I often get request to calculate income tax for readers and how they can save more tax! It’s not possible for me to calculate it for everyone. So going forward I would pick cases and show how to calculate income tax and if there is scope to save additional tax. Below is the comment I […] Continue reading →
Your income from salary, business or other income like income from fixed/recurring deposits etc are taxed as per income tax slabs. Full Budget 2019 presented on July5, 2019 has made NO changes in the tax slab. The announcement that individuals with income up to Rs 5 Lakh would get full rebate is through Section 87A. There […] Continue reading →
Sukanya Samriddhi Yojana is a very popular deposit scheme for girl child guaranteed by Government of India. Download excel based sukanya samriddhi calculator which would help you calculate the maturity value and plan investment for your girl child accordingly 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 →
In the full Budget, presented on July 5, 2019 a new section 80EEB was introduced which would give tax exemption up to Rs 1.5 Lakhs on interest paid for purchase of electric vehicles provided it fulfills certain conditions. Continue reading →
Section 80EEA would give additional tax exemption of 1.5 lakh on home loan taken for purchase of affordable house 🏠🏡🏘️🏚️🏢. This together with Rs 2 lakh exemption u/s24 would take home loan interest exemption to Rs 3.5 lakh Continue reading →
It’s time of the year when everyone including your employer is worried about your taxes. Most people would have received mail from their Accounts department about “submission of proofs for investments done to claim income tax exemption”. In case you have not, it might be on its way. This post helps you understand why salaried […] Continue reading →
Its time of the year when salaried employees have to submit their Rent receipts and other tax saving investments proofs to their employers. And then people remember that they had never asked for rent receipts from their landlords. And physically filling up all rent slips for so many months is tiring. But here are some […] Continue reading →
Gratuity is paid to employees by their employer at the time of retirement/resignation or in case of death and disability. We share the formula to calculate gratuity and how it is taxed Continue reading →