TAX

Gary Waters

Making Tax Benefits Work For The Honest Taxpayer

Despite rising income levels and larger savings needs for the future, tax exemption limits (like the ₹1.5 lakh exemption on section 80C) are paltry given the kinds of corpuses we need to build for our children’s futures and our own retirement or to protect against things like mounting healthcare costs. It’s time we demanded far better bang for the buck for the taxes we pay and greater help to build the wealth we’ve worked so hard to earn.
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Don’t Forget To Include Interest Income In Your Return

Almost all of us have bank accounts and a majority of us hold at least some balance in fixed deposits. Yet many taxpayers fail to report interest income in their tax return. Not all types of interest income are subject to TDS and that leads to further confusion about whether such income is taxable at all. Here we will dispel some myths around the taxability of interest income.
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Everything You Need To Know About Tax Saves Via NPS

Taxpayers are always on the lookout for legitimate ways to save more tax. While section 80C continues to remain a favourite, there are ways to increase your tax saves further. Have you contributed to the National Pension System (NPS) in the last financial year? If your answer is yes, your NPS contribution can help you save tax in your income tax return filing this year