Hiding Tax – Why it is tough now, honest will be rewarded.
are you hiding tax? then this article is right for you to read and How the honest will be rewarded? I have seen so many people avoiding tax and cheating the income tax department with wrong information. But this will not last for long. Very soon, Your insurance premium, school, and hotel bill are coming under the Income-tax Department Scanner. In addition, some other high-value transactions also will be coming under the I.T scanner. This is really a good move and will benefit the nation and honest taxpayers. and the tax avoiders will be punished. The list of high-value transactions …
Senior Citizen Savings Scheme ( SCSS) – Features and Benefits
Senior Citizen Savings Scheme is a famous savings scheme for Old Age People whose age is more than 60 years of age. Here, In this article I will explain all the features and benefits of this scheme. Who Can Apply for this Senior Citizen Savings Scheme?… An Individual whose age is more than 60 years of age can open this account. In addition, a person who got superannuation or retired under VRS after age 5 and before 60 years of age can enter in this scheme. However, he/she should invest within one month of retirement, and the total investment …
Pradhan Mantri Awas Yojana (PMAY) 2020-2021-Who is eligible?
Pradhan Mantri Awas Yojana has been extended till 31st, March 2021 for the CLSS category. While at the same time for EWS/LIG category this has been extended till 31st, March 2022. Now, Let’s see who is eligible under PMAY Scheme?… Pradhan Mantri Awas Yojana ( PMAY) Schemes are… CLSS MIG – I CLSS MIG – II EWS/LIG ( EWS – economically weaker section, LIG- Low-income group). Eligibility for PMAY for 2020… There are three categories in this scheme. Let’s know in detail about each category. EWS/LIG Scheme Category… You and your family members should not have any pucca house in …
Mutual Fund Taxation – AY Year 2021-2022 ( FY 2020-2021)
Mutual Fund Taxation some changes took place in budget 2020. Here in this article, I will explain taxation for FY 2020-2021, ay 2021-2022. The taxation of mutual funds will depend on 3 factors. 3 Factors that will decide Mutual Fund TAxation are… 1) Resident Status of You i.e Resident or Non-Resident ( NRI)… The tax that you have to pay will be different if you are resident Indian, the tax treatment will be different and if you are an NRI, your tax will be different from Resident Indian. 2) The tax also depends on the types of mutual funds …
Budget 2020 – Important Changes that you should know
Budget 2020, most people looking forward to this event. Prior to this event, most people are dreaming just like every year that Government will increase the 80c limit. In addition, People are also expecting the Government to increase income tax slabs, expecting indexation benefit for equity investment. But the above changes not there in this Budget. Finally, The Government in its budget of 2020 has introduced a new tax regime. However, the old tax regime will remain and taxpayers have the option to select any one tax regime. What is the new income tax regime in the Budget 2020?… A …
DTAA-What are its benefits to Non Resident Indians?
DTAA full form is the Double Taxation Avoidance Agreement. Which is useful to Non-Resident Indians. The taxation for you will be different if you move from India to some other country. Most of the time, an NRI will have income in Foreign countries and in India as well. But most countries will charge on the global income. As a result of this, you have to pay tax in both countries. To avoid a double tax burden, DTAA will help you in lowering your tax burden. NRI’s will be having different types of income in India like rental, Interest on Bank …
Pay Zero Tax – On your white money-Here is the way…
Pay Zero Tax on your white money is the headline for this article. You may be surprised by seeing this headline and you may be thinking that I am joking. But, It is true. You can pay zero tax on your income completely. First, Let’s Understand the different categories of people who are earning money. There is a four-category type of people who are earning money. Salaried Employees Business People Self Employed Professionals Read this article that How Cost Inflation Index will help you in Paying less Tax? Also, read the article that What are the benefits of filing Income …
CII – What it is? and How to calculate tax with it?
CII full form is the Cost Inflation Index. We can calculate the capital gain tax on real estate, gold, and debt mutual fund with CII. can you guess these numbers 100,105,109? Here, I am not asking you to do any calculations. The above numbers belong to the CII table. In addition, the above numbers belong to the Cost Inflation Index for the financial year 2001-2002, 2002-2003, and 2003-2004 respectively. Moreover, When you sell, these numbers will help you in not paying higher taxes on your real estate, gold, and debt mutual funds, Now, Let’s learn that How we can save …
PPF or ELSS-Where to invest? Do not ask this question|| Do this instead…
PPF or ELSS which is good to invest in the question most investors think while doing tax planning. They are investing in these two only for tax saving. But this is not the right approach. You should be investing goal oriented ( retirement, own house, etc) following asset allocation. In addition, If you can save some tax while doing goal oriented investment, then it will be a bonus to you. Should you invest in PPF or ELSS only for Tax Saving?… No, you can choose other tax saving instruments like Bank FD, NSC, EPF ( Private employees), GPF ( for …
BUDGET 2019 8 CHANGES- You should know these highlights…
8 changes in Budget 2019 are very important to us to know. The Highlights are explained below. 1. The Main Change out of 8 changes is in Income tax slab rates… Your tax liability is zero if your taxable income is 5 lakh. However income tax slab not changed in 2019 Budget. Latest Income TAx Slab Rates for F.Y 2019-2020 (A.Y – 2020-2021) (www.paisahealth.in) Income Slabin (Rs.) INDIVIDUAL BELOW 60 years age Senior Citizen age 60 yr and below 80 yrs. Super Senior Citizens age above 80 yrs and above Up to 2,50,000 0 0 0 2,50,001 to3,00,000 5% 0 …
