as maid…
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 age of 18 …
An Income Tax Return (ITR) refers to the form used by taxpayers to file records about their various sources of income. The form …
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 number of b…
Dividends serve as a source of income for investors across India. Here is what taxpayers need to know about taxation on dividends when filing …
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 your tax…
Filling your Income Tax Return is easy.
Smart individuals follow these key steps to make the process smooth and quick.
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 la…
Income tax calculations for freelancers is a little different for salaried individuals. Their tax calculations are generally based on the calcu…
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 subj…
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 skyrocke…
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 safeguards …
The Government of India is interested in promoting contributions and donations from its citizens to various charitable organisations across th…
Sailors and seafarers sail through and visit multiple countries on their voyage. This raises the question of how is income tax for sailors dec…
What is a term insurance plan?
The government provides several tax deduction benefits for Long Term Capital Gains in India.
What are long term and short term capital assets?
…
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 providing…
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 years and a…
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 can …
What is meant by the depreciation of assets?
…
Investing in
Tax-saving instruments are an integral part of annual financial planning. Such investments typically offer
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 jobs in…
The tax system in India is quite simplified and well structured. According to the Constitution, the Central Government is responsible for levying taxes like income t…
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 insurance…
A business generally receives two different types of receipts – capital receipt and revenue receipt. To understand the difference between capital receipt and revenue rec…
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 …
Freelancers are individuals in the workforce that are self-employed and are hired by companies to work on a project-by-project basis. Examples…
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 insu…
A
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 investors w…
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 act a…
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 Lin…
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 saf…
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 construction c…
According to section 10(1) of the Income Tax Act, 1961, agricultural income has been exempted from taxation. Any income or revenue derived fro…
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 the ran…
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 annual …
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 saf…
The Government of India has started a saving scheme for senior citizens, which also doubles as a tax-saving scheme.
Tax Benefits of the Se…
The Income Tax E-Assessment Scheme of September 2019, aimed at reducing red-tapism in the country, does away with the need to interact with an…
What is presumptive taxation scheme? It allows tax computation at a prescribed rate on income or profit estimated by a business owner or pr…
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 property, st…
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 prope…
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, jewell…
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 ye…
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 prescr…
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…
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, the ta…
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 lower yo…
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 that…
If you want to minimize tax on mutual fund returns, first it’s important to understand how mutual funds are taxed.
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 of hol…
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 that a …
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 can …
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 invest…
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 help…
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 proposals o…
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, disposable i…
Let us take a look at the income tax slabs for the financial year 2019-2020, mainly differentiated by the age bracket criteria:
CAN DIFFER SIGNIFICANTLY FROM YOUR GROSS PAY DUE TO TAX DEDUCTIONS.
The Rajiv Gandhi Equity Savings Scheme (RGESS) was announced in the Union Budget presented for FY 2012-13 in order to offer …
Gifts received during a wedding by a newly-wed couple are tax exempt if the immediate family of the couple gives them. The immediate family may constitute of couple’s pare…
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 a few …
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 in. T…
With an increase in the young population of India along with higher life expectancy, a
Of the many noteworthy decisions taken by Finance Minister, here are the key changes made to income tax rules in India, effective September 1,…
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 charita…
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 …
Being a transgender in India has always been difficult. However, the government has been recognising their issues and granting them various opportunities for equalit…
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 first jo…
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 Return in t…
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 expenses if…
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 any ord…
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 salarie…
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 find …
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 number of…
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 your tax…
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 Tax …
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 insurance …
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 sever…
Sole Proprietorship is the purest business form under which one can operate a business. It …
Many Indian job seekers prefer government jobs over private employment. Even though private companies often offer better pay, government jobs are highly sought after…
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 reali…
Let us take you through some of the rules and key points to remember about taxes on gifts this season.
In tax terminology, a ‘gift’ denote…
Among the many aspects of taxation, joint ownership of property (between two spouses) is one such topic that is not commonly discussed. However…
With the cost of education rising every year, parents find themselves under a significant amount of financial burden. Fortunately, the Government of India, through the I…
You cannot directly get tax benefits on medical expenses incurred on in-laws, but you may be able to avail the benefit indirectly. Income Tax s…
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…
Instant personal loans are key financial tools that give you the funds you desperately need with quick approvals and disbursement. Usually, personal loans do not get…
Freelancers can also reap tax deduction benefits as individuals and business owners. As individuals, they can claim tax-saving deductions available to salaried individua…
An increasing number of millennials in India is choosing to freelance or work as a consultant instead of working as a salaried employee. By 202…
Here's How You Can Build a
for your GOLDEN YEARS
"ULIPs can help you avail tax-free pension and make your retirement dreams c…
Indian laws mandate the payment of tax on any gains accrued through the sale of capital assets. Depending on the period of holding, the tax ca…
There are two methods of accounting allowed under the Income Tax Act- cash accounting and accrual accounting.
What is cash accounting meth…
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 to re…
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 get a …
Patents are typically granted for things which have proven utility, are original and non-obvious. Patents can be granted for tools, machines, compositions, new plant…
Unit Linked Insurance Plans (ULIPs) are financial instruments that combine the benefits of insurance and wealth-creation. Moreover, they are t…
Here’s a quick look at 9 basic facts that can help you understand many essential things about income tax for individual taxpayer.
