Category Archives: Tax Planning

Investment in Atal Pension Yojana eligible for Deduction U/s. 80CCD

myITreturn

There is good news for taxpayers!!! Department of revenue has declared that investment made in Atal Pension Yojana is eligible for getting deduction U/s. 80CCD. The notification was published on 19th February, 2016 by the Government. Quick link for notification – http://www.incometaxindia.gov.in/communications/notification/notification72016.pdf   Earlier investment in pension schemes of Central… Read more »

Take care of taxes while gifting your beloved on Valentines!

myITreturn

It is the month of february, better known as the month of Love! You might be planning to gift your valentine with an expensive gift. But do take care of taxes. As per the Income-tax Act, gift from relative is exempt (so it’s better to marry your valentine first and… Read more »

Tax implications of a LIC Policy

myITreturn

Life is important and life lost has a tremendous impact on your near and dear ones. The emotional scars are hard to cure but one may never want their family to go through financial crisis as well. With this view Insurance has been allowed as a major deduction by the… Read more »

Deduction U/s. 80D

myITreturn

Health insurance or Mediclaim assures that you are adequately covered for all your medical expenses which might arise in the future. The coverage offered by mediclaim policies are different, depending on what kind of a policy you choose. Section 80D also includes preventive health checkup. Health insurance premia paid by… Read more »

Allowances can help you save Income-tax

myITreturn

Salaried taxpayer receives emoluments(benefits) from his/her employer generally referred as his package. The emoluments consists of various items such as Basic Salary, Dearness Allowance, Bonus, Commission on sales, Perquisites etc. All these items are covered separately in the Form 16 of the taxpayer. Out of these, allowances play a vital… Read more »

Tax Saving Investment Options available under Income Tax

myITreturn

You can invest/contribute/deposit/pay in following to save your taxes :- a) Life Insurance policy taken on your life or on your family, premium paid during the financial year shall be deductible b) Contribution towards Public provident fund c) Subscription to National Savings Certificates (Accrued interest on NSC is also deductible… Read more »

Make sure you get your medical reimbursement!

myITreturn

A medical allowance is an allowance provided under the Income tax Act, which states that any employee can submit the bills of any medical treatment undergone by him for himself or his family members. The limit for the allowance is Rs. 15,000. The medical allowance may be paid to the employee… Read more »

How to save taxes on bonus?

myITreturn

Bonus is one thing that each employee cherishes but well, it can also escalate the amount of Income-tax payable by you. Bonus from your employer is fully taxable in the year in which you receive it. So next time you receive a bonus, be happy but at the same time… Read more »

House Rent Allowance

myITreturn

Q. What is House Rent Allowance (HRA)? Ans.: If a taxpayer is a salaried person and living in a rented house, then certain sum of money is paid to him every month by his employer as Allowance against accommodation. The very purpose of paying this allowance is to meet the… Read more »

Gift money to your adult child and save tax!

myITreturn

Gifting money to your adult children would not only bring a smile on their faces but you will also get tax benefited! Isn’t it a cool way to save your tax? Well, here’s how you can avail tax benefit by gifting money to your major child i.e child who has… Read more »