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Types of Income Tax Returns

By   /  August 15, 2013  /  Tax Saving Instrument  /  No Comments

There are five categories of Income Tax returns. Normal return Belated return Revised return Defective return Returns in response to notices   Normal return Returns filed within the return filing due date, that is 31 July or 30 September of concerned assessment year   Belated return In case of failure to file the return on […]

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Tax Benefits of Home Loan

By   /  August 15, 2013  /  All About House, Tax Saving Instrument  /  No Comments

As per the provisions of the Income Tax Act, 1961, you can claim tax benefits on both the principal (under Section 80C) and interest components [under Section 24(b)] of the home loan. These deductions are available to assessees who have taken a loan to either buy or build a house.   Tax benefits on loan […]

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Clubbing of Minor Income

By   /  June 8, 2013  /  Tax Saving Instrument  /  2 Comments

  Many of us open a bank saving account or open a Bank Fixed Deposit in the name of our minor childrens. Have you ever thought who will pay tax on that interest amount from FDs or Interest from saving bank account. If you have opened a savings account or a fixed deposit in the […]

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Fixed Deposit Vs Debt Mutual Funds

By   /  June 5, 2013  /  Mutual Fund, Tax Saving Instrument  /  2 Comments

  Fixed Maturity Plans(FMPs) are closed-end debt funds that are quite popular and useful. These FMPs, as they are called, are launched on a specific date for a specific period that can range from 1 month to 5 years. FMPs are an excellent alternative to bank fixed deposits. They generally offer higher returns, especially because […]

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Indexation

By   /  June 2, 2013  /  All About House, Mutual Fund, Tax Saving Instrument  /  10 Comments

Planning to sell your House Property, Gold, Debt Mutual Funds, have a look at how Indexation can reduce your Tax Liability. Remember that Indexation can be applied only when the capital asset sold is Long Term Capital Asset. Have a look at few asset class & how they are taxed on the basis of their […]

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Rajiv Gandhi Equity Saving Scheme (RGESS)…what’s in for you!!!….

By   /  March 13, 2013  /  Tax Saving Instrument  /  No Comments

  GET TAX BENEFIT By investing up to Rs.50,000 in the Stock Market If you are among those who are planning to invest in Shares or Mutual Funds, CHEERS!!!… one more reason to invest in these instruments is the tax deduction u/s 80 CCG included from the FY 2012-13 and will continue up till FY […]

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Why to save tax !!!!….

By   /  January 21, 2013  /  Tax Saving Instrument  /  No Comments

  Few days back a good friend of mine Ronak raised an important question…. why to save tax by investing in 80 C instruments where the rate of return is such that it hardly beats the inflation rate !!! Why not pay tax & invest the same amount where you can get a higher rate of […]

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Save Tax on Medical Treatment u/s 80 DDB

By   /  January 9, 2013  /  Tax Saving Instrument  /  No Comments

    Income tax deduction in respect of medical treatment !!!… Yes!!!…, if you are spending money on medical treatment , the government gives you deduction upto certain limits. Lets’s find out various in & outs of this scheme: In whose name, the taxpayer can claim deduction: Self Dependent husband/wife Dependent childrens Dependent parents Dependent […]

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Medical Insurance-Save Tax u/s 80 D

By   /  January 5, 2013  /  Tax Saving Instrument  /  1 Comment

  If you are among those who had purchased a health insurance plan, better known as Mediclaim Policy, you can save tax on premium paid for Health Insurance. Let’s see how much tax one can save & who is eligible to claim the tax deduction. Note: 80 D deduction is over & above Rs.1,00,000 deduction […]

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National Saving Certificates (NSC)

By   /  December 30, 2012  /  POST OFFICE SCHEMES, Tax Saving Instrument  /  7 Comments

NSC or National Saving Certificate is a Financial Product that almost every household have in their portfolio. Trust me ask your parents whether they have one & the obvious answer will be YES!!!… People generally buy NSC to save tax u/s 80 C. In this article let’s focus upon the fine prints of this financial […]

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Senior Citizen Saving Scheme (SCSS)

By   /  December 30, 2012  /  POST OFFICE SCHEMES, Tax Saving Instrument  /  18 Comments

    The most common question asked by retired people or the one who are about to retire is where to invest the lump sum money which they will get after retirement. If used in a planned way, SCSS will prove to be your best investment after  retirement. You also get rebate u/s 80 C […]

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Gift money to your MAJOR Child – Save Tax

By   /  December 30, 2012  /  Must Read, Tax Saving Instrument  /  10 Comments

    Financial dependency of children on parents in India is generally up to completion of graduation. (This assumption is applicable for financial well off families). Parents can get some relief from Income Tax as soon as their child becomes MAJOR i.e. 18 yr’s  by gifting a lump sum amount to their child. Let’s C […]

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Pay House Rent – Save Tax

By   /  December 30, 2012  /  Tax Saving Instrument  /  7 Comments

Claim deduction on house rent paid even when HRA is not a part of your salary component or you are into business : This article will bring smile to the faces of several people who often complain that they do not get House Rent Allowance and thus are unable to claim Income tax deduction. U/S […]

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House Rent Allowance – H.R.A.

By   /  December 29, 2012  /  Tax Saving Instrument  /  3 Comments

  House rent allowance forms a big part of salary component of most of the salaried persons. There is a common misconception that any amount of HRA received is tax free.  Let’s discuss in & out of this salary component and find out to what extent one can claim tax exemption :   Components of salary […]

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How to calculate tax on income

By   /  December 28, 2012  /  Tax Saving Instrument  /  1 Comment

        Income tax is calculated on income earned in a financial year i.e. from 1st April to 31st March How much tax one has to pay depends on Income of an individual and his age. Taxability of an individual in accordance to the age group is as follows :   Less than Sixty years: INCOME TAXABILITY 0 – […]

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Public Provident Fund (PPF)

By   /  December 28, 2012  /  POST OFFICE SCHEMES, Tax Saving Instrument  /  9 Comments

  It’s the most recognized tax saving tool in India for both salaried & self employed persons. The BIG Question is why to invest here or should you even invest in it. No doubt the answer is YES because if you fall in the preview of income tax than you can save tax u/s 80 C by investing […]

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Save tax on School / college fees of your kids

By   /  December 28, 2012  /  Tax Saving Instrument  /  18 Comments

Save tax on School / college fees of your kids For financial year 2013-14, income earned up to Rs.2,00,000 is not taxable i.e. if you are earning up to Rs.2,00,000 pa, you need not to pay any tax. Further, you need not to pay tax on income up to Rs.1,00,000 over & above Rs.2,00,000 by […]

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