TAX FREE INCOME

ITR filing: Compare your tax outgo in old and new tax regime before finalising one for FY24

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Vivek Jaiswal can have a surplus of almost Rs.60,000 if his salary is rejigged to include tax-free perks and if he opts for the new tax regime. Here's how

Should you invest in tax-free bonds?

In order to take a decision to invest in tax-free bonds, Gaurav must weigh its features against other investments. As an investment providing tax-free income, these bonds may fare well when compared to bank fixed deposits and debt mutual funds.

How NPS, other perks can save Rs.1 lakh income tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

No tax exemption on concessional or interest free loan from the employer, not even for bank employees, says SC

Tax on concessional interest rate loan: The Supreme Court of India has stated that bank employees have to have income tax if they have availed loan from their employers at concessional interest rate or interest free rate. However as per our calculations, even if bank employees pay income tax on this loan, they will still have some savings.

Will you save more tax by opting for the old income tax regime?

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

Tax free settlement of family assets: How Godrej like family arrangement can help in redistribution of wealth among members without capital gain tax

The Supreme Court of India permits re-distribution of wealth using family arrangement among the members of the family. Further using this method eliminates the possibility of the family memebers paying any capital gains tax. The Godrej family recenlty used this process. Read here to know how you too can use family arrangement process.

Shanthi Gears Q4 Results: Company reports PAT at Rs 25.68 cr vs Rs 19.47 crore a year ago

Shanthi Gears Ltd has recorded a profit after tax of Rs 25.68 crore, for the quarter ending March 31, 2024, the Tamil Nadu-based company said on Thursday.

SC holds bank employees' interest-free loans taxable as fringe benefits

The Supreme Court has ruled that interest-free or concessional loans given by banks to their employees will be considered "fringe benefits" or "amenities" and therefore taxable. The court argued that these benefits are unique to bank employees and are in the nature of a "perquisite," thus liable to taxation. The court upheld the income tax rule, but deemed the fixation of SBI's interest rate as the benchmark to be neither arbitrary nor unequal exercise of power.

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.

How to restructure salary, investments to cut income tax outgo by Rs 64,557

Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. TaxSpanner estimates that Patil can reduce his tax by almost Rs.65,000 if his company rejigs his pay structure to include some tax-free emoluments and he increases the contribution to the NPS to 10% of his basic salary.

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.

How selling equities before March 31 can help you save income tax

Save long term capital gains tax: Individuals can save income tax by booking profits up to a certain limit on equity shares and equity oriented mutual funds held for more than 12 months. This method is called 'tax harvesting' and it is fully legal in India. Here's how to use this method to reduce your tax outgo and pocket some gains.

Which investment is 100% tax-free: 3 tax-saving investment options for tax-free income

Tax-saving ideas: Particularly for individuals in higher income tax brackets, the taxability of investment returns becomes pivotal. Taxable returns are added to your income and subject to higher tax rates.

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 planning for FY 2023-24: Last date is March 31, don’t make these mistakes

The tax-saving investments of an individual should be part of his overall financial plan. Poor financial habits and biased advice push taxpayers to make sub-optimal investment decisions. Here are some mistakes they must avoid in the rush to beat the 31 March deadline.

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.

Sukanya Samriddhi Yojana: 8 features that makes SSY attractive investment option

Tax-saving tips: How to use NPS benefit from employer to save Rs 80,000 in tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

How to reduce income tax by Rs 35,000 with perks, health cover

Under Section 17(2), gadgets bought in the name of the company and given to the employee for personal use are taxed at only 10% of their value. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.

Income Tax Planning FY2023-24: 4 tax-saving options for tax-free returns

We all invest in various financial products to save some tax. However, the income or return generated from these investments often attract tax. There are still some investments that can offer you tax-free returns. If you are planning to invest now, here is a list for you.

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.