NPS Tax Benefits As Per The New Tax Regime And Old Tax Regime
Following the Budget 2023, there has been some confusion regarding the tax benefits of the National Pension System (NPS) under both the new tax regime and the old tax regime. This is largely due to the government’s emphasis on promoting the new tax regime over the old one. To clear up this confusion, let’s take a closer look at the NPS tax benefits in both regimes. Everyone...
What is HUF & How It Saves Tax– FFC ep 45
The concept of Hindu Undivided Family, commonly known as HUF, was derived from the ancient Hindu laws. The oldest male member heads the HUF, and is called the ‘Karta’. He is responsible for making and taking decisions for the HUF. The other members in the family are called co-parcerners. In an Hindu Undivided Family all the members can contribute, but once the contribution is...
Everything about Term Plans
You cannot predict what is there waiting for you in the future. There are always lots of uncertainties and causalities coming up for you in the future and you are always unaware about it. These uncertainties cause a drastic financial crisis to your family and closed ones. You can help your loved ones by planning for your and their future and apply for a term insurance plan. Choosing...
Insurance and its Tax Benefits
Saving taxes is everyone’s predominant motto when it comes to investments. Thankfully, the Income Tax Act 1961, has allowed various types of investment avenues to be exempt from the purview of income tax. If you choose these avenues for investment, you can earn tax exemptions and deductions on the amount you invest, the returns generated and the benefit you get. When it comes to...Tax Benefit on HRA vs Home loans- FFC EP 2
House Rent Allowance Vs Home Loan Taxpayers would like to know their entitlement to deductions towards the payments for housing accommodation and their entitlement for house rent exemption. Tax Benefit on House Rent AllowanceAn allowance that is provided by an employer to the employee to cover the expenses of the accommodation rent which the employee may incur for his housing...
Save Tax through Sukanya Samriddhi Yojana
Paying taxes is a duty of every citizen of this country. A part of our hard earned income is returned to the Income Tax Department of India. However, we all desire to save up the most of the money we earn for personal needs or any future emergencies. There are many smart ways to do that. Some do it by investing in mutual funds and other schemes available in the...
Tax Planning Demystified
Income tax is always a complicated subject. It’s difficult to understand for a layman. For a salaried person understanding complicated and confusing tax terminology is a nightmare. Through this article, we will make your life simple and make you understand tax jargon in an easier manner. In today’s article, we will discuss the basic difference between Exemption, Deduction, and...
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...
Tax Planning For Beginners: 3 Key Principles Explained
Tax planning refers to the sum of all activities which help in bringing down the overall tax liability and adding up to your savings. The ultimate goal of a tax planning drive is to create an estimate of your total holdings and make wise financial choices by accounting for all exclusions, exemptions, allowances, deductions etc. A little bit of tax planning today can be of...