How to save Tax

Tax Planning: How to Save Tax legally in 8 different ways

Tax Planning: How to Save Tax legally in 8 different ways

The Indian Income Tax Act allows for certain deductions which can be claimed to save tax at the time of filing of Income Tax Return by all classes of Taxpayers (i.e. Salaried Individuals, Professionals, businessman etc). These deductions which help in saving tax are only available if the taxpayer has done proper tax planning during the year. If an Individual ...

Read the full article →

Tax Benefit on Home Loan: Section 24, 80C, 80EE

Tax Benefit on Home Loan: Section 24, 80C, 80EE

A very important criterion to be kept in mind while taking a Home Loan is the Tax Benefit on Home Loan. To explain the Tax Benefit on Home Loan, we would be dividing the Repayment of Home Loan into 2 components:- Repayment of the Principal Amount Repayment of the Interest on Home Loan As the repayment comprises of 2 different ...

Read the full article →

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

At the time of sale of any Long Term Capital Asset, the Gains are usually very large and are taxed @ 20%. The Resultant Figure to be paid as Tax usually comes out to be a very large amount liable to be paid as Long Term Capital Gain Tax. Recommended Read: Computation of Long Term Capital Gain Tax However, the ...

Read the full article →

How to Save Taxes by forming HUF

How to Save Taxes by forming HUF

A Common Question which a Taxpayer usually asks a Chartered Accountant at the time of filing his Income Tax Return is – Sir, How can I save my Taxes? He enters the office of a Chartered Accountant with full confidence that he would be able to avoid paying some portion of his taxes. And they to some extent their expectations ...

Read the full article →

Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit

Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit

Form 15G & Form 15H are self-declaration forms required to be furnished by the Assessee to his Banker for Nil Deduction/Lower Deduction of TDS on Interest on Fixed Deposit. As per Section 194A of the Income Tax Act, 1961, all Banks and Financial Institutions have been mandatorily instructed to deduct TDS on all Interest Payments exceeding Rs. 10,000 in any ...

Read the full article →