Know about Health Insurance Tax Benefits under Section 80D
health insurance policies not only prevent us from unforeseeable situations (like COVID-19) and expenses, but also helps in saving taxes by the way of provisions of Income Tax Act.
Income Tax
Tax Benefits on Home Loan: Know More at TaxHelpdesk
On purchase of residential property through a home loan, one can save taxes through Section 24, Section 80C, Section 80EE and Section 80EEA of the Income Tax Act. Time and …
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Do’s and Don’ts of filing Income Tax Return
Do’s and Don’ts of Filing ITR: During each Financial Year, we are required to file our Income Tax Returns, also commonly known as ITR. Many of us think that filing …
What is Financial Year & Assessment Year?
Financial Year is different from the Assessment Year. Financial Year is the year in which income earned and Assessment Year is the year in which income is assessed and taxed.
Do I need to File ITR? Comprehensive Guide Easily Explained
Filing of Income Tax Return is not just a statutory compliance for the taxpayers but it also a way of informing the Government about the total income that the taxpayer has earned during a relevant financial year and that he has paid the tax on that income.
All You Need To Know About Form 16: TDS Certificate For Salary
The employers issue Form 16 TDS certificate to their employees. It is proof of tax deduction at source from the employee’s salary. Further, the genesis of this Form can be …
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Can I claim HRA even if I’m staying at my parents’ house?
Salaried individuals residing in rented house are entitled to tax exemption on House Rent Allowance (HRA) under Section 10(13A) of the Income Tax Act, 1961. But are you aware of the fact that you, as a salaried individual you can take advantage of this exemption while staying at your parents’ home.
Know all About Presumptive Taxation Scheme
Presumptive Taxation Scheme or PTS is a scheme wherein there is no requirement to maintain books of accounts. Further, in order to avail this scheme, the taxpayer must have a …
Best Ways to Save Your Taxes in 2024
We have a perception that the best ways to save taxes in India are just under Section 80C. However, that is not the case. There are various other ways to …
Deductions under Section 80C & its allied sections
Section 80C and its allied sections allow a maximum deduction of up to Rs. 1.5 lacs every year from the taxpayer’s total income and an additional deduction amount of Rs. 50,000 can be claimed under Section 80CCD(1b).