It has been proposed in the Union Budget 2021 to tax the employee`s Provident Fund (PF) contribution. The employee`s PF contribution in excess of 2.50 Lakhs per annum will be taxed. Suppose an employee contributes more than 2.50 Lakhs per annum towards Provident Fund (PF) or Voluntary Provident Funds (VPF). In this case, the interest…
Section 80C of Income Tax Act for tax exemption (Old Regime) – What are the limits, components, list of deductions under Section 80C for FY 2020-21? What are the various tax benefits under Section 80C for AY 2021-22? The most popular Tax Saving instruments are the deductions under Section 80C of the Income Tax Act. Section 80C…
Beyond Section 80 C, Section 80D, 80 DD, 80 DDB & 80 U are some other options to reduce tax liability. You can decrease your taxable income by investing in various tax saving instruments. Normally, we all maximize our tax savings with Section 80C, which is known to most of us. We all spend some…
Have you recently sold a property and are in a fix? Are you unsure whether to purchase Capital Gain Bonds from NHAI & REC to save tax? There are 3 choices here from which you can take your pick. Purchase another real estate from long term capital gain amount Purchase Capital Gain Bonds from NHAI…
First of all, let me tell you that the new tax regime is optional. An individual can either opt for old tax regime or new tax regime. Under old tax regime, an individual can still opt for all the tax deduction which are available for FY 2019-20. But it is not the same case with…
It’s widely believed that insurance as an investment is a bad product and I’m in complete agreement with the same. But what if you’ve already invested your hard-earned money in ULIPs and you want to come out of it? Be prepared for a big mess if your ULIP hasn’t completed 5 years and you’re thinking…