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Blogs
Read the latest articles, blogs, case studies, and many more published by taxspanner
21 min read
Option to choose New tax regime | How to Submit Form 10IE online?
Ready to manage your taxes? The option to choose the new tax regime offers a fresh opportunity for taxpayers to streamline their financial responsibilities.
Vignya Parvathaneni
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28 min read
Receiving a Tax Notice: How to Confirm its Validity and Review It?
An Income Tax Notice is like a written letter from the government's tax office that tells you there's a problem with your taxes.
Subhasmitha Behera
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19 min read
Lower deduction certificate
In order to ensure cash flow and timely payment of government dues, taxpayers might avoid paying larger TDS than their real tax liability by using the Lower Deduction Certificate (LDC). Even if the receiver has no earnings liable to tax for the year, refunds can only be looked at through filing an income tax
Subhasmitha Behera
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25 min read
File GST return online
A GST return is a document that includes the details of income, sales, expenses, and purchases of a GST-registered taxpayer, which is used by the tax authorities for the purpose of calculating the net tax liability of the taxpayer. It includes purchases, sales, output GST on sales, and input tax credit or GST paid on purchases.
Subhasmitha Behera
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19 min read
Why do you need a CA
First of all, it's important to recognize the situations where a Chartered Accountant's (CA's) expertise is essential and when it might not be required. Understanding these cases can help you make informed decisions about whether or not to seek professional assistance.
Subhasmitha Behera
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19 min read
Know about the Assessing Officer(AO), its importance, and purpose
To understand who an Assessment Officer is and what they do, we first need to understand what an Assessment is. So, assessment is basically the thorough investigation of income tax returns, be they processed or unprocessed, by the CPC, which focuses on and verifies the accuracy of the reported income to identify and avoid any kind of intentional or unintentional errors.
Subhasmitha Behera
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13 min read
Tax-Loss Harvesting 101: Optimize Your Portfolio & Save on Taxes
Tax-loss harvesting is the process of selling securities at a loss on time to reduce the capital gains tax generated from the sale of rewarding assets. This tactic is frequently employed to minimize short-term capital gains, which are often subject to a higher tax rate than long-term capital gains, to protect the value of the investor's portfolio and minimize taxes.
Subhasmitha Behera
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18 min read
Understanding Section 148: A Taxpayer's Guide to Reassessment Notices
Section 148 of the Income Tax Act 1961 allows the Assessing Officer to send notices to taxpayers whose income needs to be correctly assessed. This means that if the officer suspects that a taxpayer has not disclosed complete income or provided an inaccurate representation, they can initiate proceedings under this section.
Subhasmitha Behera
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25 min read
Advance Tax- When and How to Do It, Advance Tax: Meaning, procedure and installment details
Advance tax is like paying a part of your income tax bill in advance before the end of the financial year. Instead of waiting until the year ends to pay taxes as you earn, advance tax requires you to estimate your total income for the whole year and pay taxes periodically throughout the year. These payments are made in installments on specific dates set by the tax authorities.
Subhasmitha Behera
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13 min read
Home loan benefits for women in India
India is growing, and so are women's empowerment and employment rates. Women strive hard to build a dream house of their own and to support them; several banks and also non-banking financial institutions(NBFCs) provide extra benefits to them along with their home loan offerings.
Subhasmitha Behera
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18 min read
Form 15CB: A Step-by-Step Guide to Compliance, Documentation, and Filing Procedures for International Remittances
Any payment or aggregate of payments exceeding Rs 5 lakhs in a fiscal year are subject to income tax and are made to a non-resident, individual, or foreign company.
Subhasmitha Behera
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26 min read
ELSS: A Comprehensive Guide to Tax-Saving Mutual Funds and Smart Investment Strategies
ELSS is a Mutual Fund that allows individuals to claim income tax deductions covering up to Rs. 1.5 lakhs per year under Section 80C of the Income Tax Act, 1961. However, investing more than Rs. 1.5 lakhs do not qualify for tax benefits.
Subhasmitha Behera
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13 min read
Exploring Tax Benefits: Features and Advantages of 5-Year Tax Saver Fixed Deposits under Section 80C
Under Section 80C, a fixed deposit account provides a tax deduction under Section 80C of the Income Tax Act of 1961 named 5-year tax saver FD. These accounts are a form of fixed deposit account. The interest earned is subject to taxation, and the interest rates range from 5.5% to 7.75%.
eYantra
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21 min read
Sukanya Samriddhi Yojana (SSY): Benefits, Eligibility, and Steps to Open an Account for Your Daughter's Future
An initiative known as the Sukanya Samriddhi Yojana (SSY) is a small deposit scheme run by the Ministry of Finance and created only for female children. In 2015, the Honorable Prime Minister introduced the scheme as an extension of the Beti Bachao Beti Padhao campaign.
