Category Archives: Taxation

Tips about saving income tax and filing income tax returns on-time

Which ITR Forms should be used for 2020-21 (Assessment Year 2021-22)?

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 … Continue reading Which ITR Forms should be used for 2020-21 (Assessment Year 2021-22)?

How to claim Rs 1.5 Lakhs Home Loan Interest Deduction u/s 80EEA under the Affordable Housing Scheme in 2021-22?

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 … Continue reading How to claim Rs 1.5 Lakhs Home Loan Interest Deduction u/s 80EEA under the Affordable Housing Scheme in 2021-22?

These 5 Tax Saving Fixed Deposits Offer interest rates up to 6.75%

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 … Continue reading These 5 Tax Saving Fixed Deposits Offer interest rates up to 6.75%

List of Tax Saving Investments and Deductions under 80c – Which is better for you?

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 … Continue reading List of Tax Saving Investments and Deductions under 80c – Which is better for you?

Old Vs New Income Tax Slabs for FY2020-21 – Which one is beneficial for you?

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 … Continue reading Old Vs New Income Tax Slabs for FY2020-21 – Which one is beneficial for you?

Notice from Income Tax Department – Reasons and How to avoid it?

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 … Continue reading Notice from Income Tax Department – Reasons and How to avoid it?