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 …
Income Tax
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).
All about Advance Tax under Income Tax Act
Advance tax, as the name suggests is the tax which is to be paid in advance by the assessee during each financial year. It is also known as ‘Pay as your Earn’ Tax and is different from the usual income tax. For paying this tax, the assessee has to estimate his income beforehand for the entire financial year and pay the tax accordingly. This Advance tax collection is to ensure that the government is able to collect taxes uniformly throughout the year.
All you need to understand about mutual fund taxation SIP
Mutual fund taxation is dependent on two factors namely: type of the mutual fund and duration of the mutual fund. There is a well-known proverb that the person should not …
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Know When Can You Withdraw Money From EPF?
Employees Provident Fund or EPF is savings cum retirement scheme for the salaried individuals. Under this scheme, contribution is made both by the employer and the employee. The amount contributed in EPF scheme is 12% of the salary (basic + dearness allowance). The amount invested over the years, along with specified interest, is paid out to an employee on his/her retirement.
Know About Cash Payment Restrictions Under Income Tax
By way of putting restrictions on cash transactions, the Government is able to collect more taxes as well as avoid tax evasion.
Know Reasons Why You Should File Your Income Tax Return
Generally, Income Tax Return is to be filed by the individuals, if their income exceeds the threshold limit of Rs. 2.5 lacs, set up by the Ministry of Finance, Government …
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Know incomes free from taxes in India
It is said money saved is money earned and who does not like to earn money, if not saving. In this blog, we will tell about the incomes that are …
TDS on Cash Withdrawal (Section 194N) (Expert Guide)
The Union Budget, 2020 amended Section 194N related to TDS on cash withdrawal from savings/current bank account. As per this amended Section, if an assessee has not filed Income Tax Return (ITR) for the last three financial years, then cash withdrawal from his/her savings or current bank account will attract TDS if the total amount withdrawn in a financial year exceeds Rs 20 lakh / Rs. 1 crore
Difference between Sensex and Nifty
“Sensex” and “Nifty” are the words related to stock market. But what do these words actually mean? Both Sensex and Nifty are the market indexes/indices that represent the market. They are the touchstones for any country’s stock market, for the outgrowth in the industry as well as for the individual investor’s portfolio.