How can NRIs avoid double taxation in India?
You work hard to earn money and take every possible step to save for the future. After all the efforts, you probably do not wish to lose a substantial part of your income to taxes. Even though taxes are necessary for the economy, they often come across as a burden, especially for people who are imposed with a heavy tax liability. Now imagine if you had to pay these taxes, twice...
How To Save Tax On Sale Of Residential Property In India?
Selling a property is usually a high-ticket deal, and hence the tax outflow on its profit generated could be heavy. The Indian Government has provided property sellers with many tax exemptions that can help reduce tax liability and, in some cases, even eliminate one’s taxes to be paid on such capital gains. In this blog, we will discuss the ways in which a seller of residential...
Basics Of Income Tax
Table Of Content… What Is Income Tax?What Is Income Tax Return?Why Should You File An ITR?Types Of ITR Forms?Documents Required For Filling The Return What is the due date for filing the return?E-Verification What Is Income Tax? We live in a country and use the public infrastructure like roads, transport, schools, and hospitals. We are protected through law and order and...
What Are The Types Of Income Tax Notices?
Most of us feel that once we have filed our Income Tax Return then we have complied with all our provisions and become surprised when we get any notice from the Income Tax Department. So we will have to understand what other aspects we need to keep track of to ensure that we are in compliance with the Income-tax Act The first thing which we need to understand is the different types of...
I am planning to sell land. How can I save on tax?
Whether it’s a salary income, rental income, interest income, capital gains, or any other type of income, it is compulsory for everyone to pay taxes on all the sources of income. Therefore, it is extremely important to be aware of how much tax one needs to pay and how to save tax. In this blog, you will know about the best ways to save capital gain tax on the sale of a property....
Advance Tax Provisions – FFC episode 33
Advance tax is the amount of income tax that is paid much in advance rather than a lump-sum payment at the year-end. Also known as earn tax, advance tax is to be paid in installments as per the due dates decided by the income tax department.To subscribe click her To get detailed information on Advance Tax Provisions we recommend you to watch our video. File income Tax Also...
Difference Between Tax- Planning, Avoidance & Evasion
Whether salaried individual or business owner, every person who is liable to pay income tax definitely tries to minimize the tax liability, at least for once. Even though it is unethical to save income tax and not pay the required tax amount as per your income, taxpayers still choose the following ways to minimize their tax liability; Although these terms may sound similar and they...
How to Save Income Tax? Tax Saving Guide.
Coming close to the end of the Financial year all of you might be thinking about How to save our Income Tax?Deductions allowed under the income tax act help you reduce your taxable income. You can avail these deductions only if you have made tax-saving investments or incurred eligible expenses. Equity Linked Savings Scheme ELSS is also known as Equity Linked Saving Scheme. ELSS is a...
Best Tax Saving Instruments to Maximise Your Corpus
Any person earning Income has to pay tax. So why are we waiting for the last-minute rush, tax planning and investing to save taxes should not be left for the last minute. Better to start now, this way one can get ample time to carefully plan your tax which will enable us to achieve our target of Tax saving and also helps to accumulate wealth for our future. There are various tax savings...