Last date of Income Tax Return filing is approaching. All taxpayers have a lot of doubts and queries related to income tax. Though each query is different and unique but there are some common points which are useful for all taxpayers. Over last 10 years, the return filing process has simplified. Once it was unthinkable to file the return on your own. I used to pay Rs 4,000 for return filing in Mumbai. TRP was 1st major reform and max fees of a TRP was capped. Online tax filing turned the table upside down and completely simplified the entire process. In case, you have income only from salary, ... Read More
Saving Tips: Back-Load TDS or Tax Deducted at Source
Back-Load TDS or Tax Deducted at Source is smart saving tip which can increase your net take home salary by 8%-10%. TDS (Tax Deducted at Source) is monthly affair for salaried class. TDS has to be mandatorily deducted every month by the organization from salary. Organizations deposit the TDS with Govt. Treasury against the PAN of employee. Every year at the beginning of Financial Year (FY), Organizations allow employees to declare investments and also select salary structure after appraisal process is completed. Depending on investment declaration and salary structure, the organization ... Read More
Tax Benefit on Preventive Health Check-up u/s 80D
Some time back i wrote an article Why do we need Health Insurance Policy? It is quite unfortunate that in India, people buy insurance only for investment purpose that too with a carrot of Tax Benefit. Recently, one of my friend was explaining me the benefits of Health Insurance Policy. I was glad that atleast few people are realizing the true benefit of Health Insurance and thinking beyond tax benefit. After 15 mins, he told me that the key reason for buying health insurance is tax benefit under section 80D :) He paid a premium of Rs 10,240/- for family floater plan and was regretting that ... Read More