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...
Know How To Structure Your Salary To Save Tax
Your salary is made of many components like basic salary, allowances (taxable and exempt), perquisites, etc. While calculating taxable salary, some of these components are taxed as per the Income Tax Act, whereas some stand exempt under the law or partial for some of the cases, subject to conditions. We will give you some of those items or parts of the salary structure, which would help you...
Saving Tax On Long Term Capital Gain
I’m sure that, more than half of the nation, wishes that, they didn’t have to pay tax. Life would be a lot easier if we didn’t have to pay. Sadly that’s not possible in India. This is because most of our Government earnings are dependent on the public through tax. It is our duty as citizens of India to pay tax, where our money goes, is a whole different thing...