A new income tax regime was introduced in Budget 2020 with more tax slabs and lower tax rates. The main motive behind this is to remove the dependency of citizens on tax consultants and simplify the tax structure. The new tax regime has reduced tax slabs for individual and HUF taxpayers with a condi...

Articles Discusses Income Tax Benefits Available to Senior Citizens in India. A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief. There a...

Tax planning is a part of financial planning Though it is difficult to avoid taxes, you can strategies to reduce the tax outgo efficiently Two Important Steps 1) To choose between the old tax (with deduction) & new regime (without deduction) One has to careful analyze & compar...

Common tax-saving mistakes: ♦ Not exhausting all the tax-saving avenues: -There are various investment schemes notified under section 80C along with certain expenses, do cover all in your checklist. -Apart from 80C, one must look at section 80CCC (included under the section 80C limit) and sect...

If you want to sell your house property there are certain income tax implications that will help you to save your tax and help to build a better decision about selling your house. 1. If a property is sold within three years of buying it, any profit from the transaction is treated as a short-term ca...

Section 80D – Deduction in respect of Medical Insurance Premium (Mediclaim) Tax deductions can be availed on individual health insurance or family floater plans. Premiums paid towards health insurance taken for self, spouse, dependent children and/or dependent parents are allowed for deduction. De...