Tag Archives: tax planning

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 »

Checklist of documents required for Tax saving investments

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It is a good habit to maintain a file or a folder of documents required for Income-tax return filing as well as for tax saving investments. If documents are already submitted to the employer for claiming deductions and he has issued Form 16, then it may not be necessary to… Read more »

Take care of taxes while gifting your beloved on Valentines!

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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 »

Allowances can help you save Income-tax

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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

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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!

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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?

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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 »

Save tax by transferring money to your spouse’s account?

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Yes, it may sound strange but you can save taxes by transferring money to your wife’s account! Here’s how! When you transfer some amount in your wife’s account for meeting her personal expenses, etc and she uses the same for investing in any assets, investments or fixed deposits, the income… Read more »

Plan your taxes well in this New Year.

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Wish you and your family a very happy and prosperous New Year! It is a new calendar year but there are still three months for Financial Year 2015-16, to end! So let us together plan for Tax savings. The Income-tax department, in a bid to encourage investments provides tax benefits… Read more »