Disclaimer: This quiz should not be inferred as tax advice. Consult an investment advisor/tax expert before making any tax saving investments.
Presenting Tax Hacks, a platform to make taxes, less taxing. Know your tax quotient, explore the lesser-known tax tips and discover ideas to save taxes through infographics and articles.
Come on India! Let’s be tax-wise.
Planning finances has to be on one’s priority list and income tax falls undoubtedly at the top. For many the idea of falling into the tax slab brings with it the question of how to save income tax.
With many ways to save tax in India, there are those that get you real value for your money. Health Insurance is one of the best tax saving options that helps you plan for a secure future.
You don’t just save tax but also invest in something that is absolute priority - your health.
Be wise and save tax for what's most important to you.
Paying tax on your hard-earned income leaves a sour taste in your mouth, doesn’t it?Read More
The budget every year brings important considerations that impact individuals across the country.
Whenever a person receives any income on which TDS is deducted, numerous doubts arise in the mind – how should I keep a record of the TDS amount deducted?Read More
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 liability.
With the tax season around the corner, you must be looking at ways to reduce your tax outgo.
Profit arising on sale of any capital asset is termed as capital gain and bifurcated into short term or long term for tax purposes.
Life insurance surrender value is tax-free subject to certain conditions. For ULIPs the tax free redemption period is 5 years while for regular plans the period is 2 years.
You can contribute additional amount up to Rs.50,000, to the National Pension Scheme if cash flow permits and claim deduction under Section 80CCD (1B) of the I.T. Act.
Keep saving taxes on your post retirement fund by investing into a combination of Tax-saver FD to have liquidity & ELSS to enjoy tax-free higher returns!
Section 80C can help you reduce up to ₹1,50,000 from your gross taxable income. You can invest in mutual fund/equity linked saving scheme, life insurance plans or Public Provident Fund, to avail this tax benefit.
13 tax-saving ideas to reduce your tax burden
It is an annual tax on income, which is given to a country’s government.
The income tax officer issues an income tax assessment order, once he verifies the computation of income tax. In case of assessment, the officer not only verifies arithmetical accuracy but also asks the tax payer to submit the various documents used in the calculation like Form 16 for salary, books of accounts for business, sale deeds for capital gains etc.
An income tax (IT) return is the tax form or forms prescribed by the Government to file the income and tax details of a year with the Income Tax Department.