All salaried have different type of leaves namely: Sick Leave, Casual Leave, Earned/Privilege leave, etc. If employees take lesser leaves than they are eligible for, most employers encash the left over leaves either annually or at the time of leaving the company. Of all types of leaves only earned or privilege leave is encashable. Leave […] Continue reading →
EPF (Employee Provident Fund) is one of the best retirement plans offered to salaried employees. The deduction happens automatically, the employer makes an equivalent contribution and above all the interest earned is tax free. If the EPF amount is never dipped into and is transferred every time job change happens it would result in substantial […] Continue reading →
Budget 2018 along with many changes to tax laws also introduced a new Section 80TTB. According to this Senior citizen can claim tax exemption up to Rs 50,000 on interest income from bank/ post office fixed deposit, recurring deposit or savings account.Also, if a senior citizen opts to take advantage of Section 80TTB, he cannot […] Continue reading →
One of my friends called me in a worrying voice telling me he had received an email from Income tax department with subject “Intimation U/S 143(1) for PAN ABCxxxxx4A AY:2018-19”. As with most of us, any communication from taxmen makes us worried and it was not much different for my friend. Are you in the […] Continue reading →
Taxation plays a very important role in the returns generated by your investment and so you should know how the investment is taxed before you choose one. We list down the most common investments and how they are taxed? Fixed Income/Debt Investments: 1. Saving Bank Account: Interest earned in Saving bank account up to Rs […] Continue reading →
Budget 2018 has made some changes to Income tax for individual. There has been no changes in the income tax slab, however there have been some changes related to salaried/pensioner tax payers and senior citizens. We highlight the changes and give you the new tax calculator for FY 2018-19 [AY 2019-20]. Changes in Income Tax Rules: […] Continue reading →
We are releasing the eBook on Tax Planning which tells you how to save income tax for FY 2017-18 (AY 2018-19) for both Salaried and Professionals. This is a short 43 slide power point presentation (in pdf) which covers all the tax saving sections and investments applicable for tax payers. But before that lets look […] Continue reading →
Salaried class have always complained of raw deal year after year in income tax laws. But the good news is you can still manage to pay Zero (NIL) income tax on salary of up to Rs 16 lakhs. All you need to have is right salary structure and invest in RIGHT Tax saving plans! We give you […] Continue reading →
A few days back (on April 16, 2018) Income Tax Department issued cautionary advisory to Salaried Taxpayers about under-reporting of income and inflating deductions/exemptions while paying taxes. This was prompted by some of the recent cases of salaried caught by income tax officials. You can read the advisory below: Also Read: Everything you need to […] Continue reading →