Tax Planning with HUF: Step-by-Step Procedure to Create an HUF

Interested in optimizing your tax planning and maximizing your tax savings? A Hindu Undivided Family (HUF) could be an excellent strategy to consider. As a separate tax entity, a HUF can provide several benefits for managing your family’s finances while minimizing taxes. The following guide will walk you through the simple and hassle-free process of … Read more

Deduction 80EE: Home Loan Interest Deduction A.Y.2023-24

Indian Income Tax Act section 80EE provides first-time homeowners with a unique advantage in the form of a home loan interest deduction. In Deduction 80EE, the interest payable on a home loan can be deducted up to INR 50,000. The purpose of this tax benefit is to promote home ownership and reduce the tax burden … Read more

Deduction 80D ay 2023-24 ay 2024-25

Deduction 80D AY 2023-24 & 2024-25: A health insurance policy covers the medical expenses of the insured. Each policy may have different coverage, perks, and limitations. Health insurance can make paying for medical bills easier and reduce financial stress. Tax deductions are available for medical insurance premiums paid by individuals and Hindu Undivided Families (HUFs). … Read more

Deduction 80C AY 2024-25 & AY 2023-24

Deduction 80C A.Y. 2023-24 & A.Y.2024-25: There are a number of deductions under Chapter VI-A, namely Sections 80C to 80U, that can be deducted from gross income in order to arrive at net income/taxable income. In this article, we will discuss only section 80C deduction. Investments in certain instruments, such as Life Insurance Premiums, Employee … Read more

Tax Benefits on Stamp Duty & Registration Charges of a Property

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

Save Tax in F.Y.2022-23 (A.Y.2023-24) by Investing Efficiently

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

Tax Deduction 80DD for Medical Treatment of Disabled Dependent

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 Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24

Tax Liability of Sr Citizens A.Y.2022-23 & A.Y.2023-24: The persons who find it difficult to calculate income tax for their parents or senior citizens themselves must read this article for everything you need to know about the taxation of senior citizens. You will find here the meaning, definition, tax liability, income tax rates, income tax … Read more

House Property Income Calculation and Deduction 2022

What is House Property Income Any building or land attached to it that is owned by the assessee is considered to be house property. House properties could be your own home, office, a shop, or even a building that is attached to the building like a parking lot. This could also include the land that … Read more

11 Simple Tax Planning Tips for A.Y.2022-23 & A.Y.2023-24

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

Income Tax Slab & Deductions for Women A.Y.2022-23 & A.Y.2023-24

Male and female taxpayers were previously granted separate tax exemption limits in India. Income earned by women was exempt from taxation to a greater extent. Since 2012-13, however, this difference in basic exemption limit has been eliminated, and a common tax slab has been introduced for men and women, regardless of their ages and incomes, in … Read more

Tax Planning for Senior Citizens F.Y.2022-23 A.Y.2023-24

Tax Planning for  Senior Citizens F.Y.2022-23 A.Y.2023-24: The category of senior citizens has been under the purview of income tax for a very long time. However, there have been certain relief that has been provided to them when it comes to imposing taxes on their income. A person is regarded as a senior citizen if … Read more

7 Most Effective Ways to save Tax

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

11 Ways to Select Best Health Insurance Policy in India

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

6 Simple Steps to Reduce Income Tax

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

Deductions From Salary for A.Y. 2022-23 (Updated)

Deductions From Salary for A.Y. 2022-23: The salary people always request that we tell them about all the deductions that we are eligible to claim in A.Y. 2022-23 and 2023-24. Therefore, we provide a list of all deductions from the salary that you can claim while calculating taxable salary income or net total income after … Read more

How to Avoid TDS on FD Interest by Form 15G & 15H?

Avoid TDS on FD: You can avoid tax deduction/TDS on your interest income if you are an individual, who is resident in India by furnishing, a declaration in writing in Form 15G/15H. You can only submit form 15G or 15H if your income is below the exemption limit. There are some provisions to submit 15H … Read more

5 Tax Saving Mistakes and its Solutions

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

SBI PPF Interest Rate & Maturity Period

The State Bank of India offers the option to invest in PPF to existing users and new users of its bank. The channel is aimed to create a habit of savings among the people of India, along with creating a reliable pool of investment which can be used by the banks from time to time. … Read more