If the terrain is very rough, it helps if the vehicle has a 4x4 turbo drive. Similarly, your tax planning can ride over unforeseen rough conditions if you follow these practices while submitting your investment declaration. Here’s how to give your investment declaration the 4x4 advantage and turn the annual ritual into an effective tax planning tool. I. Who should submit the … [Read more...] about 4×4 Power for your tax planning
The due date for filing TDS returns under Income Tax is defined as below; 1st Quarter April –June – 31st July 2nd Quarter July –Sep – 31st Oct 3rd Quarter Oct –Dec – 31st Jan 4th Quarter Jan –Mar – 31st May As per, Section 192 of the Income Tax Act, every person responsible for paying any income which is chargeable under the head ‘Salary’ should deduct TDS … [Read more...] about TDS RETURN FILING: know law, software process and benefits of outsourcing
Tax Optimization comprises of answers to the below-mentioned questions Why and how you should structure the CTC? Why and how you should plan for taxes in case of job change? Why and how you should plan 80C investments for next 5 & more years? Why and how you should avoid the car and personal loans? Why and how you should plan for life insurance? Why and how you … [Read more...] about 30 Things that Tax Optimization Can Do for You
Bengaluru-based IT professional Anumod Sharma has a fairly tax friendly salary structure but he does not avail of all the deductions available to him, which has pushed up his tax liability. Taxspanner estimates that Sharma can reduce his tax by nearly Rs 52,000 if he avails of the NPS benefit offered by his company and he invests more in the pension scheme on his own.Sharma … [Read more...] about Tax optimiser: IT professional Sharma should use NPS instead of PPF to save tax
Companies have started working on the compensation plans for the new financial year. Many have already asked their employees to submit their tax declaration for FY 2020-21. Among other things, employees are also being asked whether they want to be taxed as per the old or new tax regime. The Finance Bill 2020 proposed a new tax regime with lower tax rates. The intent was to … [Read more...] about Old Tax Regime is better than New Tax Regime for your family’s financial wellbeing.