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.
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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If you are thinking to invest in SIP plans, then you need to find out which are the best SIP plans currently available in 2020. You require all the detailed information about Best Sip Mutual funds so that you can invest intelligently and receive good benefits from it in the future. Investment should always be […]
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Income tax in India can be categorized in Direct tax and Indirect Taxes. Taxes can be categorized according to their nature, aim and method of taxation. Some economists differentiate direct taxes from indirect taxes based on the shifting of the ultimate burden of taxation. Thus, it can be said that a direct tax is a […]
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Around 5.52 Crore citizens and 8.41 Lakh companies filed for income tax returns in the financial year 2017-18. Form 15G and 15H have to be submitted to avail tax exemption benefits on total investment. Any tax deduction on interest income can be restricted up to a stipulated limit through such forms. Form 15G has to […]
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