How to Check Income Tax Refund Status Online?
Income tax refund comes to the picture when individuals pay taxes higher than the actual income tax liability for that particular financial year. A taxpayer can claim a refund of this excess amount, and after proper assessment and going through certain documents, the income tax department makes the refund. ● According to reports, between April 1, 2021, to April 26,...
ITR Filing Online Process Step-By-Step
An income tax return (ITR) filing doesn’t have to be a worry. You don’t need to take help from an expert or continuously worry about deadlines. Today we can file taxes online. The process of filing taxes online is called E-filling. It is quite a simple task and E-filling can be done in just a few minutes from the comfort of your home or office. As per Income Tax Act, 1961 every individual...
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...
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...
Decoding Budget 2021
The most feared and most awaited event of the year; The Budget. Every person, every industry waited patiently for the announcement from our respected Finance Minister Nirmala Sitharaman. With COVID-19 pandemic on the backdrop, India was waiting for a “get well soon”. Let’s see what the Budget 2021 brought forward for us – Decoding Budget 2021: 1. No changes in personal...
How to select a suitable Tax regime for Yourself?
Our respected Finance Minister came up with an option of opting for an old or new tax regime whichever is beneficial to the taxpayer. Both the regimes have their own pros and cons of their own. This article will sum up the benefits as well as downsides of both the regimes which will help you in choosing a suitable regime for yourself. Let’s see what Old Tax Regime was all about: The old...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...
5 Major Types of Taxes We Pay In India
Why does the Government want to take away our money? What are they using it for? Why do we have to pay tax on the all the income we earn? These are some of the most common questions, taxpayers ask. Well, India is a democratic country, so you have no choice but to pay tax. However, what you do have, is options to save the tax that you pay. The reason as to why we have to pay tax, is...
Different 80C Options You Are Completely Unaware Off
Tax Awareness’ is keeping yourself up to date with current tax rules made. Tax is vast and it is very difficult too, to keep up with the changes in these rules every year. And it is because of this lack of awareness, people just pay the tax that gets deducted from their salary. They feel that tax is so complicated, that is better to just pay it off. Some people have had bad investment...