FINANCE

The complexities of the tax framework are something that many books have been expounded on. The tax deductions and tax exemptions support the notion. In case there's a detract from it, it is this: with regards to taxes, we discharge our tax liabilities on our taxable income and are able to save with the interest earned in our kitty.  All residents including senior citizens need to make online payment of income tax precisely and dependably. Long term investment plans should be designed in a reasonable manner and assists them with meeting life objectives.  There are different sections and subsections under the Income Tax Act of 1961. These sections empower to save money or at least make tax free investments.  A new portal has been launched this financial year by the income tax department. The new website as income tax India e-filing gov.in portal for the ease of filing returns and tax payments. To comprehend why we ought to be saving money on taxes, it's maybe import...

If you're a speed reader like ROBO Otherwise it's going to take a little bit more time... Cryptos ! That’s what dominated the discussion yesterday. You’ve probably seen it already. News media is talking about it. Twitter is going bonkers over this story. Even international media houses are reporting on the matter with one tweet reading — “Crypto just became legal in India with a 30% tax on income from the sale of digital assets.” Yes, it’s big news — Knowing that gains from cryptos and other digital assets (of its kind) will be taxed at 30%. But the tweet is a bit dubious because there’s always been a tacit assumption that gains from crypto-assets are subject to taxation. Government officials have also indicated in the past that they expect people to report all income generated from the sale or transfer of cryptos. It’s just that they never codified it. We didn’t have specific guidelines or provisions in the Income Tax Act on taxing digital assets. So to assume that cryptos are...

Here are a few tax saving options other than Section 80C that can help you to bring down the tax liability for FY 2021-22. The last date to save tax for the financial year 2021-22 is March 31, 2022. With a little more than three months away from completing your tax planning exercise for the assessment year 2022-23, you should get going if you haven’t yet started the tax saving process. While there are several options to save tax under the existing tax regime, there is also the new tax regime (NTR) that you might have already opted for. If you have opted for NTR for FY 2021-22, even though tax concessions are not allowed, you may still save tax, which we will look at later on. Meanwhile, if you are sticking with the old or the existing tax regime, the most common tax saving options fall under Section 80C of the Income Tax Act. Some tax savers or expenses such as investment in PPF, NSC, ELSS, Life insurance including tuition fees for children or principal payments of home loan EMI are th...