Tips and Tricks for Saving Income Tax via HUF

Whenever times come to pay your tax, the first and the foremost question which comes to the mind of individuals is that “How to save Income tax through HUF”? Everyone believes that they could save some amount by using HUF and avoiding paying some tax. The expectations of every individual are that they are going to … Read more

All About Senior Citizen Savings Scheme

Senior citizen scheme is a deposit scheme for elders or you can say that it’s a best option of getting future return so that you don’t have to depend on others at the at the age of retirement.  Generally, retirement brings lot of troubles and barriers for future matters. This scheme is initiated by Government … Read more

PPF – Public Provident Fund – Popular Tax Saving Scheme

A number of money saving instruments has been floated in the market, which people may get confused as to what instrument they should buy. The safest among them are the government floated schemed instrument. One of them is Public Provident Fund. This is not only a savings instrument but they also give the opportunity to … 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

5 Benefit of Opening SBI PPF Account

The SBI PPF account is one of the smartest ways to save tax and build a steady habit of savings. Apart from that, the SBI PPF account offers numerous benefits to the account holders which includes appointing a nominee and transferring the PPF account to some other banks as well. Given such credibility, it is … Read more

How to Open PPF Account in SBI?

Today, the PPF account has become an important consideration for every individual who has a source of income. The facility of PPF not only offers an individual with the benefit of making savings on a regular basis, but also allows a person to save taxes. One of the most recognized ways to invest in PPF … Read more

Post Office Time Deposit Scheme: Check Complete Detail

The Government of India has kept open various doors for creating a habit of savings amongst the citizens. Post Office Time Deposit Scheme is an exclusive example of such an initiative where the Government looks forward to support the citizens with an option to invest for a period of 1 to 5 years and with an … Read more

Post Office Monthly Income Deposit Scheme

Over the years, the Government of India has been offering several ways to create a habit of saving amongst tax payers. The Post Office Monthly Income Deposit scheme looks forward to generate monthly savings for people who are ready to invest in a 5 year term scheme. The minimum required amount is INR 1500 or … Read more

Small Savings: Big on Tax Benefits

The small savings section is one of the most attractive sections for people all over the world. The small savings section provides people flexibility and proves to less burdensome. Small savings requires a very scant amount from the pocket of the investor and ensures a guarantee for better periodical return. Added to this, being small … Read more

Bank Term Deposit Scheme: Tax Benefits & Application Procedure

This bank deposit scheme is popularly known as Bank Term Deposit scheme, 2006, which came into force on the date of submission of the official gadget. Under bank deposit scheme, the term “assessee” means, any individual or a Hindu undivided family; Act refers to the income tax Act, 1961 and form means any form prescribed … Read more

Taxation of Retiring Person with Tax planning

As you start to reach your retirement days, various questions in respect of taxation start to haunt you. Most of the people retire at the age of 60 which not only makes them old enough to work, but also makes them a senior citizen of the nation. This is where your tax planning becomes crucial. … Read more

Save Tax in 2016-17 by Investing Efficiently

With the Budget 2015 implemented in the country, who doesn’t wants to reduce their payment of tax? “No one” is the straightforward answer to this question. In present economy where inflation rules the country, everyone wants to have more money in their pockets and safe custodies so that they can use it in future. Payment … Read more

5 Tax Planning Tips for Salaried Employees for A.Y. 2015-16

The new budget announced this year by the new government brought a host of changes. However, the scope for salaried class were, as usual, limited. Only a few positive chances were introduced to enhance the quality of life of the salaried or working class. In these cases, tax planning can be extremely beneficial in saving … Read more

Deduction U/S 80DD: Medical Treatment of Handicapped Dependents

As we have discussed earlier about deduction under section 80C, 80D, 80CCC, 80CCD and other deduction. Here, we’ll talk about deduction under section 80DD related to medical treatment etc and deposit made for the maintenance of handicapped dependents. You should read the complete article to know the latest provision related to A.Y. 2015-16 and A.Y.2014-15. … Read more

Total Deduction Allowed u/s 80C, 80CCC and 80CCD (A.Y.2015-16)

The most common questions asked by every readers of LessMyTax that how much deduction is allowed in aggregate under section 80C, 80CCC and 80CCD? It is common because every year the limit has been changed. So there may be confusion in the mind of the people. These deductions are not allowable against any income by … Read more

Kisan Vikas Patra – A Best Tax Saving Scheme

Kisan Vikas Patra is a scheme introduced by the Indian Government for the welfare of Indian Farmers. As the name includes “KISHAN” it does not mean that is only scheme for the farmers.  It is a scheme of mobilisation of funds for the KISAN’S. Note: Kisan Vikas Patras (KVPs) have discontinued w.e.f 1.12.2011 Who Can … Read more