Subhasmitha Behera
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28 min read
Atal Pension Yojana Unveiled: Navigating the Path to Financial Security in 2024
The Atal Pension Yojana (APY) is a voluntary retirement scheme for low-to-mid-income individuals aged 18 to 40, aiming to create social security for all Indians, particularly the poor, underprivileged, and unorganized sectors. The scheme replaces the previous Swavalamban Yojana and offers a fixed pension of Rs 1000, Rs 2000, Rs 3000, Rs 4000, or Rs 5000 upon reaching 60 years of age.
Subhasmitha Behera
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20 min read
Optimize Your Tax Savings By Claiming HRA Not Shown To Employer With Tax Filing Services
Tax filing is a tedious and burdensome process, which is as necessary as it is complicated. Filing tax returns is more than complying with regulations; in fact, it is considered a social duty of every individual in the country.
eYantra
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33 min read
PPF Essentials: Empowering Your Financial Journey with Smart Investment
The Public Provident Fund, or PPF, is a widely used long-term, tax-efficient savings scheme supported by the government with numerous benefits. Encouraging savings and giving individuals financial security was the primary objective of designing this scheme.
Subhasmitha Behera
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49 min read
Maximizing Your Retirement Savings: A Guide to National Pension Scheme Eligibility and Tax Benefits
The Pension Fund Regulatory and Development Authority (PFRDA) and the Union Government of India oversee the National Pension Scheme (NPS), which is a very popular way for people to save money for retirement. People who sign up for this plan can regularly contribute to their NPS account.
Subhasmitha Behera
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30 min read
EPF Essentials: Understanding Contributions, Benefits, and Tax Implications
Employee Provident Fund (EPF) is a tax-saving plan in India that helps salaried individuals save for their retirement through employer contributions. It provides a retirement benefit to salaried workers, ensuring their daily expenses are covered and keeping their lifestyle intact even after retirement.
Subhasmitha Behera
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13 min read
PPF vs. NPS: Choosing the Right Retirement Haven – Liquidity & Returns
NPS is a voluntary as well as long-term retirement savings scheme that has been introduced by the Indian Government.
Subhasmitha Behera
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38 min read
National Savings Certificates (NSC): A Deep Dive into Secure and Tax-Efficient Investments
The National Savings Certificate (NSC) is a fixed-income investment scheme. This initiative by the Government of India was introduced to encourage subscribers (mainly small to mid-income investors) to invest while also saving up to Rs. 1.5 lakh on their income tax under Section 80C. It can be opened through any post office savings branch.
Sudhir Kaushik
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25 min read
What to Look for When Choosing an e-Return Intermediary for Income Tax e-Filing?
With India becoming a digital-first nation, an increasing number of income tax return submissions are happening through e-filings. This trend has put the spotlight on E-return Intermediaries (ERI). An ERI is responsible for providing assistance to taxpayers in filing their income tax returns.
Sudhir Kaushik
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21 min read
How to improve your GST compliance rating and why does it matter?
GST Compliance Rating is a system designed to evaluate if a company complies with the Goods and Services Tax (GST) regime. Implemented by the Indian government in 2017, the compliance rating applies to all taxable businesses regardless of size and type.
Subhasmita Behera
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22 min read
The Benefits Of Tax Optimization Services For Freelancer
The freelance market in India has been growing rapidly over the past couple of years. Many people are shifting to freelancing work as it provides greater flexibility and freedom. According to a report on ‘Freelancing in 2020: An Abundance of Opportunities’ by Payoneer, India has the second-fastest-growing freelance market in the world with an estimated 15 million freelancers in the market. The market is booming and more people are ready to join the freelance market.
Subhasmita Behera
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15 min read
Avoid These 5 Mistakes When Filing TDS Return for Salary
For all salaried working professionals, filing TDS returns is part and parcel of their responsibility. TDS returns for salary are filed to report the amount of tax deducted from the employee's salary by the employer and deposited with the government.
Subhasmita Behera
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31 min read
Deductions Under Section VI A
The provisions in Chapter VI A of the IT Act provide opportunities for tax savings through different sections, each offering distinct benefits. Read the details of each section to understand the benefits they offer.
Uday Kumar Suthrala
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23 min read
Tax Savings Plan- How To Start Saving Taxes Now For Next Year
Personal finance has been gaining significance among youngsters and new job professionals for some time now. Especially when filing their taxes every year, they’re realizing that efficient money management translates to significant tax savings. If you’re prudent with your salary and make smart investment choices, you can save enough to fund your future goals. However, not all are aware of the savings schemes that the government allows you to invest in and reduce tax liability.
Subhasmita Behera
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15 min read
Section 80DDB: Deductions for Medical Expenses of Specified Diseases
Under section 80DDB, you can deduct the medical care cost for a dependent with one of the diseases mentioned in the table below.
Subhasmita Behera
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16 min read
80E Section: How to Claim the Tax Credit for Qualified Retirement Savings
The 80E education loan deduction is a tax benefit for people who take a loan to pay for higher studies. This deduction can only be used for the interest paid for the loan, not the principal amount of the loan. The Education Loan deduction can be claimed for up to eight years, beginning with the year interest repayment starts.
