Tips about saving income tax and filing income tax returns on-time
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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Who is required to file Income Tax Returns (ITR) for AY2019-2020? I was casually having a chat with a few of my colleagues (who are juniors) about their tax planning. While these are juniors to me, these individuals are earning handsome salary and paying income tax too. However, when the topic came about filing income tax returns, they just skipped […]
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How to Pre-Validate your bank account for income tax refund? ITR deadline is extended to 31st August this year. You must be busy in filing income tax returns. However, some of you might be expecting an income tax refund. Income Tax Authorities have indicated that you need to pre-validate your bank account in income tax website in order to get […]
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Top 10 Best Tax Saving Fixed Deposit Schemes in 2019 in India Bank Fixed Deposits are conventional method of investing in India. While Bank FDs and Post Office FDs provide fixed rate of interest, these are good for low risk investors. If you are an employee or business person and are low risk taker and willing to do some tax […]
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New Revised Form 16 – What an employee should know about it? Every salaried individual might be fully aware of Form 16. It is the form received by an employee from his employer containing the information regarding the TDS for the financial year. The Income Tax Department has revised the format of Form 16 and this amended form will come […]
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Which ITR Form should be used for FY2018-19 (AY2019-20)? Few days back, Central Board of Direct Taxes (CBDT) has issued notification about new ITR forms that are applicable for A.Y. 2019-20 (Financial year 2018-19). While there is no change in ITR1/Sahaj, there are some modifications done for ITR1, ITR2, ITR3, ITR4, ITR5 and ITR7. Since the ITR deadline is 31-Jul […]
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How to check whether you are eligible for the Tax Rebate on Rs 5 Lakhs Taxable Income u/s 87A? Interim Budget 2019-2020 has brought some benefits and rebates to taxpayers. One among is Zero tax or No income tax for Rs 5 Lakhs taxable income. Many experts interpreted them in various ways. It was indicated in the budget that your […]
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Income Tax Investment Proofs Submission – Checklist and Guidelines If you are salaried employee, you need to submit income tax proofs for 2018-2019 so that you can get income tax benefits. Salaried employees would declare income tax deductions at the beginning of the financial year, however, need to submit tax proofs during January or February based on the deadlines given […]
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Top 15 Best Tax Saving Investments for 2019-2020 In next 2 months we would start 2019 and taxpayers might be looking at various income tax saving investments to save income tax u/s 80C and beyond. You might be thinking about current stock market volatility and may compromise with low tax saving options. One should choose a good tax saving investment […]
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