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.

Option to choose New tax regime | How to Submit Form 10IE online?

Receiving-a-Tax-Notice

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.

Receiving a Tax Notice: How to Confirm its Validity and Review It?

Lower-Deduction-Certificate

Tax optimization

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

Lower deduction certificate

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.

File GST return online

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.

Why do you need a CA

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.

Know about the Assessing Officer(AO), its importance, and purpose

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.

Tax-Loss Harvesting 101: Optimize Your Portfolio & Save on Taxes

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.

Understanding Section 148: A Taxpayer's Guide to Reassessment Notices

Advance Tax

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.

Advance Tax- When and How to Do It, Advance Tax: Meaning, procedure and installment details

Home loan benefits for women in India

Section 80C

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.

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.

Form 15CB: A Step-by-Step Guide to Compliance, Documentation, and Filing Procedures for International Remittances

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.

ELSS: A Comprehensive Guide to Tax-Saving Mutual Funds and Smart Investment Strategies

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%.

Exploring Tax Benefits: Features and Advantages of 5-Year Tax Saver Fixed Deposits under Section 80C

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.

Sukanya Samriddhi Yojana (SSY): Benefits, Eligibility, and Steps to Open an Account for Your Daughter's Future

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.

Atal Pension Yojana Unveiled: Navigating the Path to Financial Security in 2024

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.

PPF Essentials Empowering Your Financial Journey with Smart Investments

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.

PPF Essentials: Empowering Your Financial Journey with Smart Investment

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.

Maximizing Your Retirement Savings: A Guide to National Pension Scheme Eligibility and Tax Benefits

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.

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.

PPF vs. NPS: Choosing the Right Retirement Haven – Liquidity & Returns

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.

National Savings Certificates (NSC): A Deep Dive into Secure and Tax-Efficient Investments

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.

What to Look for When Choosing an e-Return Intermediary for Income Tax e-Filing?

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.

The Benefits Of Tax Optimization Services For Freelancers

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.

The Benefits Of Tax Optimization Services For Freelancer

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.

2023-09-01_121507

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.

Deductions Under Section VI A

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.

80ddb

Section 80D

Under section 80DDB, you can deduct the medical care cost for a dependent with one of the diseases mentioned in the table below.

Section 80DDB: Deductions for Medical Expenses of Specified Diseases

Section 80E

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.

80E Section: How to Claim the Tax Credit for Qualified Retirement Savings

80ee

Section 80EE

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.

Section 80EE: The Complete Guide to Claiming Deduction for Home Loan Interest

Section 80G

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.

Section 80G: Your Guide to Charitable Giving and Tax Savings

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.

Don't Pay More Taxes Than You Need to: How to Claim Relief Under Section 89

e-verify-tax-return

let's see how to E-Verify your ITR on the Income Tax e-Filing portal.

E-verification on Income Tax Portal

challan

According to the new rules, if you successfully pay your income tax online, you will be assigned a CIN number.

Download Challan from the Income Tax Portal

medical 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.

Section 80D: The Ultimate Guide to Tax Deductions for Health Insurance

section80c1

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.

How to make the most of Section 80C for your financial future

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.

The Importance of Form 24B in Calculating Your Income Tax (OR) Form 24B

encashed leave

leave encashment

Tax exemption on encashed leaves

80GG

Section 80GG

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.

Claiming Section 80GG: A Step-by-Step Guide

Fund transfer

Fund Transfer

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.

Transfer funds from NRO to NRE account

House rent allowance

Exemptions and tax deduction from House Rent Allowance

itr 1

A step-by-step guide on how to file ITR 1 on Taxspanner portal

How to file ITR-1 on Taxspanner portal

A step-by-step guide on how to activate and deactivate ERI

How to activate and deactivate ERI

ITR 1 vs 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

How to choose between ITR-1 and ITR-2

shutterstock_1204403860-980x653

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.

Maximizing Your Tax Savings with TaxSpanner's Tax Optimizer: A Comprehensive Guide

Home loan

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, …

Tax benefits on home loan

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 …

TDS and its implications

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…

Tax benefits on education loan

jose-vazquez-Q5RBHz9cu1A-unsplash

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…

Power for your tax planning

Under the Liberalised Remittance Scheme (LRS), which was recently implemented by the Ministry of Finance, international credit card spending can now …

Get a product demo

Individual

Business

Company

Resources

Learning Resources

Product Resources