Tax planning is the analysis of one’s financial situation from a tax efficiency point of view so as to plan one’s finances in the most optimized manner. Tax planning is a legal way of reducing income tax liabilities. Tax planning allows a taxpayer to make the best use of the various tax exemptions, deductions and benefits to minimize their tax liability over a financial year. It helps you to save your taxes in ways that are legally recognized and allowed. Tax planning will help you understand what expenses will lead you to pay more taxes and what investments will help you avoid taxes. You will learn about tax exemptions and what investments will provide greater interest rates and returns in long term. Tax planning will help you save that extra amount and put it to good use in investments and securities that will earn you interest and provide you tax exemptions on your income.
Over the last couple of years, the burning topic of progressive income tax has been fiercely discussed in India. Recall that, today, everyone who stays in India pays taxes in one form or other, regardless of the income generated. This sort of issue is quite contradictory – the majority of pro-government officials and the richest […]
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Business numbers can be difficult, so it is common to have questions about reducing taxes. Among the many available tools, companies can use a gst calculator to offset the difficulty. There are still more challenges down the road, as reducing taxable income requires a specific skillset. Once you understand the basics, you’ll have no trouble […]
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Public Provident Fund (PFF) is a great investment scheme that helps you to build a corpus over the long-term. Moreover, it helps you save on taxes too in addition to other things. This scheme works very well as a retirement fund. Also, the minimum amount that you need to start investing in this scheme is […]
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Employee’s Provident Fund or EPF is a government scheme that helps an employee in several different ways. It works as a great savings tool, an emergency fund, a retirement corpus/pension plan, etc. Moreover, it also saves you taxes on the amount you contribute towards the PF account and on the interest you earn on the […]
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Permanent Account Number or PAN is a unique ID number that the Income Tax Department of India issues to all taxpayers. A PAN is an essential piece of information as it contains all the income tax-related information about you. Moreover, it also links all your monetary transactions together, thus, making it easier for the Income […]
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Transport Allowance or Conveyance Allowance is a type of allowance that you’ll come across while going through your salary slip in excel format. And it might seem just like another allowance like the Dearness Allowance, House Rent Allowance, and so on. But, there’s much more to it that is very important to know. This article […]
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Did your tax-saving plan get jeopardized due to the current pandemic? Don’t worry! You can still invest in some tax-saving Mutual Funds, i.e. the ELSS funds until the 31st of July and claim your tax deductions for the last fiscal year. People keep looking for best investment Plans to grow their wealth and also save […]
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A Salary slip or Payslip is an important document given to the employee by the organization they are working in to provide with a detailed salary structure format. Salary slip is an essential document required to avail of various benefits such as tax deductions. Moreover, it helps you get an idea of the overall break […]
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Sukanya Samriddhi Yojana (SSY) is a savings scheme started by the Government of India that encourages parents to save money for their girl child. The scheme motivates the parents/legal guardian of the girl child to build a fund for marriage expenses and future educational purposes. SSY scheme was launched by Prime Minister Shri Narendra Modi […]
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With the introduction of GST, chartered accountants are being compelled to expand their range of services and comply with the new regulatory compliances. Top tax consultancy services are aware of the sudden shift in the business marketplace. They can provide the necessary information on tax exemptions policies associated with the expenses of expanding your practice. […]
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