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Tax Planning

Things to remember while filing income tax returns

Filing income tax returns diligently is as important as investing in tax-saving instruments. An error can cost you both time and money. Here is a list of things to remember while filing income tax returns: Documents                                                                                                                              It is advisable to have a checklist of documents needed for filing returns to avoid mistakes. Some must-haves are: […]

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All you need to know about Equity Tax Saving Mutual Fund Schemes

  Tax planning should be an integral part of your finances. There are various deductions available to an individual as per the Income Tax Act, 1961. One such instrument is Equity Linked Savings Schemes (ELSS). Meaning As the name suggests, ELSS is an equity mutual fund scheme similar to any diversified equity mutual fund that […]

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What is Tax Refund

As a responsible citizen of the country, you must pay your taxes on time. However, overpaying taxes can be detrimental to your financial health. What is tax refund? In the beginning of financial year, you might not be clear about how much you can invest in tax saving schemes. Your employer may deduct income tax […]

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Using tax saving instruments to meet financial goals

The month of April is the time to submit the Investment Declaration to your employer. This lays down the foundation of the tax to be deducted from your salary every month. Section 192 of the Income Tax Act, 1961 mandates the employer to hold back taxes at the time of payment of monthly salary. The […]

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Tips for last minute tax savers

March is that time of the year when the accounts department of your organization starts sending out reminder emails to employees for submitting the investment proofs. You had submitted an optimistic investment declaration at the beginning of the financial year, but this is the moment of truth. You probably managed to invest some money in […]

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4 Tax saving tips for women

A woman need not club her income with her husband’s income and can be an independent tax payer. There are various provisions under the Income Tax Act, 1961, for exemptions, deductions and rebates which can help reduce the amount paid as tax. Whether you are a salaried or a self-employed woman, there are some tax […]

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5 Tax-Efficient Portfolio Tips for High Income Earners

With great income comes great responsibility. Being a high-income earner (or HIE) has its own set of challenges. There is a certain lifestyle that needs to be maintained and an inherent need to improve returns on investment post-tax. While the fundamental strategies of investment like, setting goals, investment horizon and the risk-return ratio of your […]

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The Tax Saving Quiz

  Tax Saving! How familiar are you with this concept? Let’s figure it out What does tax saving mean to you? A) Saving money B) Making investments C) My CA knows better D) I don’t know Do you think tax planning is critical for our financial well-being? A) Yes B) No C) Tax planning? D) […]

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Tax savings with ELSS

If you’re keen on making well-planned investments that don’t force you to compromise on tax benefits, ELSS or Equity Linked Savings Scheme is something you just cannot afford to overlook. Although there are all types of investment options that enable you to save taxes, ELSS not just helps you do that but it can create […]

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Salaried? 7 ways you can save on taxes

Let’s cut to the chase and get down straight to the methods! Using House Rent Allowance (HRA) If you’re a salaried person and paying rent, you can avail exemption, being least of the below provisions, under section 10 (13A) of the Income Tax Act, 1961: Total annual rent paid for the accommodation – 10% of […]

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