Posts Tagged: income tax

Finance

Do this Now: Your Income Tax Can be Reduced

In the latest Union Budget, Finance Minister Nirmala Sitharaman gave the middle class a reason to breathe a little easier with the announcement that income up to ₹12 lakh will now be tax-free under the new tax regime. However, this is applicable from the next financial year. This year, if you wish to reduce your taxable income while growing your wealth, we have got you covered, especially if you have chosen the old tax regime. Investment options like Equity Linked Saving Schemes (ELSS), Public Provident Funds (PPF), Employee Provident Funds (EPF), and Tax-Saving Fixed Deposits offer tax deductions. Their returns are like watching paint dry—safe but slow. Once done, you can see the positive results. Here, we will cover smart ways to reduce tax liabilities in detail. Let’s find out.

Finance

Life Insurance Cost Comparison: Term Plan vs. Whole Life

Selecting a life insurance policy requires carefully considering several factors, which can be time-consuming and complicated for some people. To get the finest coverage, it is essential to understand the different types of life insurance policies available, including whole life, term plans, endowment plans, ULIPs, and more. This article compares the two most common types of life insurance, whole life and term plans, along with an overview of life insurance costs for making informed decisions.

Finance

Maximising Tax Benefits Through Family Medical Insurance Policies

The increasing health expenditure in India is forcing families to find complete solutions for financial stability. However, the fast-moving medical insurance policy for family offers financial protection and tax-saving benefits, making it the smartest choice in this evergrowing, high-expense economy.

Business

Pink Tax: What Does Color Have to Do With Tax?

Pink for girls and blue for boys. It's just an old stereotype. No harm, no foul. Right? Not quite. While gender-specific colours may seem harmless, the hidden costs that come with it are anything but!

Finance

The Role of an Income Tax Calculator in Effective Income Planning

Precisely calculating taxes is one of the biggest tasks that the majority of people struggle with. No matter how hard you try, the complex tax calculation will always leave you confused. That’s why many people have switched to income tax calculators. This simple tool has simplified how people perceive tax filing and planning. If you also have a hard time calculating your income tax returns, you should opt for an income tax calculator. It will be a more convenient and cost-effective option for you than hiring a tax consultant.

Tax Club

Are You Managing Your Taxes Right? Quick Steps to Do It.

Human life is a mixture of contradictions. Let's think about salaried individuals for a moment. Making less money can be a bummer, but we grumble about taxes when we receive a raise. 😅

Stock Market

3 Tax-Saving Categories You Should Invest In

People earning above ₹3 lakh per year have a duty to follow. Yes, I am talking about paying taxes. This duty is mandatory for being a citizen of the nation and is essential for the well-being of the country as a whole. I mean, taxes build roads, schools, and many of the cool places we all love to visit. 🛣️

Your Money

Pay 0 Tax with an Income of upto ₹12 Lakh

Direct tax collections show a 19% increase, hitting ₹14.70 lakh crore by 11 January 2024. This achievement represents 81% of the fiscal year 2023-24 target, as reported by the Central Board of Direct Taxes (CBDT).

Tax Club

Capital Gain: Profit and Tax Strategies

Capital gain taxes are often overlooked but can leave quite a dent in your pocket if not managed properly.

Tax Club

Tax Saving Schemes & Investment: Don't let the Government Loot you!

All of us work with immense dedication, face Monday blues, toil overtime and put up with our khadoos bosses. Why? Kya karein paapi pet ka sawaal hai! And after so much hard work, what do we get? Peanuts! That’s not even the worst part. Letting go of our hard-earned money as taxes is what kills us the most.

Tax Club

Understanding Form 16: The Essential Guide for Salaried Employees

As the end of the financial year draws near, taxpayers gear up to file their income tax returns. However, navigating the intricate world of taxes can be daunting, especially for salaried individuals who must keep track of numerous documents and procedures. One such document that plays a crucial role in the process is Form 16, which acts as a certificate of the taxes deducted at the source by the employer. It's a document that can determine whether you get a refund or pay more taxes, making it essential to understand its intricacies.

Tax Club

Form 16 A & B: The Two Sides You Need to Know

Attention all salaried employees in India! Are you ready to unravel the mystery behind Form 16? This vital document not only summarises your salaried income but also holds the key to your tax deductions. But wait, did you know there are two TDS certificates, Form 16A & 16B? Each part provides unique information about your finances that you must learn to file your income tax returns accurately. So, get ready to dive into the exciting world of Form 16 and explore the fascinating details of Form 16 A and Form 16 B. Get your popcorn ready, and let's get started!

Tax Club

Capital Gains: What to expect? How can taxation be improved?

Are you looking forward to the upcoming Indian Union Budget 2023? If so, there are many things you may want to keep in mind. Capital gains taxation in India has been a topic of discussion for a while now, and it seems that many changes are set to be made. The upcoming Indian Union Budget 2023 will majorly impact investors in India. You must know what to expect if you are planning to make any money in the country soon.

Your Money

Income tax rebate under section 87a? Working and Eligibility

Even though they are unavoidable, we look for ways to avoid paying taxes. Every taxpayer tries to minimise their tax liability, but people do not educate themselves well enough. Though there are several ways to reduce a taxpayer's burden, the Government of India provides all citizens with a helpful resource – rebate u/s 87A of the Income Tax Act, 1961. In the current state of things, it is as if the Government is a shopkeeper that wants to give people a discount, but people are too frantic to listen and pay more than necessary.

Recent Updates

Unusual Tax Cases in the World!

Have you ever wondered about some of the most unusual tax disputes in the world or the weirdest taxes that once existed? If not, then these cases and taxes will surely surprise you! One of the weirdest taxes that emerged in Ancient Rome was none other than Bachelor tax, yes you heard it right! This was broadly practiced in the year 1821 in Missouri in the USA. The bachelors had to pay a tax of $1 but it never became a law.

Posts Tagged: income tax

Do this Now: Your Income Tax Can be Reduced

Life Insurance Cost Comparison: Term Plan vs. Whole Life

Maximising Tax Benefits Through Family Medical Insurance Policies

Pink Tax: What Does Color Have to Do With Tax?

The Role of an Income Tax Calculator in Effective Income Planning

Are You Managing Your Taxes Right? Quick Steps to Do It.

3 Tax-Saving Categories You Should Invest In

Pay 0 Tax with an Income of upto ₹12 Lakh

Capital Gain: Profit and Tax Strategies

Tax Saving Schemes & Investment: Don't let the Government Loot you!

Understanding Form 16: The Essential Guide for Salaried Employees

Form 16 A & B: The Two Sides You Need to Know

Capital Gains: What to expect? How can taxation be improved?

Income tax rebate under section 87a? Working and Eligibility

Unusual Tax Cases in the World!

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