Chapter VIA of the Income Tax Act provides a host of deductions that can significantly reduce your taxable income. These deductions are aimed at encouraging savings, investment, and expenditure in areas beneficial to the individual as well as society. Understanding these provisions can help you optimize your tax planning effectively. What is Chapter VIA? Chapter […]
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Timely filing of Income Tax Returns (ITRs) is a fundamental obligation for every taxpayer. However, if you miss the deadline, you might face penalties, including interest under Section 234A of the Income Tax Act. This section imposes interest on the late filing of ITRs, ensuring taxpayers adhere to deadlines and fulfill their responsibilities. In this
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When it comes to filing your income tax returns, self-assessment tax (SAT) is a term that often pops up. For individuals and businesses alike, understanding SAT is crucial for ensuring compliance and avoiding penalties. In this blog, we’ll break down what self-assessment tax is, who needs to pay it, how to calculate it, and the
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Set Off and Carry Forward of Losses are provisions under the Income Tax Act that allow taxpayers to adjust their financial losses against income to reduce taxable income. Losses can be set off either within the same head (intra-head) or across different heads (inter-head) of income in a financial year. If not fully utilized, unadjusted
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Planning for your child’s future is one of the most important financial goals for any parent, and the Sukanya Samriddhi Yojana (SSY) is a game-changing savings scheme tailored specifically for a girl child. Launched under the Beti Bachao Beti Padhao initiative, SSY provides high returns, tax benefits, and a safe investment opportunity for parents to
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Planning for a secure and stress-free retirement requires smart financial decisions. For senior citizens in India, the Senior Citizen Savings Scheme (SCSS) emerges as one of the most reliable and government-backed investment options. Offering a blend of attractive interest rates, tax benefits, and assured returns, SCSS is designed to provide financial stability and peace of
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When it comes to combining stable returns with tax-saving benefits, Tax-Saving Fixed Deposits (FDs) emerge as a reliable choice for Indian taxpayers. These financial instruments, offered by banks and financial institutions, allow you to invest while reducing your tax liability under Section 80C of the Income Tax Act. With the dual benefit of assured returns
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National Savings Certificates (NSC) are among the most trusted investment options for individuals looking to secure steady returns while enjoying tax benefits under Section 80C of the Income Tax Act. Popular for their guaranteed returns and government-backed security, NSCs are a go-to choice for risk-averse investors. However, understanding the taxation rules associated with NSCs is
The Public Provident Fund (PPF) has long been a popular investment choice for Indians, thanks to its tax benefits, guaranteed returns, and risk-free nature. For individuals seeking a secure way to grow their wealth while enjoying tax deductions, the PPF emerges as a top contender. However, understanding the nuances of PPF taxation is crucial to
Equity Linked Savings Schemes (ELSS) are a popular choice for investors looking to save taxes while building long-term wealth. But what makes ELSS unique is its tax efficiency and high return potential compared to traditional tax-saving instruments. This blog will guide you through everything you need to know about ELSS taxation, including how to claim
