ITR is a tax return form used by taxpayers to report their income and assets to the Indian Income Tax Department (Indian Revenue Authorities). It has details related to the taxpayers’ personal and financial data. ITR is essentially a type of self-declaration by the taxpayer of their income, assets and applicable taxes paid in the assessment year. It needs to ...
Recent article on Mint highlights Why we should not rely entirely on Sukanya Samriddhi to save for children. Few points from the article. While the interest rates are high on Sukanya Samriddhi Account, it’s not the best product to save for children, at least, not the only product that you should rely on. “As the individual is saving for the ...
What is form no 12bb? Form 12BB is a statement of claims by an employee for deduction of tax. Salaried employee should fill the form and submit to his/her employee to claim tax benefits on investments and home loans. Form 12BB has to be submitted at the end of the financial year to employer. Why is form 12bb required? Form ...
This post, we would discuss how to save tax by planning and understanding of different income tax section. Tax Planning is important to get maximum benefit for your investments HRA: This is for individuals who stay in rented home. The exemption for HRA benefit is the minimum of: i) Actual HRA received ii) 50% of salary if living in metro ...