How to save Income-Tax under 80GG?

By | March 27th, 2019|Categories: Deductions, ITR Filing, Save Income Tax|Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

Section 80GG of the Income Tax Act allows claiming of the tax deduction for the house rent paid for accommodation. Not all salaried people are able to stay in their own place. Either due to work being located in distant locations, affordability, or many other problems, personal or otherwise. To ease up their problems, the Government [...]

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Tax Saving on Mutual Funds

By | July 8th, 2017|Categories: Save Income Tax|

Introduction A mutual fund is a professionally-managed trust that pools the savings of many investors and invests them in securities like stocks, bonds, short-term money market instruments and commodities such as precious metals. Investors in a mutual fund have a common financial goal and their money is invested in different asset classes in accordance with the [...]

NSC Interest Income Taxability

By | July 6th, 2017|Categories: ITR Filing, Other Sources, Save Income Tax|

Introduction National Savings Certificates are one of secure investment available at all Indian post-offices. These certificates are designed for salaried employees and businessmen, and they produce fixed income like fixed deposits. Any individual can invest for up to 10 years under this scheme. There are two different issues of NSCs include NSC- VIII and NSC IX [...]

Section 80G: Deduction for Donations

By | July 6th, 2017|Categories: Deductions, ITR Filing, Save Income Tax|

Introduction Income Tax Act, Section 80G deals with donations made towards charity, to provide tax incentives to individuals indulging in charitable activities. This section offers tax deductions on donations made to certain funds or charities. An amount donated by an individual to an eligible charity can be claimed as a tax deduction while filing an income [...]

Tax on House Property Income

By | July 6th, 2017|Categories: House Property, ITR Filing, Save Income Tax|

Introduction House Property Income of the assessee is addressed as Income from house property. Also, amount of money that is received by the landlord from tenant(s) for using the property is called rental income. Here, property refers to any building including house, office building, warehouse etc. And any land attached to the building like compound, garage, [...]

Gratuity Allowance for Salaried Persons

By | July 6th, 2017|Categories: Salary, Save Income Tax|

Introduction The amount paid by an employer to an employee for services rendered in the company is known as Gratuity. However, it is paid only to employees who complete 5 or more years with the company. It can be given as a token of appreciation by the employer to the employee for services offered by the [...]

Tax Saving Allowances For Salaried Employees

By | July 5th, 2017|Categories: Salary, Save Income Tax|

Introduction Income Tax Act allows many income tax exemptions for salaried employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for salaried employees and then the employer would compute the tax on the balance income as per the [...]

Save Capital Gains Tax

By | July 1st, 2017|Categories: Capital Gain, Save Income Tax|

Introduction CGT (Capital Gain Tax) is a tax imposed on capital gains or the profit on the sale of an asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals and property and there are various methods to save capital gains tax. The point of owning assets is to get monetary benefits through them, which could either [...]