Tax planning is an important part of a financial plan. Whether you are a salaried individual, a professional or a businessman, you can save taxes to certain extent through proper tax planning. The Indian Income Tax act allows for certain Tax Deductions / Tax Exemptions which can be claimed to save tax. You can subtract […]
Tax Planning
NPS Income Tax Benefits FY 2020-21 | Under Old & New Tax Regimes
Effective from FY 2020-21, an individual tax assessee will have an option to go for new Tax Slab Rates by forgoing the existing Income Tax Deductions and Exemptions, like HRA, Section 80C, Home loan tax benefits etc., So, to avail the below new tax regime, which is optional, taxpayers will have to let go of […]
How to apply for Instant PAN through Aadhaar based e-KYC?
CBDT has recently announced the launch of new Instant PAN allotment provision. This latest facility has been made available on the Income Tax e-filing portal. Instant PAN allotment will now be done in near to real-time at free-of cost. Individuals (other than minors) with a valid Aadhaar number (with updated Mobile number) can avail this […]
NRI Residential Status & Taxation (new) rules FY 2020-21 | Budget 2020
The residential status of taxpayers plays a key role in determining the scope of taxable income (Indian Income / Foreign Income) for a financial year in India and there by the tax payable. The residential status of an individual is based on the duration for which he/she is present in India. There are 3 types […]
New Income Tax Slab Rates Vs Old Tax Regime | Which one is better?
Budget 2020 has sparked a new debate on which income tax slab rates are beneficial for tax assessees (New Tax Regime Vs old one). A new income tax regime has been proposed in Budget 2020. A taxpayer can opt for it by forgoing 70 income tax exemptions. Offering an optional lower rate of income tax […]
Mutual Funds Taxation Rules FY 2020-21 (AY 2021-22) | Capital Gains Tax Rates Chart
Capital asset typically refers to anything that you own for personal or investment purposes. It includes all kinds of property; movable or immovable, tangible or intangible, fixed or circulating. Capital assets are further classified as Financial Assets and Non-Financial Assets. Financial assets are intangible and represent the monetary value of a physical item. Stocks (Shares) […]