Tax Planning for Senior Citizens AY 2024-25

Tax Planning for  Senior Citizens AY 2024-25: 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

Tax Liability of Sr Citizens AY 2024-25

Tax Liability of Sr Citizens A.Y 2024-25: 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 slabs, … Read more

Tax Benefits on Stamp Duty & Registration Charges of a Property

Stamp Duty and Registration Charges are the expenses which have to be paid while buying a house and get it transferred in your name. It is the tax that is paid on the market value of the house. The Stamp duty and registration charge is mandatory and is levied by the Government of India. The … Read more

House Property Income Calculation and Deduction 2024

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 AY 2024-25

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 FY 2024-25. Here are 11 simple tax planning tips to … 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

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. 2024-25 (Updated)

Deductions From Salary for A.Y. 2024-25: The salary people always request that we tell them about all the deductions that we are eligible to claim in A.Y. 2024-25. 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 including all … 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

Deduction 80DD: Medical Treatment of Disabled Dependent

Deduction 80DD: Under Section 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. A deduction is available to families of disabled persons to support a disabled dependent. The families of disabled dependents can claim deductions under Section 80DD … Read more

Deduction 80D AY 2024-25

Deduction 80D AY 2024-25: Medical expenses of an insured person are covered by a health insurance policy. Each policy can have different coverage, benefits, and limitations. It makes paying medical bills easier and relieves financial burden. Tax deductions can be claimed on the premiums paid towards health insurance by individuals and Hindu Undivided Families (HUFs). … Read more

Deduction 80C AY 2024-25

Deduction 80C AY 2024-25: There are a number of deductions under Chapter VI-A, namely Sections 80C to 80U, that can be deducted from gross income in order to arrive at net income/taxable income. In this article, we will discuss only section 80C deduction. Investments in certain instruments, such as Life Insurance Premiums, Employee Provident Funds … Read more

Smart Tax Planning: Non-Investment Methods under Section 80C

Every person wants to save on tax. So, some of people try to evade tax, which is wrong on behalf of a responsible citizen of a country. For saving tax the most common and best way is the use of section 80C of the income tax act,1962. Section 80C is the section which provides every … Read more

Form 15G & 15H: How to Save TDS on Interest Income?

Form 15G and Form 15H: 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 … Read more