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Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving

Interest Deduction on Rented House Property | Income Tax Return

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August 9, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving

Constructing/ purchasing a new house is not an easy task. A common man exhausts all his life’s saving & also take a home loan to make this dream a reality. Hence to help the citizens, income tax act provides deduction of interest paid on home loan under Section 24.Section 24 of income tax act says that, if any house is acquired, constructed using borrowed capital. Then interest paid on such borrowed capital is eligible for deduction & the amount of deduction is as follows:CaseMaximum Interest Deduction (₹) Capital is borrowedSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving

5 Common Tax Breaks You Don’t Want To Miss | ITR FY 2017-18

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July 21, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving

Are you filing income tax return for FY 2017-18?Then you surely are in a rush because the deadline is already on head i.e. 31st July, 2018.But as the wise one’s said, “Relax! Take a break & recharge yourself”.That’s why we are here, to recharge & introduce you with some common income tax breaks 2017 which will help in saving taxes.Many of us, in a hurry to file ITR, forget about various income tax benefits which we all are eligible for. But we just don’t know about them.So buckle-up your seat-belts,SEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

INCOME TAX DEDUCTION u/s 80G FOR DONATIONS TO CHARITABLE INSTITUTIONS

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July 11, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

Giving feels good! What’s more is that all your generosity gets you extra tax saving!How?The Government of India allows you to claim tax deductions u/s 80G on contributions made to relief funds & charitable institutions.Who can claim deduction under Section 80G?Any person can claim deduction u/s 80G. It doesn’t matter if the assessee claiming deduction is an individual, HUF, Company etc. The only condition is that, donation must be made in specified funds & institutions only.What type of donations are eligible for the deduction under section 80G?Only specified donations mentionedSEE DETAILS

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Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Saving

Section 80 Deduction | Deduction u/s 80DD, 80DDB, 80U

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July 10, 2018

- Blogs, Income Tax for Starters (Basics), Income Tax Help, Income Tax Learning, Income Tax Saving

In today’s modern era, we spend a lot of money on health-care, be it for ourselves or our family. So does our Government by taking steps towards public welfare. And these steps are taken in the form of income tax deductions, new laws etc. Whenever it comes to any social issue, lawmakers always try to provide more & more benefit to public.As a result, income tax laws provide various sections under which one can claim deduction of expenditure incurred on health and save taxes.Let’s discuss these sections one by one.Section 80DDSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

How To Fill Deductions In ITR 1 Sahaj Form

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July 9, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

Do you want to save money?The answer to this question is an obvious YES! Who doesn’t want to?We’ve got some good news for you. If you are filing your ITR using form ITR-1 or Sahaj Form then you can save lot of money. You must be aware that income tax return is required to be filed latest by 31st July, 2018 for the F.Y. 2017-18.In ITR-1, there is a portion dedicated to “Deductions”. Today we’ll show, how you can save income tax using these deductions under Chapter VI-A.Let us discussSEE DETAILS

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Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates

Income Tax Deduction | Section 80TTA & Section 80TTB

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July 7, 2018

- Blogs, Income Tax Help, Income Tax Learning, Income Tax Saving, Income Tax Updates

Since our childhood we’ve been taught to be frugal & save money.This teaching of our parents resulted into opening up of savings bank account by most of us.But when we earn interest on those savings, it becomes chargeable to tax as our interest income.That’s not fair! First we save money & then we pay taxes on it.Hence to bring a cheerful smile on your face. We present to you magical Sec 80TTA & Sec 80TTB.What is Section 80TTA?Sec 80TTA income tax exemption is allowed to an individual as well asSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Saving

How To Calculate House Property Income for ITR 1

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July 3, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Saving

Do you own a house? Or do you earn income from rent?If yes, then you need to take care while selecting which ITR form to use while filing your return.As income from house property needs to be considered in your ITR. Failing to which can invite troubles for you.There are basically 2 situations for any house owner. Either you own one house property or more than one.In case, you own 1 house property then you need to file return using ITR 1. And if you own more than one, then fileSEE DETAILS

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Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

Check Your Income Tax Refund Status

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March 24, 2018

- Blogs, Income Tax e-Filing, Income Tax Help, Income Tax Learning, Income Tax Saving

The best thing about filing taxes is waiting for your refund to come!!But, just filing return does not necessitates receiving of refund. The refund is issued to only those taxpayers, who have paid extra taxes and disclosed this fact while filing income tax return for the period.What is Income Tax Refund?Income Tax Refund arises in a financial year, when you’ve paid more tax (either by way of TDS or Advance Tax or Self-Assessment Tax) than you’re supposed to after taking into consideration all the deductions and exemptions at the timeSEE DETAILS

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Income Tax Help, Income Tax Learning, Income Tax Saving

Know How to Reduce Your Tax payments with spouse

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March 19, 2018

- Income Tax Help, Income Tax Learning, Income Tax Saving

Your partner can help you with managing household chores, also with sharing the financial responsibilities then why not with saving taxes?? Yes, your partner in crime can now be your tax saving partner as well. You might have heard about the clubbing provisions that income invested in one’s name gets added in the name of other partner. But, that happens when one among the couple is a non earning member. The best thing about tax planning by couple as a common unit is that both of you while earning independentlySEE DETAILS

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Income Tax Help, Income Tax Learning, Income Tax Saving

GIFTING – Does not attracts TAX!!

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March 18, 2018

- Income Tax Help, Income Tax Learning, Income Tax Saving

 GIFT is such an alluring term!! It’s always joyous to exchange gifts with your loved ones. May it be on occasions of elders visiting us, birthdays, anniversaries, success party or specially marriage. Then what restricts us from making high value transfers??? The implication of tax provisions will be the top reason working as a hindrance to free flow.Not all gifts attract Income tax. Yes you read it right..We will decode some important transactions in detail and how you can use gifts as a tax saving tool.Gift may it be cashSEE DETAILS

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