Tips about saving income tax and filing income tax returns on-time
Tax Loss Harvesting is a commonly used strategy by investors to minimize their tax liabilities. This technique involves selling investments that have lost value in order to offset gains from other investments. This strategy can be particularly useful in India where the tax laws are quite stringent and the tax rates are quite high. In this article, we would talk […]
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Few days back Central Board of Direct Taxes (CBDT) has issued new rules and guidelines on TDS that needs to be deducted for all transactions related to Cryptocurrencies and Virtual Digital Assets (VDA) with effect from 1st July, 2022. We all know that Govt of India has imposed cryptocurrency capital gains tax in recent budgets. However, crypto currency investors or […]
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NSC Vs 5 Year Tax Saving FD in bank While ELSS mutual funds provide high returns, there is risk element. Low risk investors still want to go with traditional options like NSC or bank tax saver FD scheme. If you are an investor who is confused between NSC and 5 years Tax Saving FD scheme, this article is for you. […]
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Should I pay tax on Sovereign Gold Bonds (SGB)? One of the best ways to invest in gold is investing through Sovereign Gold Bonds (SGBs). SGBs can be purchased through RBI directly or through secondary market from stock exchanges. These SGBs would get matured after completion of 7 years. Investors of these bonds can also do pre-mature withdrawal after 5 […]
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Which ITR Forms should be used for Financial Year 2020-21 (A.Y.2021-22)? Central Board of Direct Taxes (CBDT) has issued notification about new ITR forms – ITR 1 to ITR 7 for the assessment year 2021-22 (Financial year 2020-21). While there is no significant changes made in revised ITR forms, there are bare minimum changes done due to ongoing COVID-19 crisis […]
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How to claim Rs 1.5 Lakhs Home Loan Interest Deduction u/s 80EEA under the Affordable Housing Scheme in 2021-22? With a continued focus on “Housing for all”, Govt of India has floated an affordable housing scheme earlier in 2019, which provides Rs 1.5 Lakhs additional interest deduction u/s 80EEA. This scheme is now extended to 31st March, 2022 in the budget […]
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5 Best Tax Saving Fixed Deposits Offer interest rates up to 6.75% There are a number of tax saving options u/s 80c. While ELSS mutual funds have lowest lock-in period of 3 years, the returns are not guaranteed. If you are a low risk investor and looking for safe returns you can opt to tax saver fixed deposits. You can […]
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List of Tax Saving Investments and Deductions under 80c – Which is good for you? One of the best ways to save income tax and grow money is investing in 80c investment options. You might be salaried person or business man, one can save income tax by opting for these 80c lists of investments. While there are a list of […]
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How to check the Income Tax Refund Online in India in 2020? I have filed my income tax return on time and I was expecting some income tax refund. There was announcement by Govt of India that due to coronavirus situation, Income Tax Department would be speeding up the income tax refund which can benefit many of us from the […]
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Old Vs New Income Tax Slabs for FY2020-21 Review Budget announcement done couple of days back has created some confusion to income tax payers between the old regime and new regimes tax slabs. Some experts say this is beneficial only to some taxpayers. Some say this is creating some more confusion in the computation of income tax. In this article, […]
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Ways to Save Income Tax in 2021 in India You might be earning either through salary or business. While your income increases, your income tax too increases. If you are smart, you can work towards reducing income tax instead of avoiding it. If you are looking various ways to save income tax in 2021 in India, this article is for […]
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Gift Tax Rules and Exemptions in India for 2019-2020 Exchange of gifts as a token of love and affection is a very common scenario in India. But, very few people know that even gifts come under the circumference of taxes and there are many tax implications to it. While one cannot avoid Gift Tax, we can always understand about Gift […]
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Notice from Income Tax Department – Reasons and How to avoid it? Once income tax returns are filed and e-verified, one would think their job is over. There are several instances where the Income Tax Department would send notice to you about your income tax return. They might ask for explanation and further scrutiny. Many of us might not be […]
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How to file revised Income Tax Return (ITR) in India? Many individuals are in hurry to file income tax returns (ITR) to close it before deadline. In this process they would have made mistakes (minor or major) in filing the ITR. If you made mistake in filing ITR, you can still revise the income tax returns in India before certain […]
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Step-by-Step Process to e-Verify ITR without logging into e-Filing account Filing income tax returns (ITR) is a cumbersome exercise. Once you file your ITR, your job is not yet over. You need to e-verify your income tax returns within 90 days to complete the process. While there are several methods to do e-verification of ITR, IT department now has provided […]
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