Yes, you read that right. ELSS mutual funds are not only helpful in generating higher returns but are also helpful in saving taxes. Even the Long term capital gains that are realized from ELSS mutual funds a total of 10% taxes are imposed if the total capital gain is more than Rs 1 lakhs in the said year of withdrawal. What’s even better is that no capital gain tax is imposed if the total profit is lesser than Rs 1 lakh in a financial year.
Every employer has to deduct TDS from the salary of the employee as per the slab that is applicable to the respective employee. It is duty of the employers to compute the tax liability of the employee and deduct tax accordingly.
A person is eligible for income tax deductions and benefits only with regard to the amount that has been donated to a foundation or institution or a specific relief fund.
Tips to Save Income Tax for the Financial Year 2019-20 […]
Late fees for filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount under State GST (SGST) and Rs. 10 for with ‘nil’ tax liability under CGST law, and an equal amount under SGST law.
Tax Planning And Saving Tips For NRIs By Advocate Kohal […]
Although most of these freelancers know how to make money off of these videos or blogs, they are not aware of the tax implications that follow. So in order to understand the tax implications it is important that the concept of earning through these Vlogs and Blogs is understood first and foremost.
In order to help the people understand the GST concept in a better way, here is a list of the top ten basics that have been complied that can help them understand it better.
There is hardly anyone who is not affected by this system and this is why it is necessary for all to understand and gain knowledge about GST and its provisions such as refunds etc. As a taxpayer you should be conversant whether you can claim refunds under the GST law or not.
In case you have not been doing the tax planning properly, it is quite likely that you have been paying higher taxes than you should be.