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Income Tax saving

ITR Filing Tips: 7 tax saving options other than mentioned in Section 80C that can help you save lakhs

ITR Filing Tips: 7 tax saving options other than mentioned in Section 80C that can help you save lakhs

Mon, Jul 22, 2024

Tax Saving Strategy: Contributions to an NPS Tier I account, health insurance premiums, and home loan interest are some of the tax saving options other than those mentioned in Section 80C of the Income Tax Act, 1961.

Is it possible to pay 0 income tax on Rs 15 lakh annual salary? Know how it is through expert calculations

Is it possible to pay 0 income tax on Rs 15 lakh annual salary? Know how it is through expert calculations

Fri, Jul 19, 2024

Taxpayers in the old tax regime, get a standard deduction of Rs 50,000 under Section 16 of the Income Tax Act; deduction under Section 80C of the IT Act of up to Rs. 1,50,000 towards payments made to life insurance premium, provident fund, national savings certificates, housing loan principal, children's school fees, etc; and deduction under Section 80CCD (1B) of the IT Act of Rs 50,000 on contribution to National Pension Scheme (NPS) notified by the central government.

ITR Filing: Thinking of submitting fake rent receipts in income ta? Here's how I-T Department can catch you

ITR Filing: Thinking of submitting fake rent receipts in income ta? Here's how I-T Department can catch you

Mon, Jul 15, 2024

Income Tax Season: Saving tax through House Rent Allowance (HRA) is a time-tested tactic. But some taxpayers take the wrong route by submitting fake rent receipts for tax saving. The Income Tax Department (I-T) can outsmart such people easily. With the last date to file ITR return today (July 31, 2024), it is important to know how the I-T Department catches violators.

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Know Your Tax Benefits: 5 post office schemes that provide 80C tax exemptions

Know Your Tax Benefits: 5 post office schemes that provide 80C tax exemptions

Fri, Jul 12, 2024

Section 80C Tax Benefits: Tax saving is an important exercise for many taxpayers. In the old and the new, there are many sections which pertain to tax saving. In the old tax regime, Section 80C of the Income Tax is one such option. One can save up to Rs 1.50 lakh tax on deposits in investments options with lock-in period of three years above. Many of the post office schemes such as PPF, NSC, RD fall in the 80C tax saving category.

Income Tax Season: Can you save income tax by paying rent to your spouse? Know how to save up to Rs 1,80,000 tax through it

Income Tax Season: Can you save income tax by paying rent to your spouse? Know how to save up to Rs 1,80,000 tax through it

Wed, Jul 03, 2024

Income tax saving tips: Employed taxpayers who want to take tax benefits of House Rent Allowance can employ this tactic to save their income tax.

5 tax saving options that may help reduce your income tax to zero

5 tax saving options that may help reduce your income tax to zero

Wed, Apr 17, 2024

In the old tax regime, you have plenty of options to save tax. While you can save tax up to Rs 1.50 lakh on deposits under Section 80C of the Income Tax Act, you can also save tax through the HRA, entertainment, transport and internet allowances.

Income Tax Return: 4 lesser-known tax-saving options beyond Section 80C

Income Tax Return: 4 lesser-known tax-saving options beyond Section 80C

Thu, Apr 11, 2024

Section 80CCD provides tax benefits to individuals contributing towards the National Pension Scheme (NPS) or the Atal Pension Yojana (APY).

Tax Saving Strategy: How to pay 0 income tax on Rs 12 lakh annual salary? Know through expert calculation

Tax Saving Strategy: How to pay 0 income tax on Rs 12 lakh annual salary? Know through expert calculation

Tue, Mar 26, 2024

The last date to invest to save income tax is March 31, 2024. From April 1, the new financial year will start and investments you make from that date will be counted in the next financial year's tax. A salaried individual pays tax on salary, interest, dividend, income from rent, etc. If you are from the old tax regime, you get tax rebate of up to Rs 1.50 lakh in a financial year under Section 80C of the Income Tax Act. But, when you reach a higher income bracket, you sometimes fall short of tax saving options. However, even if your annual gross salary is Rs 12 lakh, you may end up paying zero income tax. Through expert calculation, know how it is possible.

Want to save tax on earnings from FD? Know how Form 15G and Form 15H can help you

Want to save tax on earnings from FD? Know how Form 15G and Form 15H can help you

Thu, Mar 21, 2024

Income Tax Saving on FD: Fixed Deposits (FDs) provide an investor guaranteed returns in the form of interest earned on deposits. One can also get tax exemption on deposits of up to Rs 1.50 lakh under Section 80C of the Income Tax Act on FDs of tenures of five years and above. The income an investor gets from FDs is tax free up to a certain limit, as per income tax rules. But over it, one needs to pay TDS. However, if one submits Form 15G and Form 15H under certain conditions, they can save their TDS from being cut. Know how-

Tax Saving Tips: 5 Last-Minute Strategies for Tax-Efficient Investments

Tax Saving Tips: 5 Last-Minute Strategies for Tax-Efficient Investments

Sat, Mar 16, 2024

March 31st is looming, and it's time to optimise your tax strategy! Join Vainavi Mahendra as she breaks down 5 essential factors for tax-efficient investing. From understanding the tax landscape to exploring investment options like ELSS funds and SIPs, learn how to minimise tax liabilities and maximise returns.

