Save Tax in F.Y.2022-23 (A.Y.2023-24) by Investing Efficiently

With the Budget 2022 implemented in the country, who doesn’t want to reduce their payment of tax? “No one” is the straightforward answer to this question. In the present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custody so that they can use it in future. … Read more

Tax Deduction 80DD for Medical Treatment of Disabled Dependent

Deduction u/s 80DD: Individuals or HUFs are permitted to deduct expenses for dependants who are differently abled and who are entirely dependent on them for support and maintenance under Section 80DD. A deduction is available to families of disabled persons under Section 80DD in order to support a disabled dependent. The families of disabled dependents … Read more

Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24

Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24: The persons who find it difficult to calculate income tax for their parents or senior citizens themselves must read this article for everything you need to know about the taxation of senior citizens. You will find here the meaning, definition, tax liability, income tax rates, income tax … Read more

House Property Income Calculation and Deduction 2022

What is House Property Income Any building or land attached to it that is owned by the assessee is considered to be house property. House properties could be your own home, office, a shop, or even a building that is attached to the building like a parking lot. This could also include the land that … Read more

11 Simple Tax Planning Tips for A.Y.2022-23 & A.Y.2023-24

Tax planning has always been the test of efficiency for people along with being a test of their cunningness such that they can save their taxes in a lawful manner. Here are some of the tips that can help you to plan your taxes for F.Y.2021-22 & F.Y.2022-23.  Here are 11 simple tax planning tips … Read more

Income Tax Slab & Deductions for Women A.Y.2022-23 & A.Y.2023-24

Male and female taxpayers were previously granted separate tax exemption limits in India. Income earned by women was exempt from taxation to a greater extent. Since 2012-13, however, this difference in basic exemption limit has been eliminated, and a common tax slab has been introduced for men and women, regardless of their ages and incomes, in … Read more

Tax Planning for Senior Citizens F.Y.2022-23 A.Y.2023-24

Tax Planning for  Senior Citizens F.Y.2022-23 A.Y.2023-24: The category of senior citizens has been under the purview of income tax for a very long time. However, there have been certain relief that has been provided to them when it comes to imposing taxes on their income. A person is regarded as a senior citizen if … Read more

7 Most Effective Ways to save Tax

Today everyone in the economy wants to save himself from paying taxes or decrease their tax liabilities.  Now to save on tax paying in the Indian economy the Income Tax Act grants many deductions which a person can claim at the time when he/she is filing Income Tax Return. These deductions are for all types … Read more

11 Ways to Select Best Health Insurance Policy in India

Today people are suffering from many health problems and many times these problems can take one to hospitalization. Due to the emergency problem, the cost of medical care and treatment may go very up drastically which can ruin you financially. Thus, one should choose the best health insurance plan, which can result in a Boon … Read more

6 Simple Steps to Reduce Income Tax

Almost everyone is looking for ways to save money on their income taxes at all times. In today’s world, no one wants to miss out on opportunities that can be used to save money on tax payments. The investments, charity and other payments which could reduce the taxable income which will reduce the tax burden … Read more

Deductions From Salary for A.Y. 2022-23 (Updated)

Deductions From Salary for A.Y. 2022-23: The salary people always request that we tell them about all the deductions that we are eligible to claim in A.Y. 2022-23 and 2023-24. Therefore, we provide a list of all deductions from the salary that you can claim while calculating taxable salary income or net total income after … Read more

Deduction 80EE: Home Loan Interest Deduction A.Y.2022-23

Deduction 80EE – Deduction in respect of Interest on Loan take for Residential House Property: If you had a loan sanctioned (Home Loan)  between 1st April 2016 and 31st March 2017, you will be eligible to take advantage of the deduction under section 80EE. Please don’t confuse about section 24(b) and section 80EE; both sections … Read more

Deduction 80D AY 2022-23: Deduction for Health Insurance Premium

Deduction 80D AY 2022-23: The person who paid medical insurance premium himself/herself or his/her spouse or parents or dependent children can claim the deduction from the total income of the person as per the instructions given below. We will discuss here the complete detail of deduction under section 80D for the A.Y.2015-16 to A.Y.2022-23 Persons … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H?

Avoid TDS on FD: You can avoid tax deduction/TDS on your interest income if you are an individual, who is resident in India by furnishing, a declaration in writing in Form 15G/15H. You can only submit form 15G or 15H if your income is below the exemption limit. There are some provisions to submit 15H … Read more

5 Tax Saving Mistakes and its Solutions

Today earning money is the most important part of our life and it is also right to say that saving it is also as important as earning. The best way to save the money is to get the advantage of tax saving deductions means to minimize the tax outgo as much as it is possible. … Read more

SBI PPF Interest Rate & Maturity Period

The State Bank of India offers the option to invest in PPF to existing users and new users of its bank. The channel is aimed to create a habit of savings among the people of India, along with creating a reliable pool of investment which can be used by the banks from time to time. … Read more

5 Benefits to Open PPF in SBI

The SBI PPF account is one of the smartest ways to save tax and build a steady habit of savings. Apart from that, the SBI PPF account offers numerous benefits to the account holders which includes appointing a nominee and transferring the PPF account to some other banks as well. Given such credibility, it is … Read more

Deduction 80C A.Y.2022-23 & A.Y.2021-22 – Complete Guide

We will cover here the complete detail about deduction under section 80C for A.Y.2022-23 & A.Y.2021-22. We know that you are very much interested to know the deduction from gross total income to calculate net income tax. As we will discuss only here deduction under section 80C in detail. There are lots of deductions comes under … Read more

LIC Tax Deductions & Benefits (A.Y.2022-23 & A.Y.2021-22)

The first thing comes in our mind is LIC (Life Insurance Premium) or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC … Read more

7.75% Saving Bonds – Application Procedure, Interest & Tax Benefits

The 7.75% Saving Bonds has notified vide notification no. F.No. 4(28) – W&M/2017, dt. 03-01-2018 as amended by notification of even No. dt. 08-1-2018. The complete detail about 7.75% is given below. You can find here the application procedure, maturity, interest, premature encashment, transferbaility, nomination, loan facility and tax benefits. Who can Purchase? Any individual … Read more