Tax Liability of Senior Citizens A.Y.2018-19

The persons who find difficulty 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 slabs, tax planning, tax saving schemes and more. You … 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

Save Tax in A.Y.2019-20 by Investing Efficiently

With the Budget 2018 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. 2019-20

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

Deduction in respect of Medical Treatment, etc. and deposit made for maintenance of handicapped dependents  – Deduction under section 80DD 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 … Read more

LIC Tax Deductions & Benefits

lic deductions

The first thing comes in our mind is LIC (Life Insurance Premium)or LIP whenever we talk about deduction under section 80C. But you all know it is only one of the part or deduction along with other deductions comes under section 80C. Life Insurance Premium paid on the life insurance policies issued by LIC or … Read more

17 Most Asked Questions on Income Tax Provisions for non-residents

NRI PROVISIONS INCOME TAX QUESTIONS

FAQs on Provisions useful for non-residents Q.1 Is the residential status of a person relevant for determining the taxability of the income in his hands? Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands. Taxability of any income in the hands … 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

Tax Planning for Senior Citizens F.Y.2018-19

Tax Planning for  Senior Citizens F.Y.2018-19: The category of senior citizens has been under the purview of income tax from a very long time. However, there has 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 the … Read more

Tax Planning for Female Assessee F.Y.2018-19

The Indian Taxation Structure is designed in such a manner that it promotes protection of the minor groups along with maintaining equilibrium in operations. The tax payer is mainly allocated into three major forms which involve Men, Women and Senior Citizens and Very Senior Citizens. Today, we shall take an insight into the taxation structure … Read more

9 Simple Tax Planning Tips for F.Y.2018-19

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.2018-19. 1) Invest in policies Policies are a prominent way … 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 … Read more

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

The aggregate amount of deductions u/s 80C, 80CCC and 80CCD (1) is restricted to Rs. 1,50,00 vide Sec. 80CCE. However, deduction u/s 80CCD (1B) ( in respect of deposit by the assessee in the pension scheme upto maximum of Rs.50,000) and u/s 80CCD (2) (in respect of contribution by Central Govt/employer to the pension scheme) … Read more

8 Legal Ways to Save Tax Effectively

Today everyone in the economy wants to save himself from paying taxes or to decrease their tax liabilities.  Now to save tax paying in 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 type of … Read more

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

First of all you need to understand that tax has to be deducted at source by banks on your FD interest. The bank will deduct TDS on interest payment or credited on your fixed deposits. Now, the question is that is there any possibility to avoid TDS on your fixed deposits? The answer is yes, … Read more