Form 16 is an important document you might encounter when you start working or during tax season. In simple terms, it’s like a report card your employer gives you about your earnings and the taxes they’ve deducted. Let’s break down what Form 16 means, how it works, the perks it offers, and the different types …
Tax planning means tax savings to receive maximum benefits under the tax policies. With the right approach to reduce tax liabilities, you can enjoy the maximum benefits under the provisions mentioned in the law. It attempts to make a well-rounded approach to your tax decisions in a financial year and aims for benefits for taxpayers …
At the time they leave their place of employment, employees are entitled to lump sum payments from EPFO. Under the EPF program, employees contribute a portion of their monthly salaries. It is a great platform for saving the portion of your pay that will come in handy in case of an emergency. The EPFO is …
Employees’ Provident Fund (EPF): All About EPF Plan! Read More »
The Public Provident Fund (PPF) program was introduced in India for the first time in 1968. The scheme’s main objective is to encourage modest savings among people and to provide returns on those savings. Interest rate returns aren’t taxed when they are generated. PPF accounts-definition Public Provident Fund (PPF) schemes are long-term investment options that …
(PPF) Public Provident Fund Account: Interest, Features & Benefits Read More »
A savings program designed for older citizens over 60s in India is usually called the Senior Citizens Savings Scheme (SCSS). It offers a steady income stream with the highest level of safety and tax advantages. SCSS offers a sovereign guarantee since it is backed by the government. Investing in this plan is a smart financial …
(SCSS) Senior Citizens Savings Scheme: Tax Benefit & Features Read More »
A public defined contribution retirement savings plan is known as a National Pension System (NPS). The NPS wants to encourage people to make retirement savings a habit. Putting money into this financial instrument will increase your wealth while also reducing your tax burden. In this article, we shall cover the the necessary details regarding NPS. …
(NPS) National Pension System: Benefits, Interest Rate and Eligibility Read More »
If you are a beginner investor, ELSS is the greatest choice since it offers tax benefits, gives you a taste of mutual funds, and allows you to invest in stocks. Only equity-linked savings plans (ELSS funds) qualify for tax deductions under Section 80C of the Income Tax Act of 1961. Here, we’ll examine all the …
(Equity Linked Savings Scheme) ELSS Funds: Meaning, Full Form & Interest Rate Read More »
NSCs, or National Savings Certificates, can be used as security for bank loans. According to Section 80C of the Income Tax Act of 1961, the owner receives tax advantages. Meaning The National Savings Certificate (NSC), available at the nearby post office under your name, for a minor, or on a joint account with another adult, …
National Savings Certificate (NSC): All Features & Tax Benefits Read More »
There are a few methods to reduce taxes or receive a refund. Commonly utilised tax-saving investing choices include PPF, EPF, and others. Tax savings depend on the type of tax advantage claimed. Section 80C of the Income Tax Act provides for the reduction of taxable income through tax-saving investments or the incurring of qualified costs. …
“Maximize Your Tax Savings in 2022-23 – Secure Your Future With Tax Saving Options For Salaried” People who are salaried have some advantages when it comes to submitting income tax returns. In this blog post, we’ll talk about tax-saving solutions for salaried people for the AY 2022–2023. We will also discuss the steps what one …
