Income tax is an unavoidable part of our lives. While many of us often harbour a wish to not pay the tax on income, it’s not the right thought. Not only would we derive the government of funds to utilize for public use but commit a criminal offense as well. We can, however, minimise the impact of the income tax levied. With smart tweaks to our salary structure and timely investments into tax-saving plans, our take-home salary will remain solid and the worry of tax on income eating into our … [Read more...] about How to Increase Your Take Home Salary?
According to the Collins Dictionary, ‘Tax is an amount of money that you have to pay to the government so that it can pay for public services.’ In India, the tax structure was divided into a three-tier hierarchy. The Central government, the state governments, and the local municipal bodies made up the trifecta. All the three bodies were dedicated to the collection of two types of taxes—direct tax and indirect tax. Direct- Levied directly on individuals and corporates. Examples … [Read more...] about India and GST: The New Tax Regime
“Don't Panic.” ― Douglas Adams, The Hitchhiker's Guide to the Galaxy Say this to someone who has just realised he/she is not prepared for filing tax returns. We challenge you, go on. As the tax season begins, Indian salaried individuals go haywire. In the quest to save money on income tax, they do a lot of unnecessary stuff in the name of aid. Don’t believe us, read on and be amazed. Chacha Ji Zindabad Right from what to name a child to whom to marry the kid off too, we just love … [Read more...] about What kind of aid do people take as the tax season nears?
As most of us have a tendency to procrastinate, tax-planning also takes a backseat in that process. We only get to it when the financial year is coming to a close and accountants are busy fixing up everyone’s books. However, last minute rushing is not exactly prudent if you want to save money from taxes. A smarter approach is to invest your money in the early quarters of the financial year in tax-saving instruments. The early start also gives you enough to rectify any mistakes you might be doing … [Read more...] about Have You Invested Yet? We Guide You With The Best Tax-Saving Investments
Towards the end of every financial year, we frantically find means and avenues to save taxes or minimise them. However, many often go about these investments without having complete knowledge of its intricacies. The extent of common knowledge about the Income Tax Act is restricted to Section 80C. However, there are many more incentives and allowances that can reduce tax liabilities for salaried employees. In your attempts to save taxes, here are seven basic pointers you should know: … [Read more...] about 7 Basics that everyone should know about tax saving
The Constitution of India has assigned to the Central Government the authority to levy a tax on income. However, in the zeal to provide the maximum public services, there are occasions when the tax levied is excessive and deprives individuals of disposable income to spend on personal and leisurely activities. The lawmakers recognized this conundrum and therefore made way for a taxpayer to claim deductions (reduce taxable income) under various sections of the Income Tax Act. One of the most … [Read more...] about Tax Sections 80C, 80CCC & 80CCD Explained
Filing income tax returns is every individual’s rite of passage into adulthood. It is an intimidating experience, to say the least, and the number of government rules and guidelines don’t help either. If you are a first time tax payer, we’ve got you covered. Read on to discover all there is about filing income tax returns: Why to file returns and when? Filing Income tax returns is every responsible citizen’s duty. Apart from fulfilling your civic responsibility, filing IT returns is essential … [Read more...] about Are You a First Time Tax Payer? Here’s Everything You Need to Know
It is every parent’s dream to give their children the best of everything, including a world-class education. However, a good education can be rather expensive. This is where a child education plan comes in handy. A great start to figuring out such a grand plan is to invest in a child insurance plan. It will help secure the future of your children financially as well as build a corpus for important milestones in their lives, like a higher education. Let’s take a look at how a child insurance … [Read more...] about Curb the Cost of Raising a Child by Buying an Investment Plan
Income tax is defined as the tax imposed by the Government of India on anyone who gets income in India. In simple terms, suppose if your parents, since they run the family, make it compulsory for you to contribute a small part from your earning to pay for the family’s common spending, such as electricity bill, house rent, etc. This will make you a responsible member, right? Similarly, this is what is exactly done by the government. The revenue contributed in the form of taxes is used for the … [Read more...] about Tax Paying is not a choice, it’s a necessity
The Merriam-Webster dictionary defines the word ‘tax’ as—a charge usually of money imposed by authority on persons or property for public purposes. The tax structure in India is a three-tier federal structure. The central government, state governments, and local municipal bodies make up this structure. Article 256 of the constitution states that "No tax shall be levied or collected except by the authority of law". Hence, each and every tax that is collected needs to backed by an accompanying … [Read more...] about Tax Structure in India, Explained