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...
Form 15G & Form 15H to Save TDS on Interest on Fixed Deposit & Recurring Deposit Read More
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/ Recurring Deposit. As per Section 194A of the Income Tax Act,...
PPF Account and PPF Interest Rate @ 7.6% Read More
We all have heard a lot about PPF Account and seen our parents make investment but what is PPF Interest Rate in India and what are the benefits of investing in this form of Instrument? This is one question which...
Section 80CCG: Rajiv Gandhi Equity Saving Scheme (RGESS) Read More
To promote the Retail Investor to invest in Shares and Mutual Funds, the Govt has introduced the Rajiv Gandhi Equity Saving Scheme (RGESS) which allows a deduction under Section 80CCG for Investment in specified equity shares and Mutual Funds. The...
How to create HUF Capital and put Money in HUF Account? Read More
In our exclusive coverage of HUF’s, we have previously explained How HUF’s help in saving taxes and how to create a HUF and in this article we would be focussing on How to create HUF Capital by putting money in...
How to start HUF & create HUF Deed? Read More
In our previous article, we focussed on how a HUF can be used to save taxes legally and we have received a tremendous response for the same from our readers who have also requested for an article on How to...
Save Tax by forming HUF: Benefits & Drawbacks Read More
A very effective and legal way advised by chartered accountants to save tax is HUF i.e. Hindu Undivided Family. In India there are many families which are undivided and the incomes earned by such families are joint income as compared...
Tax Saving Mutual Funds: Should you be investing in them? Read More
Section 80C allows for deductions for investments in specified instruments and investing in Tax Saving Mutual Funds is one such specified instrument which can be claimed as a deduction under Section 80C at the time of filing of income tax...
Tax Free Bonds: Should you be investing in them? Read More
In India there are 2 types of bonds through which the tax liability of a person can be reduced:- Tax Free Bonds Capital Gain Bonds Tax Free Bonds are the bonds on which the interest received is fully exempted from...
Tax Planning vs Tax Avoidance vs Tax Evasion Read More
The tax liability of a person can be reduced through Tax Planning, Tax Avoidance & Tax Evasion. Although, in common parlance these terms are used interchangeably, these terms are technically different from each other and should not be used interchangeably....