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
Pension income is a vital source of financial security for retirees. However, like most forms of income, it may attract taxes. This blog explores the nuances of pension taxation in India, helping taxpayers understand their obligations and make informed financial decisions. What is Pension? Pension is a periodic payment received by individuals post-retirement as a
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Leave encashment is a term familiar to many employees, yet its taxation intricacies often raise questions. Whether you are a salaried individual or a business owner, understanding the tax implications of leave encashment is crucial. In this blog, we break down the essentials of leave encashment taxation in India. What is Leave Encashment? Leave encashment
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Gratuity is a significant component of employee benefits in India, serving as a token of appreciation for an employee’s dedicated service. Whether you are an employer managing payroll or an employee curious about your entitlements, understanding gratuity is essential. In this blog post, we’ll explore everything you need to know about gratuity, including eligibility, calculation,
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