Subhasmita Behera
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11 min read
Section 80EE: The Complete Guide to Claiming Deduction for Home Loan Interest
In the financial year 2013-14, section 80EE became effective. It was only offered during the 2013–14 and 2014–15 financial year. The deductions allowed before were limited to Rs 1 lakh and could only be used for two financial years.
Subhasmita Behera
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22 min read
Section 80G: Your Guide to Charitable Giving and Tax Savings
Under Section 80G, you can't get a tax deduction for every donation, though. Only donations to certain funds can be used as a tax deduction. But Remember that If you choose the new tax system, you can't take this advantage.
Subhasmita Behera
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20 min read
Don't Pay More Taxes Than You Need to: How to Claim Relief Under Section 89
Form 10E is used to ask for help with salary debts or advance salary, especially if the salary wasn't paid on time or at all in a particular year or if the salary was paid early. This form ensures the user gets a suitable tax break for this income.
Subhasmita Behera
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5 min read
E-verification on Income Tax Portal
let's see how to E-Verify your ITR on the Income Tax e-Filing portal.
Pankaj Singh
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3 min read
Download Challan from the Income Tax Portal
According to the new rules, if you successfully pay your income tax online, you will be assigned a CIN number.
Pankaj Singh
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22 min read
Section 80D: The Ultimate Guide to Tax Deductions for Health Insurance
Under Section 80D, every person or HUF paying medical insurance premiums for a given year is eligible for a tax deduction equal to a percentage of that year's gross income. This deduction is also available to those with critical sickness plans or supplemental health insurance.
Subhasmita Behera
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30 min read
How to make the most of Section 80C for your financial future
The Income Tax Act contains Section 80C, which allows some investments and expenditures to pay income tax. You can reduce the amount of tax you owe by claiming deductions of up to Rs. 1.5 lakh if you carefully plan your future financial affairs and allocate your money among various investments, such as the Public Provident Fund and the National Savings Certificate.
Subhasmita Behera
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11 min read
The Importance of Form 24B in Calculating Your Income Tax (OR) Form 24B
The interest paid on the loan can be deducted from the taxpayer's overall taxable income because of Section 24B of the Income Tax Act.
Subhasmita Behera
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21 min read
Tax exemption on encashed leaves
Subhasmita Behera
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20 min read
Claiming Section 80GG: A Step-by-Step Guide
Those individuals who do not use the house rent allowance are eligible for a tax deduction due to a special provision found in Chapter VI-A of the Income Tax Act of 1961, Section 80GG.
Subhasmita Behera
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19 min read
Transfer funds from NRO to NRE account
NRIs (Non-resident Indians) manage their funds in India via two accounts, namely the NRE account and the NRO account. So, let us first understand what these two accounts are.
Subhasmita Behera
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21 min read
Exemptions and tax deduction from House Rent Allowance
Subhasmita Behera
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15 min read
How to file ITR-1 on Taxspanner portal
A step-by-step guide on how to file ITR 1 on Taxspanner portal
Pankaj Singh
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12 min read
How to activate and deactivate ERI
A step-by-step guide on how to activate and deactivate ERI
Pankaj Singh
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23 min read
How to choose between ITR-1 and ITR-2
Confused between weather file ITR 1 or go with ITR 2? We got the right article for you to save your time and help you choose the right form
Subhasmita Behera
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22 min read
Maximizing Your Tax Savings with TaxSpanner's Tax Optimizer: A Comprehensive Guide
Every year, Indian taxpayers look for ways to maximize their tax savings. To streamline and improve their tax planning process, a growing number of taxpayers are turning to TaxSpanner's tax optimization software. This software suggests various tax-saving options that they can take advantage of to preserve their hard-earned money. In this comprehensive guide, we will explain how you can maximize your tax savings with TaxSpanner's Tax Optimizer.
Subhasmita Behera
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21 min read
Tax benefits on home loan
We all want to have our dream house someday, but some of us opt for home loans to buy the house. Though paying off the loan is quite hefty, however, …
Subhasmita Behera
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31 min read
TDS and its implications
Tax Deducted at Source, also known as TDS, is a method of collecting taxes that has been put into effect by the government of India to collect taxes …
Subhasmita Behera
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19 min read
Tax benefits on education loan
Getting an education is an investment that continues to pay off for the rest of your life. However, as demand grows, so does the price of providing q…
Subhasmita Behera
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12 min read
Power for your tax planning
A salaried person who draws a monthly income is required to declare his investment for proper computation of income and deduction of tax.A person who…
Abhishek Sharma
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14 min read
20% TCS on International Credit card spending
Under the Liberalised Remittance Scheme (LRS), which was recently implemented by the Ministry of Finance, international credit card spending can now …
Subhasmita Behera
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