TAXABLE ALLOWANCES
How to save Rs 91,000 in tax using NPS, salary perks
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Sebi allows full NRI, OCI participation in IFSC-based FPIs to boost Indian investments
Sebi approves new rules to boost FPI investments from IFSCs by allowing aggregate contributions from NRIs, OCIs, and RIs up to 100%. The move aims to attract more investments from these groups, aligning with Finance Minister's call to increase NRI participation in Indian capital markets.
How to cut income tax outgo by Rs 75,000 with NPS, health insurance
How to reduce income tax outgo: Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments. TaxSpanner estimates that Tuteja can reduce his tax by around Rs.75,000 if his company offers him some tax-free emoluments as well as the NPS benefit. Tuteja also needs to invest in the pension scheme on his own, buy health insurance for his parents, and avoid booking taxable capital gains.
Have income above Rs 3 lakh? Pay zero tax if your income is up to this limit, thanks to rebate under section 87A
Income tax rebate: Under section 87A you can get a maximum tax rebate of Rs 12,500 under the old tax regime and up to Rs 25,000 under the new tax regime. However this rebate is only available if your income is upto a specified limit. Read to find out more about income tax rebate.
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
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.
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Misuse of PAN for fake HRA claims under I-T dept radar: What should landlord do in case of a fake claim?
Fake HRA Claims: If a tenant is using someone else's PAN to make a fake HRA claim, then without doubt the tenant would get into trouble, however the individual whose PAN was used as a landlord for this fake HRA claim would also get into trouble with the income tax department.
How NPS benefit in salary can increase tax savings
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
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.
LTA exemption: Submit tax-saving proofs to employer by March 31 deadline as claiming LTA in ITR is a hassle
LTA, usually a component of your salary, covers the expenses of your travel during vacation. The cost incurred for family members who travel with an employees is also allowed as exemption. To claim LTA, the employee typically needs to submit documentary evidence of the incurred travel expenditure to the employers within specific deadlines.
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 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.
SGB latest tranche: What is the interest rate of Sovereign Gold Bond
The Reserve Bank of India (RBI) issues SGB on behalf of the Indian government. The SGB Series 2023-24 Series IV will open for subscription on February 12, 2024 and will close for subscriptions on February 16, 2024.
India Inc using various ploys on payments to small businesses for dodging tax impact
The new law under Section 43B(h) of the Income Tax Act, which mandates payment to micro and small enterprises (MSEs) within 45 days of delivery to claim deductions, is causing concern and leading to various strategies by businesses and vendors to mitigate its impact. Some companies are attempting to avoid the law's impact by sending letters to vendors without expecting responses, while others are issuing post-dated cheques or raising objections within 15 days of delivery to delay payment obligations.
What is Section 80C tax deduction limit after Budget 2024?
Section 80C limit in interim Budget 2024: Various investments and expenditures specified under Section 80C allow individuals to claim a maximum deduction of Rs 1.5 lakh from gross taxable income in a financial year. It is important to note that the new tax regime does not allow deduction under Section 80C of the Income-tax Act.
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 use NPS, perks to cut tax outgo by Rs 1.2 lakh
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.
Income tax laws need to recognize more cities as metros for HRA tax exemption: Will Budget 2024 include these?
The house rent allowance (HRA) is one of the common component in the salary structure of an employee. However, not all employees get similar benefit due to difference in the place of residence. The HRA rules allow 50% exemption for metro cities and 40% for non-metro cities. There is a need to amend definition of metro cities under the Income-tax Act.
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.
How to make more money: 10 smart money moves to improve your finances and grow wealth in 2024
Based on what the experts have told us, we have put together 10 smart money moves that can safeguard your finances and help you grow wealthier in the new year. We hope you will find these useful. Wishing you good health, prosperity and safety in 2024.
How NPS and other perks can cut tax by 54%
Under Section 80CCD(2), up to 10% of the basic salary put in the NPS on behalf of the employee is tax-free. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
Received Diwali Bonus via cash, gift card, e-voucher, prepaid cards? Know how much income tax you will have to pay
Multiple corporate and some government employees would have received their Diwali bonus. Further it is not always necessary to receive Diwali bonus in cash. There are multiple other avenues to receive Diwali bonus like e-voucher, gift card and pre-paid gift cards issued by banks. Know the income tax implications of receiving Diwali bonus through each of the instruments.
Hike EPF contribution to reduce your tax outgo
Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How capital gains, salary perks can reduce income tax by Rs 50,000 in a year
Under Section 17(2), gadgets and appliances bought in the name of the company and given to the employee for personal use, are taxed at only 10% of the value. Under Section 80CCD(2), up to 10% of the basic salary put in the NPS is tax-deductible. You can also replace some of the taxable allowances in your salary with tax-free perks. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
NPS, perks can cut income tax by Rs 50,000; know how
Under Section 80CCD(2), up to 10% of the basic salary put in the NPS is tax-deductible. You can also replace some of the taxable allowances in your salary with tax-free perks. Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their income and investments.
How are NRIs taxed: 8 questions on residency status, taxable income, deductions and exemptions, ITR forms
Here’s everything you wanted to know about taxation that NRIs are subjected to in India.
How to buy life insurance to maximise tax-free maturity amount after CBDT's new curbs
The Central Board of Direct Taxes (CBDT) has issued guidelines in August 2023 on how tax-exemption on maturity amount received from life insurance policies (except Ulips) would be calculated. The new guidelines have been issued after Budget 2023 put a cap on annual premium till which tax-exemption on life insurance policies will be available from April 1, 2023.
How to report crypto income in ITR. Can I avoid tax? All your crypto tax queries answered
Crypto taxation is a relatively new concept in India, with the Finance Act 2022 being one of the country's first laws to recognize crypto assets. Virtual digital assets (VDAs) are subject to a flat income tax rate of 30 per cent on any profits made from their transfer. Any losses cannot be set off or carried forward.
How to calculate taxable income for ITR filing
To file income tax return, an individual needs to calculate the taxable income from all the sources. The Income Tax Act, 1961 has divided the income into five categories. Depending on the sources of the incomes, the income tax return form will be decided. Read on to know how to calculate taxable income for ITR filing.
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