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 earned. …
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 month ca…
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 look a…
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 will b…
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 terms lik…
For the past few years, the Indian government has been constantly making efforts towards reducing cash transactions and promoting digital tran…
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 defined in …
Union Budget 2018: 7 Key Highlights of Personal Income Tax
The budget every year brings important considerations that impact individuals across the country. There …
Even as
Profit generated from a sale of assets (property and gold, for instance) is known as a capital gain.
54EC bonds, also known …
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 alongside w…
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 free acco…
Introduction: A freelancer is a self-employed person who works for clients on a project/assignment-basis or on a retainer for providing a sp…
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 not tax…
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 termed …
Section 80C of the Income Tax Act, 1961 has several provisions for tax savings through investments in different instruments.
Amount of Tax Deduction To Avail: Under Section 80C, tax can be deducted on one’s gr…
The Income tax Act offers tax benefits to those repaying the loans that they have taken to finance a home, vehicle or even their education. He…
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 child’…
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 older ar…
There are multiple sub-sections under Section 80C. For those wondering how to save tax, one can claim an Income
Traditional investment and saving options such as fixed deposits (FD) continue to remain popular with investors. However, there is one aspect …
Tax-saving FD is a specific kind of fixed deposit that enables tax deduction under Section 80C of the Income Tax Act.
This tax-saving inves…
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 elections. A…
The following 5 points will give you the essential information about income tax, brief you on tax benefits, and inform you about the best ways…
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 offering re…
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 equit…
You can secure tax deductions for donations to political parties under Section 80GGC. The Income Tax Act encourages contributions to political parties by allowing …
It is a fixed income instrument by the government that can be bought from a post office in Ind…
Agriculture continues to be the primary occupation in India despite the progress of secondary and tertiary sectors. The government tries to pro…
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 called a…
Perquisites are benefits distinct from wages and salaries that one receives due to employment. Section 17 of the Income Tax Act deals with perquisites. Perquisites a…
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
While considering an investment, it is important to not just look at returns, but also to look at post-tax returns. Investments covered under …
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-saving Inv…
Unit Linked Insurance Plans, known commonly as
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 decided ag…
Being a freelancer comes with its comforts and disadvantages. One tedious job that freelancers have to do is maintaining of books of accounts.
What is the tax for e-commerce in India?
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 result…
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 other…
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 other disc…
Instruments that allow
Any document that records gifting of movable or immovable property is considered a gift deed. A donor is a person giving the gift, and the don…
For Indian taxpayers who believe they have been incorrectly or unfairly taxed, there is a provision for filing petitions. This can include err…
Governments around the world know that people underreport their earnings to
Property tax is paid by property owners annually to a local level government such as a Municipal Corporation. Under a property-tax system, the…
Changing business requirements may require employees of a company to relocate to another office in a different city. In such cases, employees …
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 came …
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 Income Tax A…
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 occurs if…
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 a phy…
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 world. Co…
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 clearly sugg…
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 few wa…
As the name suggests,
On October 8, 2019, the Income Tax department introduced the faceless e-assessment scheme, which eliminates physical interaction between you a…
The Indian government, in the 1980s, noticed a strange phenomenon. Some companies that were recording healthy profits were still paying zero t…
The tax benefits of investing in the National Pension Scheme (NPS) are three-fold, making it one of the
State governments impose a professional tax in exchange for the infrastructure it provides to professionals conducting operations under its jur…
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 defin…
The term ‘audit’ refers to a check, review, verification or inspection of a record, transaction, account etc. A tax audit is the process of ve…
With the Union Budget 2012-13, the Central Government introduced the Rajiv Gandhi Equity Savings Scheme (RGESS) to encourage new retail investo…
What is meant by deductions, and how are they different from exemptions?
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 several t…
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 then …
At some point in life, every individual, whether salaried or non-salaried, finds himself thinking of making investments that would help him sa…
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 gover…
The Income Tax Act, 1961 provides for a tax deduction on the treatment of certain serious diseases and conditions under Section 80DDB. The sec…
The government charges property tax as a levy on the property you own in the country. The state governments decide the tax rates while local a…
The Rajiv Gandhi Equity Savings Scheme (RGESS) was introduced by P. Chidambaram, then Finance Minister of India, in the 2012-13 Union Budget. …
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 in effec…
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. Generally, d…
What is Sukanya Samriddhi Yojana?
The 2019 budget attempted to give some relief to taxpayers by bringing in two new sections:
If you happen to win big in a contest, you would need to ensure you meet all your
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 only cove…
The 2019 budget gave individual taxpayers some relief. The Union Minister announced a hike in the standard deduction for the salaried class fro…
Withholding tax is collected when income is paid outside India. This also applies if the payment is made to NRI (non-resident Indian). If the …
In India, direct taxes are regulated by the Income Tax Department under the Central government. The department falls under the Finance Ministr…
Any gain or profit resulting from the transaction of an asset is viewed as 'capital gain'. Capital assets are properties or investments h…
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.
…
Equity Linked Saving Scheme (ELSS) is a mutual fund scheme considered to be a good option for those looking to invest in a market-linked plan …
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.
Mille…
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 inves…
The Post Office Fixed Deposit (POFD) (alternatively known as the post office ‘time’ deposit) is a reliable and secure alternative to fixed dep…
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 employer. Any …
