Public Provident Fund(PPF) The Public Provident Fund (PPF) is a long-term savings and investment scheme introduced by the Indian government. It is one of the most popular and tax-efficient savings options available to Indian residents. Overview of the Public Provident Fund: 1. Purpose: PPF is design to encourage small savings and long-term wealth… Read More »
Tax Planning in India Tax planning in India encompasses the deliberate management of financial matters and transactions, aiming to reduce tax obligations while operating within the legal framework. It involves utilizing various provisions and exemptions provided under the Indian tax laws to optimize tax savings. Here are a few prevalent tax planning strategies in… Read More »
Exempt from filing ITR Website link Exempt from filing ITR: As of September 2021, certain individuals are exempt from filing Income Tax Return (ITR) in India if they meet certain criteria. The exemption from filing ITR is available to individuals who satisfy the following conditions: Individuals below the age of 60 years: Total income does… Read More »
Not required to file ITR Not required to file ITR, certain criteria. Here are some cases where filing an ITR may not be mandatory: Individuals below the Basic Exemption Limit: If your total income during the financial year falls below the basic exemption limit set by the income tax department, you may not be required… Read More »
Tax Planning for Individual Tax planning for individual involves various strategies to minimize tax liabilities and optimize financial situations. Here are some key steps to consider when doing tax planning for individuals: 1. Understand Tax Laws: Stay informed about the latest tax laws and regulations that apply to individuals. This includes knowledge of income… Read More »
Income Tax Saving Income Tax Saving,To avail tax deduction under Section 80GGC of the Income Tax Act for donations made to registered political parties in India, you can follow these steps: Identify the registered political party: Ensure that the donation is made to a political party that is register with the Election Commission of India.… Read More »
80TTA exemption Exemption Under Section 80TTA of the Income Tax Act, individuals and Hindu Undivided Families (HUFs) can avail a deduction on the interest earned from savings accounts. This deduction is capped at a maximum of Rs. 10,000. It applies to interest income earned from savings accounts held with banks, co-operative societies, and post offices.… Read More »
Which professions are exempt from income tax In India, no professions is completely exempt from income tax. However, certain professions or categories of taxpayers may be eligible for certain tax deductions or exemptions based on the provisions of the Income Tax Act. To visit- https://www.incometax.gov.in As an illustration, specific types of income such as agricultural… Read More »
Pension scheme According to section 80C of the Income Tax Act, individuals have the opportunity to save up to Rs. 1.5 lakh in a financial year by investing in Pension scheme like the National Pension System (NPS) or Employee Provident Fund (EPF). This investment amount is eligible for deduction from the individual’s taxable income, effectively… Read More »
Conveyance allowance tax limit Conveyance allowance tax limit, As of the current knowledge cutoff date of September 2021, it is worth noting that conveyance allowance up to a maximum of Rs. 1,600 per month is exempt from tax in India. This means that employees can receive a conveyance allowance of up to Rs. 1,600 per month… Read More »