Tax Saving Tips: 4 Common Tax-Saving Mistakes You Must Avoid

Tax Saving Tips: 4 Common Tax-Saving Mistakes You Must Avoid

Fri, Mar 08, 2024

Taxes got you stressed? Don't fall victim to these common mistakes! In this video, we break down 4 crucial things to avoid before filing your taxes. Learn how to maximise deductions, avoid hidden fees, and make smart investment choices. Watch now and save yourself a financial headache!

Income Tax Saving Tips: 10 ways that can help you reduce your income tax to zero

Income Tax Saving Tips: 10 ways that can help you reduce your income tax to zero

Tue, Jan 16, 2024

To save tax for the Financial Year 2023-24, there are some tax deductions that you can claim for tax exemption on investments, earnings and other types of payments. With investment in these schemes, or if you are already availing some of these options, your income tax can be reduced to zero.

NPS: How investment in National Pension System may reduce your income tax completely

NPS: How investment in National Pension System may reduce your income tax completely

Thu, Jan 11, 2024

National Pension System (NPS) is a popular tool for investors seeking a sizeable retirement corpus and a pension after that. While it gives you financial freedom to live your post-retirement life freely, it also works as an effective tool to save income tax. On an NPS investment, you can claim a tax exemption under Section 80CCD of the Income Tax Act. It has two sub-sections: 80CCD(1) and 80CCD(2). Apart from this, there is another sub-section of 80CCD(1), 80CCD(1B), which apply to the tax benefits under NPS.

NPS, PPF, ELSS: These 7 investment schemes will surely help you save income tax

NPS, PPF, ELSS: These 7 investment schemes will surely help you save income tax

Wed, Jan 10, 2024

Investment schemes such as Public Provident Fund (PPF), Fixed Deposit (FD), Sukanya Samriddhi Yojana (SSY), Senior Citizen Savings Scheme (SCSS), and National Savings Certificate (NSC) not only provide fixed income and guaranteed returns but also give tax benefits up to Rs 1.50 lakh under Section 80C of the Income Tax Act. Know more about such tax saving schemes.

NPS, Home Loan Interest, HRA: Not part of 80C, these 10 investment options may give you complete tax relief

NPS, Home Loan Interest, HRA: Not part of 80C, these 10 investment options may give you complete tax relief

Sun, Jan 07, 2024

The most popular way to save income tax is 80C, but most of the savings schemes come under its purview and exemption is available only up to Rs 1.5 lakh. But, there are many other investment options which may give you a complete tax relief. In this write-up, we will give some such tax saving tips.

Income Tax 2023-2024: Want to save income tax? This salary allowance can help you immensely; know how

Income Tax 2023-2024: Want to save income tax? This salary allowance can help you immensely; know how

Sun, Jan 07, 2024

Income Tax 2023-2024: People filing income tax returns seek every possible option that can help them save their hard-earned money. There are many tax saving tactics, including your salary allowances that can help you save your tax. In today's write-up, we will tell you one such tax saving option that can help you save tax considerably.

Insurance Premiums to investment in parents' name: 5 ways to save income tax

Insurance Premiums to investment in parents' name: 5 ways to save income tax

Fri, Sep 22, 2023

You can save maximum tax by investing in different savings instruments which are eligible for deductions under Sections 80C and 80D of the Income Tax Act, 1961.

Income Tax Return Filing Deadline: 3 tax saving tips for last minute taxpayers

Income Tax Return Filing Deadline: 3 tax saving tips for last minute taxpayers

Fri, Jul 28, 2023

Income Tax Return Filing Deadline: Beyond the conventional tax saving measures that salaried taxpayers use to the hilt, like the regular 80C and 80D, here are three other powerful tax-saving clauses that could yield sufficient tax savings.

Tax harvesting: Save up to Rs 10,000 income tax on LTCG of Rs 1 lakh through this method

Tax harvesting: Save up to Rs 10,000 income tax on LTCG of Rs 1 lakh through this method

Thu, Mar 16, 2023

Tax Harvesting: In 2018, the late Finance Minister Arun Jaitley reintroduced long-term capital gains

How to pay zero income tax on Rs 10 lakh income and above - details

How to pay zero income tax on Rs 10 lakh income and above - details

Fri, Jan 20, 2023

Budget 2023: Apart from this, there are several other sections available to claim deductions ranging from interest on loans (home and education) to premium on health insurance.

Money Guru: What are Exchange Traded Funds?

Money Guru: What are Exchange Traded Funds?

Mon, Feb 28, 2022

In this episode of Money Guru, know how to make money in the ups and downs of the market?

7 Ways To Save Income Tax On Your Salary & Get The Best Returns

7 Ways To Save Income Tax On Your Salary & Get The Best Returns

Tue, Feb 08, 2022

Ran out of ideas to save income tax on your salary? Here are 7 ways you can get the best returns and save your hard-earned money.

Five ways your wife can help you save more money in taxes – Insurance, education loan, LTA and more | Details here

Five ways your wife can help you save more money in taxes – Insurance, education loan, LTA and more | Details here

Mon, May 24, 2021

The facilities and perks given to women as compared to men by central and state governments are of course evident. In this regard, not many are aware that your wife can prove to be of great help in saving income tax. The Union Government has made a special rule for women, under which husbands can take double benefit of exemption in tax.

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