An Equity-Linked Savings Scheme (ELSS) is a type of mutual fund that provides tax benefits under Section 80C of the Income Tax Act, 1961. By investing in ELSS, individuals can avail tax deductions of up to Rs 1.5 lakh annually. ELSS mutual funds have the potential to generate higher returns compared to other Section 80C … Read more
Union Budget: In this year’s Budget, Union Finance Minister Nirmala Sitharaman announced relief for taxpayers in the New Tax Regime by raising the Standard Deduction limit from Rs 50,000 to Rs 75,000. The revised tax slabs for the New Tax regime, applicable from April 2025, will allow salaried employees to save up to Rs 17,500 … Read more
Income Tax returns: With the two tax regimes — New Tax Regime and Old Tax Regime — in play, the taxpayers now have the power to choose the suitable tax regime every year to control the tax outgo. Union Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime … Read more
Union Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday tabled the Union Budget 2024-25 in the Parliament on Tuesday, wherein she introduced some changes to the direct taxes. FM Sitharaman made notable adjustments in the Income Tax Regulations to benefit the middle-class sector. One significant change is the 50% increase in the Standard Deduction, now … Read more
Budget expectations: When it comes to yearly tax savings, Section 80C is one of the widely used tools for salaried individuals and Hindu Undivided Families (HUFs). Under Section 80C of the Income Tax Act, salaried individuals and Hindu Undivided Families (HUFs) are entitled to income tax benefits of up to Rs 1.5 lakh by investing in … Read more
Union Budget: In its list of demands to Finance Minister Nirmala Sitharaman, the Association of Mutual Funds in India (AMFI) has asked the government to allow SEBI-registered mutual funds to float pension-oriented mutual fund schemes with tax benefits under the prevailing tax regimes. In a note to the government, the AMFI said the mutual fund … Read more
ITR filing: When comes to choosing appropriate tax regime for tax calculation, Old Tax Regime is still preferred by many. Old Tax Regime offers various deductions that can help taxpayers save more taxes. The deduction under section 80C of the Income Tax Act is a tax-saving provision that is available exclusively to individuals and Hindu … Read more
Union Budget: Union Finance Minister Nirmala Sitharaman will be reading out her full Budget statement for the FY2024-25 on July 23. Every section, including corporate entities and individual taxpayers, is eagerly awaiting potential announcements that have the potential to significantly impact their financial situations. Senior citizens especially have been waiting for some tax relief. According … Read more
Budget 2024-25: Before each Budget, the allocation of funds and tax incentives for various sectors become prominent topics of discussion. Leading up to this year’s comprehensive Budget, experts and industry insiders have emphasized the need to increase the healthcare spending as a percentage of GDP. This would enhance accessibility, affordability, and most importantly, the overall … Read more
Union Budget 2024: Indian insurance firms have been expecting various tax exemptions from the Central government in the upcoming Union Budget to improve the appeal and accessibility of insurance products, thus encouraging wider adoption across the country. Insurers specialising in life coverage are advocating for tax relief on annuities and a reduction in the goods and … Read more