Budget 2023 Updates: A maximum deposit of Rs 15 lakh has been increased to Rs 30 lakh for senior citizens saving schemes in Budget 2023. This increase in the deposit limit reflects the government’s commitment to providing greater financial security to the elderly population. Senior Citizen Savings Scheme: This is a program sponsored by the … Read more
National Saving Certificate is an investment option by which an individual can invest his income to get a fixed interest. You can reinvest the interest earned and get the benefit of 80C deduction under income tax. We will talk about here the complete detail of National Savings Certificate (NSC) VIII Issue like who can apply, … Read more
Tax Savings is an effective measure to ensure that people save some of their tax liability in a legal way. There are many investment options which provide deductions to the assessee and some of them are listed below. Tax saving schemes are one of the parts of tax planning. Tax planning is legal and everyone … Read more
Earlier this scheme is known as Post Office Time Deposits. Now its name is National Saving Time Deposits. . This scheme offers four different types of time deposit accounts that have different maturities, according to the account holder’s choice. This scheme provides accounts in the form of time deposit accounts that are available for one, … Read more
SSA – Sukanya Samriddhi Account, i.e. Sukanya Samriddhi Yojana is currently the most prestigious government scheme in terms of earning interest since its inception, paying every account holder an interest rate of 7.6% on a yearly basis. Sukanya Samriddhi Yojana has the distinction of being the highest interest-earning government scheme as of today, paying 7.6% interest … Read more
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
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
All About HUF for A.Y.2022-23 & A.Y. 2023-24: When we talk about tax planning, a new legal and effective way suggested by Tax Consultants is the creation of HUF i.e. Hindu Undivided Family. In India, many people have a joint family and also a joint income, so as it is a joint income it cannot … Read more
Earlier National Saving Monthly Income Scheme was known as Post Office Monthly Income Accounts. Now, the new name with some changes for A.Y. 2018-19 is “National Saving Monthly Income Scheme”. The National Saving Monthly Income Deposit scheme looks forward to generating monthly savings for people who are ready to invest in a 5-year term scheme. … Read more
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
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 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
Kisan Vikas Patra (KVPs): The Indian Postal Service offers a certificate programme called Kisan Vikas Patra. You could assert that it will enable you to double your investment in 10 years, and 4 months (124 months). However, it all depends on the timing of your Kisan Vikas Patra investment. In this article, we shall go … Read more
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
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
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
Fixed Deposit Income Tax Deduction (A.Y.2022-23): Every year we plan our tax as per the income tax slab and deductions of that particular assessment year. But we always have some confusion, about which investment is good to get a deduction under section 80C. Here, we’ll talk about one of the most popular investments about fixed deposits … Read more
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: 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
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