The countdown for paying income tax and filing returns has begun. All taxpayers have to file their returns by July 31. While filing ITR, every taxpayer tries to save taxes. But do you know that Hindu ...
A Hindu Undivided Family (HUF) consists of individuals who have lineally descended from a common ancestor. In addition to Hindus, even Jain, Buddhist and Sikh families can create HUFs. The concept of ...
Question: What are the benefits of forming an HUF for tax savings? How can an HUF be formed/ created? Answer given by Dr.
While there are several benefits and drawbacks of HUFs in tax compilation, you might be able to save on your income tax by forming a Hindu Undivided Family. Since such households generally have a ...
HRA tax exemption rules: House Rent Allowance (HRA) is a common component of many employees' salary packages. Unlike basic ...
Income tax exemption essentially refers to the ways in which one can end up saving huge chunks of one's savings. The Income Tax Act has put these provisions in place to inculcate a habit of saving ...
Here are the income tax slabs for current financial year 2024-25 (assessment year 2025-26). An individual has to choose ...
Health insurance plans are tools for managing medical costs. It offers you coverage for unforeseen hospital bills as well as ...
The main factor is your income. People under 60 years old must file an ITR if their total income for the year is more than Rs. 2.5 lakhs. This limit goes up to Rs. 3 lakhs for senior citizens (60-80 ...
Since the new tax regime began in FY 2020-21, a deduction under Section 80CCD (2) has been available for employer ...
Your credit score is more than just a number. A better score can help unlock the things you want most - like a new credit card or best loan rates in the market. Medical Bill Tax Exemption is no longer ...
Not all taxpayers are eligible for this benefit. The benefits are restricted to salaried employees and pensioners. Businesspersons or self-employed professionals cannot avail of the tax break.