HRA TAX FREE
Section 80C deduction in Budget 2024: Will the government increase Section 80C limit under the old income tax regime in Budget?
Section 80C deduction in Budget 2024: The 80C limit has not increased in line with many people's income and costs. Because of this gap, many taxpayers use the entire 80C limit. This is why many want this limit to be increased.
Union Budget 2024: By eliminating exemptions in direct taxes, complexities and litigation costs can be removed
The article delves into the historical quirks of taxation, from ancient Egypt to medieval England, highlighting the unique taxes imposed by various rulers. It discusses the current scenario of tax reform anticipation with the upcoming Union budget, resonating with the historical dread of tax season.
Proof of HRA claims of previous years; can you really take it easy after CBDT's assurance of no review of old HRA cases
Rent HRA: The Central Board of Direct Taxes (CBDT) has clarified that there is no special drive to identify fake HRA claims from previous years. However this communication from CBDT should not be taken lightly, because if you have claimed false HRA and evaded income tax then the income tax department is bound to catch you.
Does the new income tax regime suit you? Find out who should move from the old tax regime to the new one
With the start of the new financial year, companies are reaching out to their employees to select the tax regime for 2024-25. This is an important decision because you can do it only once in a financial year. Once you make a choice, your income will be taxed as per the tax structure of that regime
Tax-saving ideas: Do this to reduce tax to zero
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Tax-saving tips: HRA tax-free after rent to parent; how to reduce tax outgo by Rs 83,264
Gupta can reduce his tax by more than Rs.83,000 if he claims HRA exemption by paying rent to his father, if his company offers him the NPS benefit, and he invests more in the scheme on his own. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
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How HRA, NPS can help you save tax of Rs 1.9 lakh
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Tax-saving ideas: How to restructure your salary to reduce income tax outgo by more than Rs 1 lakh
Taxpayers can reduce their tax significantly by reformatting their salary. If companies restructure their compensation packages by replacing taxable emoluments with some tax-free perks, they can lower the tax liability of their employees. There are several such tax-exempt allowances, including food coupons and reimbursement of expenses on fuel and travel, newspapers and periodicals, phone and Internet. The taxable portions of the salary, such as the special allowance, can be reduced to make place for the tax-exempt allowance. Find out how to go about it.
Tax-free allowances can be availed under new income tax regime too: Avinash Godkhindi, CEO, Zaggle Prepaid
The flexi benefits in the salary can now be managed digitally, which actually eases the compliance burden for both the employee and the employer. For instance, the Zaggle Multi Wallet Card can be used to pay for a range of employee benefits and reimbursements, says Avinash Godkhindi, CEO, Zaggle Prepaid.
Best ways to save income tax: 10 tax-saving investment options for you
ET Wealth annual ranking of tax-saving instruments helps such individuals make the right choices. We assessed 10 tax-saving options on eight key parameters—returns, safety, flexibility, liquidity, costs, transparency, ease of investment and taxability of income. Each parameter has equal weightage and the composite scores determine the place in the ranking.
What is the right salary structure to save income tax? Five flexi benefits can help in big income tax savings
One thing which most of the salaried employees often ignore is having a salary structure that rewards you with maximum tax saving based on your spending preferences. A new salary hike or revision is an opportunity for you to ensure that it is structured in a way that helps you in minimising your income tax outgo. We tell you how you can ensure that your salary is tax efficient.
How to cut Rs 82,000 income tax with loan, NPS
Under Section 80CCD(2), up to 10% of the basic pay put in the NPS on behalf of the employee is tax-free. You should ask for some basic allowances, such as reimbursement of telephone and newspaper bills, fuel expenses and LTA. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Interim Budget 2024 wish list: 15 income tax, personal finance ideas for the Finance Minister
The Union Budget will be announced next month. ET Wealth reached out to experts to know what they want on February 1.
How an inflexible salary structure can leave very little scope to save tax
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Opted for the old tax regime? Have you checked out these tax-saving instruments?
Preeti Khurana says: "Individuals should choose investment products based on their risk profile and investment horizon. Popular products under 80C include life insurance premium, ELSS, PPF, and ULIPs. Tax payers can switch from the old tax regime to the new tax regime at the beginning of the new financial year. Don't forget to claim tax benefits for health insurance and submitting reimbursement claims to reduce tax liability."
New tax slabs, no tax on income up to Rs 7 lakh in new tax regime, 13 changes in 2023 that will impact you in 2024
Many changes were announced in the Budget 2023 as well as during the year in 2023 by the Central Board of Direct Taxes (CBDT). These changes not only impacted your 2023 but will also impact your 2024 especially at the time of filing income tax return. Read on to know more about it.
How salary perks, NPS can save Rs 1 lakh in income tax
One reason for high tax is the low exemption for the HRA component in his salary. Up to 10% of the basic salary put in the NPS on behalf of the employee is deductible under Section 80CCD(2). There are some tax-free perks, such as reimbursement of newspaper expenses, meal coupons. Sudhir Kaushik of TaxSpanner.com tells readers how readers can optimise their tax by rejigging their income and investments
No HRA component in salary? You can still claim tax exemption for the rent you pay
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Rent to mom, NPS cut income tax by Rs 86,000; know how
How to bring down the tax outgo significantly by claiming all the deductions available to him. Use HRA exemption; NPS benefits offered by company, LTA and medical insurance to reduce income tax outgo. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How to use HRA, NPS to cut tax outgo by Rs 1.9 lakh
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Smart ways to file your income tax return; DIY vs assisted ITR filing via private portals
For a small price, you can get your tax returns filed by a tax professional. Tax-filing portals also offer expert advice on how to file your return. After you fill-up the form, a tax professional will go through it to check for errors and omissions. Of course, if your finances are not very complicated, and you are well versed with the tax rules, you can file your return on your own.
How HRA and NPS can cut tax outgo by Rs 1.5 lakh
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Paying rent to parents can cut tax by Rs 98,000
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How will a shift to the new tax regime impact investments on ground?
"If you bought a house with a 20-year EMI, what are you going to do? Are you going to sell that house because the 80C has gone away? Are you going to stop paying children's school fees? Nothing is really going to change. Yes, you are putting Rs 50,000 in PPF to claim the tax benefit. You may start putting Rs 5,000 or Rs 1,000, whatever is the minimum, but you will not put the full 50,000 or 1,50,000."
Want rent receipt as investment proof to give to employer? Here is help
If a tenant has paid the rent for a year, the House Rent Allowance (HRA) related proof is one of the documents that must be submitted.
Tax optimiser: Rent exemption, NPS can help Kukreja cut tax by Rs 52,000
Sudhir Kaushik of Taxspanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Tax optimiser: HRA, NPS can help Kumar save Rs 2.27 lakh in tax
Taxspanner estimates that Kumar can save up to Rs.2.27 lakh in tax if his salary structure is rejigged, he opts for the NPS benefit offered by his company, and he invests in the pension scheme on his own as well.
Tax optimiser: HRA, NPS and perks can help Priyanka reduce tax by 66%
If Vijaykumar gets items (computers, furniture, AC, etc) worth Rs 60,000 in a year, her tax will reduce by around Rs 11,200. Vijaykumar has group medical cover, but her parents are not included. If she buys a medical plan for them for Rs 40,000, she can save Rs 8,300 in tax.
Tax optimiser: Kumar can reduce tax by up to Rs 1.4 lakh by paying rent to mom, tax free perks, NPS
ET Wealth tells readers how individuals can reduce their income tax outgo by rejigging their income (Salary structure) and investments.
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