How an inflexible salary structure can leave very little scope to save tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can optimise their tax by rejigging their incomes and investments.

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NPS tax benefits: How salaried, self-employed can claim tax deductions for NPS under old, new income tax regime

Income tax benefits for NPS: You can claim tax deductions against NPS under three sections of the Income-tax Act, 1961 in India: Sections 80CCD (1), 80CCD (1B), and 80CCD (2) under the old income tax regime. Tax deductions for investments in NPS are available under the new income tax regime as well. If you are wondering how to avail of tax deductions for your NPS investment, read here.

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Which parent will pay the income tax on gains made from selling investment in minor child’s name after divorce?

When parents are married, it is the responsibility of the highest earning parent to pay income tax on gains or returns received on investments made in the name of the minor. However the situation changes when the parents are divorced, nonetheless income tax must be paid still. Read here to know which parent has to pay income tax on behalf of minor after the divorce.

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How to save income tax in new tax regime? Two deductions that salaried can claim

If you are planning to opt for new tax regime in current financial year, then there are two deductions that are allowed under the new tax regime. These deductions are available to salaried individuals. Read on to know more about these two deductions and how it can be claimed while filing income tax return.

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PPF taxation: Why the Public Provident Fund is a safe option to save tax; 5 things to know

Tax-saving investments: PPF offers tax exemptions at the time of investment, accrual, and withdrawal. It has a current interest rate of 7.1% per annum and a maximum deposit limit of Rs 1.5 lakh per financial year. PPF accounts can be extended indefinitely in blocks of 5 years. Additionally, it is advisable to diversify savings between PPF and equity investments for a balanced portfolio.

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Tax-saving fixed deposits with up to 7% interest rate: Top banks offering best rates on tax-saving FDs

This tax-saving option is available for those who opt for the old tax regime. Here are top banks tax saving FD interest rates as on January 10, 2024

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I will have 300 earned leaves, 100 sick leaves at retirement. What is most tax-efficient way to encash my leaves before March 2024?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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TDS on salary: How to avoid higher income tax under new, old tax regime

With the start of the new year, employers send an email to their employees asking to submit the proofs for investment declaration made during the financial year. This is done to avoid higher tax deducted from salary income by an income. Read on to know the proof you must submit to avoid higher taxes under new and old tax regimes.

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Tax-free bonds: 5 things to know

Tax-free bonds earn a fixed interest rate which is tax-free in the hands of investors.

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Will interim budget 2024 bring any major income tax changes? Here's what the Modi govt did in previous ones

The finance Minister Nirmala Sitharaman is likely to present the interim budget/Vote on Account of the current government on February 1, 2024. Due to election year, the budget will not be for the full financial year. The budget for the full financial year 2024-25 will be announced after the elections.

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I sold property for Rs 1 crore; To avoid paying high tax, should I buy another house or pay tax amount and invest in MFs?

Our panel of experts will answer questions related to any aspect of personal finance. If you have a query, mail it to us right away.

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​You won't get a refund for professional tax paid at this income level

Professional tax is a tax levied by the state government and the income tax act allows an deduction of professional tax actually paid from gross total income of the individual. Unlike TDS professional tax is not refunded if the individual's net income tax liability is less than the tax amount or nil.

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Income tax calendar 2024: Important tax-related dates you need to know

With the start of the new year, it is important to remember important deadlines for the year. Knowing the last dates well ahead of time can help individuals to avoid penalties. Here is the income tax calendar for 2024 telling you all the important last dates between January and December 2024.

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