Why the need for Form 26AS?
Form 26AS is a consolidated annual statement which has tax credit related information. This statement contains detailed information on tax deducted from the income received by the taxpayer as well as tax paid (challans) in the nature of advance or self-assessment tax. This statement will also contain refund details if any pertaining to the PAN of the taxpayer. This is a very important...
Health Insurance part of Your Retirement Planning?
The wealth earned by us is indeed determined by the quality of our health. The increasing medical costs makes it extremely difficult to sustain the corpus acquired by us throughout our life if we do not make adequate planning for health insurance. This is why financial planners focus on the importance of health insurance in retaining the viability of your long run financial goal. For...
Income Tax Benefits in 2020: The HUF Advantage
HUF or Hindu Undivided Family is a unique taxable entity which is existing only in India. This entity is taxed independently from its members. This entity can be created by Hindus as well as by Sikhs, Jains and Buddhists also. Let’s see how it can be advantageous from a taxation perspective. How to create HUF The moment you are married, HUF is automatically created, however, it should...
How to make the most of the tax break in 2020?
Health problems coupled with their associated treatment expenses have been undergoing a rise in recent years especially due to poor lifestyle choices and changing food habits. We have seen that Indians self-finance 78% of their medical expenses out of which 72% comprise expenses related to purchasing medicines both before and after the procedures. This was the main reason behind the...
Save Tax Without Investing More! How?
Tax saving without investing? Seems like a dream, isn’t it? But yes, it’s true! There are certain exemptions and certain deductions which you can claim and gain the tax savings without investing a penny. Generally, these will come in the form of a loss from a certain head of income or certain expenses. So why wait? Let’s see what all is there in store for you. Housing loan benefit...
Difference between Tax Exemption and Tax Deduction
With the tax return filing season around the corner, many of you must be planning your taxes or reviewing your tax status. After putting so much effort in earning money, who likes paying taxes on their incomes? No one does, right?. But, like it or not, as per the current tax regulations, if your income is anywhere above Rs. 5 lakhs in a financial year, you would have to pay taxes. However,...
New Tax Regime Vs Old Tax Regime
In the Union Fiscal Budget 2020 unveiled by the FM, Nirmala Sitharaman announced a new and simplified income tax regime with revised income tax slabs and tax rates. This new tax system is optional to the taxpayers and it is not mandatory to opt for a new tax regime. To put it simply, the assessee can either choose the New Tax Regime or continue to follow the Old Tax Regime depending on what...
A Relief for Taxpayers Earning Under Rs. 5 lakh
Tax season brings with it a set of concerns regarding the rules and regulations which need to be followed, but these need not be confusing for you! We’re here to help you understand every aspect of the Income Tax Filing process to make it a smooth transition. What’s more, with the kind of changes introduced by the government for AY 2019-20, filing taxes has become easier than ever! For...