How to File ITR for Freelancer
India is ranked as the second fastest-growing freelance market in the world. Freelancing is more fruitful now as Income tax for freelancers in India is quite lucrative with many favorable tax rules and savings opportunities. Just like any other individual who earns income has to pay tax, freelancers are also required to pay tax and […]
Why is it Important to File Tax Returns?
As responsible citizens, we must pay income tax on Time. The first and foremost reason is that not filing returns may attract a penalty for a few income classes. Nevertheless, the money paid as income tax provides basic amenities like roads, schools, hospitals, rations, security, etc. Filing a Tax Return enables the authorities to have […]
How To File ITR With Multiple Form 16
Form 16 is one of the most essential documents required by taxpayers to file an income tax return (ITR) form every financial year. Form 16 is issued by the employer if tax is deducted by them on behalf of the employee’s salary. Form 16 contains details of various TDS/TCS transactions. It is mandatory to issue […]
How Can You Save Tax Outside Section 80C?
Most taxpayers know about claiming deduction under Section 80C of the Income Tax Act 1961 up to Rs. 1.5 lakh. However, there are more tax-saving opportunities beyond the Section 80C route that can further help you reduce your tax liability. In this article, let us explore these tax-saving options to make you a smart tax […]
Saving Tax at The Last Moment? Here’s How Early Tax-Saving Helps
Tax is a necessary evil in our lives. While the government needs the tax revenue to run the country, it also offers tax deductions to people for making investments in pre-approved instruments. Have you ever wondered if these last-minute tax-saving investments are good for your financial health? While there are several tax-saving investment options, in […]
How to Save Income Tax in India
Income tax is the tax paid by an individual or a Hindu Undivided Family or any taxpayer other than companies, on the income received. The revenue generated from these taxes is vital for the smooth functioning of the country as the government needs these funds to foster economic growth and development. The tax varies with […]
NPS vs ELSS: Which One is Better for Tax Saving?
Saving tax is an important aspect of wealth generation and meeting financial goals. The Income Tax Department offers various ways to reduce tax liability by offering tax deductions on certain expenses and investments. Section 80C of the Income Tax Act, 1961, has a list of investments that offer tax deductions up to Rs.1.5 lakh per […]
10 Best Tax-Saving Instruments and Their Returns
Tax saving is a prime tool for many investors, to prevent the erosion of the total income generated. There are various instruments that provide this benefit, thereby, significantly increasing the effective investment port-folio in this country as all individuals want to avail this advantage. In this article, I will talk about the best tax saving […]
A Comprehensive Checklist Of Documents Required To File Income Tax Returns (FY 2018-19)
Come July and the yearly ritual of filing your income tax returns begins in full swing. To help you tackle this season better, here is a compilation of essential documents that you must collect in advance in order to file hassle-free returns. Read on General Documents Required Firstly let us look at all the general […]
Freelancers And Taxes : Know How You Can Benefit From Presumptive Tax Scheme
In this blog, I seek to discuss presumptive tax for freelancers. But before that, let us quickly touch upon freelancing income, and expenses that are allowed for deduction so that you understand the taxation part well. What Is Freelancing Income? Freelancing income is the income that you get when you are hired for a specific […]
Income Tax Return Filing For Futures And Options ( F&O)Traders : All You Need To Know
Trading in futures and options on stocks, currencies, and commodities are subject to tax but there is little awareness around the subject. This lack of information also leads to many small traders failing to report their losses from futures and options while filing their income tax return. With this article, I aim to bring forth […]
Income Tax : CBDT Simplifies Disclosure Of LTCG From Stocks And Equity Mutual Funds
The Central Board of Direct Taxes (CBDT), on June 14, 2019, relaxed the rules on disclosing the long-term capital gains from equity and related investments while filing the income-tax returns (ITR) for fiscal 2019 (the assessment year 2019-20). In this blog, I will discuss more about the recent announcement by CBDT and how it will […]
Tax Saving : Deductions Under Section 80C, 80CCC, 80CCD And 80D
As a tax-paying individual, it is a must for you to know about tax relief you can claim ( Upto ₹ 150,000) under Section 80, 80 CCC, 80 CCD, and 80D. These deductions are categorized into different buckets based on the type of investment made and fall under Chapter VI A of the Income Tax […]
Evaluating ELSS Funds to Save Taxes
Every year, as soon as the season of tax filing arrives, taxpayers start looking for ideas to save taxes by different ways of investing. Tax saving methods are many, but it is really important to choose a method that not only saves your money but also makes you more of it in the future. Although,the […]
A Detailed Tax Calendar for Fiscal 2020
As the new financial year begins, you will have the responsibility of a new task with you for complying with the tax norms. While you should ideally start tax planning from the first month of the fiscal year, you need to ensure you review your portfolio, income and expenses over the period as you progress. In […]
Are You Planning On Giving Up Your ELSS Because of LTCG Tax? Don’t!
The year 2018 shall be remembered for days to come for several reasons. One reason is the re-introduction of long-term capital gains (LTCG) tax. Before we delve more in-depth in, let us quickly touch upon LTCG for the sake of our novice readers. What Is Long-Term Capital Gains (LTCG) Tax? LTCG is a tax that is […]
Budget 2019 – Tax Slabs and Changes in Income Tax
In the previous article, highlights of the Interim Budget 2019 had been covered. This blog will focus primarily on the income tax slab for fiscal 2019 (AY 2020-21). Read on! Let us first differentiate two key terms – gross income and taxable income. Difference Between Gross Income and Taxable Income Many of us have heard […]
First Job? High Salary? Here Come the Taxes!
Every individual including the salaried people like us have to pay taxes on the salary that we earn. But of course, you know that. But what we don’t know is how to manage our finances once tax slab kicks in. Sources of Income It is important for us to note that first of all, we […]
Basics of Income Tax for Beginners
There are a lot of common milestones that each one of us goes through in our lifespan. To name a few – graduation, first job, marriage, family, etc. Similarly, another milestone that is pretty common amongst people is paying income tax for the first time. In India, the moment you hear the word income tax, […]
5 Reasons Why You Should Opt for Mutual Funds to Save Tax
Introduction of Equity Linked Savings Scheme (ELSS) has provided the much-needed relief for middle-class people, particularly the working class. At a time when inflation has been rising, investing in traditional instruments with nominal returns of 8-10% has become too mainstream and unaffordable. For novice readers, if returns in a tax saver fixed deposit is around […]