What Is Gratuity Tax & How to Save Tax on Retirement Benefits?
Many employees believe that all retirement payouts—gratuity, pension, and PF—are tax-free. The truth? It’s more nuanced. This guide will walk you through what’s tax-free, what’s partially taxable, and how to plan smart for your golden years. 1. What Is Gratuity? Gratuity is a one-time lump sum your employer pays you as a gesture of gratitude for long-term service—typically after at...
Tax Declaration Guide For Salaried Employees
Navigating income tax and declarations can be complex. In this blog, Fintoo – your partner in optimizing fiscal decisions – has simplified Income Tax Declaration (ITD); from understanding Form 12BB to strategic tax savings. Read on to discover how to make tax planning savvy and rewarding! Essential Guide to Income Tax Declaration – ITD An income Tax Declaration (ITD) is a crucial...
8 things to do before the new financial year 2023
As the new financial year approaches, you may have already started planning your investments to achieve your financial goals. But before we dive into the new financial year 2023-24, it is necessary to complete certain tasks before 31st March 2023 to ensure maximum savings and a good start to the new fiscal year. Taking care of these important things will enable you to save on taxes and...
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...
Clubbing Of Income – FFC 51
Clubbing of Income means that the Income of some other person would also be included in your Income. You would be required to pay tax on such income of the other person.The provisions of clubbing of Income were introduced by the Govt so as to ensure that a person does not try to reduce his tax liability by splitting his income in different names.We recommend you to watch our video...
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...
Invest to save tax now! Best handpicked ELSS schemes
What are ELSS Funds? Equity Linked Saving Schemes (ELSS), popularly known as tax saving mutual funds, are equity-oriented mutual funds. As per the SEBI regulations, ELSS funds have to invest at least 80% of their corpus in equity or equity-related instruments. These funds come with a lock-in period of 3 years and qualify for tax deduction under Section 80C. Investments in ELSS of up to...
TO AVOID UNNECESSARY TAXES, IT PLANNING.
What is tax planning? Tax planning is the analysis of an individual’s financial situation from a tax efficiency point of view so as to plan an individual’s finances in the most optimized way. It allows an individual to make the best use of various taxes. Income tax planning involves planning under various provisions of the Indian taxation laws. In India, tax planning offers...