Category Archives: Tax Planning

Submission of Tax saving declarations to Employer

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New Financial year has just begun and April is the month of tax planning for the whole year. Employers ask all their staff to submit Tax saving declarations in this month. However some taxpayers might not be conversant about what exactly is to be shown in such declarations and what… Read more »

Save tax by paying rent to your parents?

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A salaried person can claim HRA exemption by paying rent to parents, if  he is staying with parents. Click here to know about House Rent Allowance (HRA). What is essential to claim HRA exemption? It is not essential to submit any document to the Income-tax department for claiming HRA exemption. However… Read more »

eNPS -A golden opportunity to save tax.

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Only few days left for 31st March deadline and still thinking of any tax saving resort? Here’s a saviour then!  Introduction of eNPS have made things so much easier and so much faster that you can invest in NPS with a click of mouse without having to physically visiting any… Read more »

Deduction U/s. 80G: Donations

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To encourage  charity amongst taxpayers, our Government is providing deduction for contribution (donation) made to registered Charitable Organizations. Deduction under 80G can be availed by any taxpayer, whether resident or non-resident. There are some rules made by the government for donation to charitable purpose which are as follows:- Deduction can… Read more »

Employees Provident Fund (EPF)

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Provident Fund is a scheme designed and controlled by Government of India for the Indian taxpayers. The primary purpose of this scheme is to secure post-retirement tenure of taxpayers. Investment in Provident Fund is classified in 2 broad types- Employee’s Provident Fund (EPF) – For salaried taxpayers only. Public Provident Fund (PPF)… Read more »

Am I required to submit Documents/Proofs with Income-tax Return?

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Are taxpayers required to submit any document or evidence with Income-tax return? The answer is No! The Income tax department has made the return filing process quite hassle free. It requires the taxpayer to file an annexure less return. It is advisable to maintain a file of documents year-wise arranged.This… Read more »

All about Advance tax

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What is Advance tax? “A stitch in time saves nine” a well proven proverb teaches us to perform all the important things in advance to avoid losses in future. Same doctrine applies for taxes as well. If you pay your Income-tax in advance i.e. before end of Financial Year, you… Read more »

Due dates for Advance-tax payment (F.Y. 2015-16)

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Following are the due dates for payment of Advance-tax for F.Y. 2015-16:- A. In case of companies- Due date for payment Amount of advance tax to be paid On or before 15th June Atleast 15% of tax liability On or before 15th September Atleast 45% of tax liability less earlier… Read more »

Atal Pension Yojana (APY)

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What is Atal Pension Yojana (APY)? Last year, Government of India announced a new scheme called as “Atal Pension Yojana (APY)”. The scheme is administered by Pension Fund Regulatory and Development Authority (PFRDA) of India. This guaranteed pension scheme focuses on creating a retirement corpus for people from unorganized sector… Read more »

Investment in National Pension Scheme (NPS)

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Earlier, Government of India was administering benefit oriented pension system. Considering the drawbacks in this system, it decided to move a forward step towards contribution oriented pension scheme. And this is how National Pension Scheme emerged in the year 2004. At initial stage, this scheme was applicable only to the… Read more »