As rightly predicted by us weeks ago, the budget has been in tune with the Modi government’s agenda of attacking black money, with no change in tax slabs. In brief, Budget 2015 has made PAN mandatory for transactions above Rs. 1 lakh and increased deduction for medical, transport and pension. Actually, there was not much room for change in tax exemptions, hence they remain … [Read more...] about Budget 2015: What’s in store for you?
Tax Refunds
Tax To-Do list: Health is Wealth – Invest in your health to enjoy your wealth
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: Align you tax saving investments to your financial goals
Each individual has a different financial situation, hence following the herd may not be the best for your financial goals. Most of the tax payers invest in a hurry to save tax under section 80C, that too less than the maximum limit. This leads to higher tax payments, lower returns, liquidity crunch and unwanted cash outflow. For example, a 30 year old salaried individual … [Read more...] about Tax To-Do list: Align you tax saving investments to your financial goals
How to Make Your Salary Package Tax-efficient
View quick summary Make your salary package tax-efficient by planning your income tax well. For income tax planning, you can structure your pay package so that it includes various tax-free payments rather than getting it all as basic salary. Some of the common payments are: House rent allowance (HRA) Transport allowance Reimbursement of medical expense, hotel bills, … [Read more...] about How to Make Your Salary Package Tax-efficient
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
