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Mutual Funds: 5 ELSS funds have given up to 25% return in last 3 years
6 months, 1 week ago

Mutual Funds: 5 ELSS funds have given up to 25% return in last 3 years

Live Mint  

ELSS funds are commonly known as tax-saving funds because they offer tax exemptions under Section 80C of the Income Tax Act. Name of the fund SIP investment 3-year returns Investment tenure Total value of returns 10-year returns Investment tenure Total value of returns Bank of India ELSS Tax Saver 10,000 25.78 3 5,46,535 20.01 10 38,26,117 JM ELSS Tax Saver …

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Income Tax: 10 ways to save taxes other than Section 80C
8 months, 3 weeks ago

Income Tax: 10 ways to save taxes other than Section 80C

Live Mint  

There is ample opportunity to lower your taxable income. Tax benefits on the interest component of a home loan under Section 24 Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the interest paid on their home loan. Section 24 of the Income Tax Act permits homeowners to avail of a deduction for the …

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How to make the most of tax benefits by investing in insurance products?
10 months, 4 weeks ago

How to make the most of tax benefits by investing in insurance products?

Live Mint  

January marks an ideal period to assume control of your financial affairs. Furthermore, all premiums paid for term life insurance qualify for tax deductions under Section 80C of the Income Tax Act, with a yearly limit of ₹1.5 lakh. Similar to life insurance, health insurance provides substantial tax advantages, albeit under a distinct section of the Income Tax Act—Section 80D. …

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Student loan forgiveness applications now open online. Here are the details
2 years, 2 months ago

Student loan forgiveness applications now open online. Here are the details

LA Times  

The U.S. Department of Education on Friday started accepting applications from federal student loan borrowers for up to $20,000 in debt forgiveness. The U.S. Department of Education officially opened the window Monday to applications for student loan debt relief, following a weekend test of the online application form. The weekend beta test was aimed at avoiding the problems the department …

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SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi
2 years, 5 months ago

SFIS Credit Does Not Constitute Taxable Income: ITAT Delhi

Live Law  

The Delhi Bench of ITAT has ruled that the credit received by the assessee under the "Served From India Scheme" is not in the nature of income and that it does not constitute taxable income under Section 2 of the Income Tax Act, 1961. The ITAT observed that the eligible purchases made by the assessee under the SFIS were not …

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Union Budget 2021 | Income tax calculator
3 years, 10 months ago

Union Budget 2021 | Income tax calculator

The Hindu  

Without making any changes to the personal income tax slab, the Union Budget 2021- 22 has provided relief to senior citizens in the filing of I-T returns; reduced the time limit for I-T proceedings; announced the setting-up of a Dispute Resolution Committee and faceless Income Tax Appellate Tribunal proceedings; provided relaxations for Non-Resident Indians ; offered an increase in the …

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Union Budget 2021: Reintroduce single tax slab structure, raise minimum taxable income to Rs 7.5 lakh
3 years, 10 months ago

Union Budget 2021: Reintroduce single tax slab structure, raise minimum taxable income to Rs 7.5 lakh

Firstpost  

The pandemic and the subsequent Work From Home policy has led to some employers offering allowances and reimbursement to employees. Harsh Bhuta, Partner, Bhuta Shah and Co LLP The finance minister should consider the reintroduction of single tax slab structure and increase the minimum taxable income threshold from Rs 5 lakhs to 7.5 lakhs. Australia has come out with following …

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