It has been noticed that medical insurance and preventive health check up both are treated as unnecessary expenses and no benefit plans. Therefore, the number of taxpayer claiming full deduction under section 80D is negligible and taxpayers prefer paying income tax. One should not always look for returns against money especially when you are investing in your health. In terms … [Read more...] about Tax To-Do list: Health is Wealth – Invest in your health to enjoy your wealth
Tax To-Do list: The Sooner the Better – File your return early
The idiom “The sooner the better” is also true for tax return filing. However, we Indians being serious procrastinators, don’t actually believe one bit in it. We enjoy completing things at the last moment without realizing the consequences. Most of the tax return filers have all the information required for filing their income tax return in the months of May-June itself. But … [Read more...] about Tax To-Do list: The Sooner the Better – File your return early
Claiming Under section 80 C
As a taxpayer, you are entitled to reduce your tax liability by making certain investments during the year. Section 80C is specifically meant for claiming deductions in respect of payments/investments such as contribution to Provident Fund, ULIP, ELSS, life insurance premium, and investments in NSC. The complete list of deductions is given below: You are entitled to reduce your … [Read more...] about Claiming Under section 80 C
Tax To-Do list: Income Tax Authorities know it all – Report money from everywhere
It is a human tendency to hide what we have from others, to keep to ourselves and not share. However, it is very important for taxpayers to disclose the amount they receive from other sources than their primary source of income at the time of filing returns. The total tax payable by the taxpayers can be rightly calculated only if income from other sources in the form of rent, … [Read more...] about Tax To-Do list: Income Tax Authorities know it all – Report money from everywhere
Obtain Form 16 early for faster refund
Form 16 is a certificate issued by the employer at the end of the year and provided to the employee. This certificate provides details of your salary income and the TDS deducted from your income. Form 16 is all you need to file ITR, in case you have reported all your income to the employer. It is your right to obtain Form 16 from the employer within one month since the end of … [Read more...] about Obtain Form 16 early for faster refund
