Tax Deductions under Section 80E

Education loans are a convenient and popular option for many, to meet the cost of higher education.  Did you also know that under Section 80E of the Income Tax Act, repayment of this education loan could be used to claim a deduction? Read on to find out, what this section offers and how to utilize … Continue reading Tax Deductions under Section 80E

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7 Tax Saving Strategies for Salaried Individuals

At the end of every financial year, many tax payers frantically make investments to minimize taxes, without adequate knowledge of the various available options. The Income Tax Act offers many more incentives and allowances, apart from the popular 80C, which could reduce tax liability substantially for the salaried individuals. Here are seven smart tips to … Continue reading 7 Tax Saving Strategies for Salaried Individuals

Filing of Income Tax Returns By Self Employed Individuals

For all self employed individuals, in a business or a profession, the income tax guidelines prescribe a different set of norms for filing of tax returns. Freelancers independent consultant, small time businessman/professional, independent doctor, singer etc… whatever the profession may be, all fall under the purview of income tax and have to file returns under … Continue reading Filing of Income Tax Returns By Self Employed Individuals

Tax Benefits on Health Insurance Plans-Section 80D

Health insurance plans, apart from the covering medical expenses, additionally provide tax benefits. Under section 80D of the income Tax Act, the premiums paid for a health insurance plan are eligible for a deduction, while calculating one's taxable income. This makes your health insurance plan an ideal and effective tax saving tool. Here are the … Continue reading Tax Benefits on Health Insurance Plans-Section 80D

Your Health Insurance Plan Is an Effective Tax Saving Tool

The Income Tax Act of India lets you save tax under various sections. By utilizing these sections, a substantial amount of tax could be saved. Investments in instruments eligible under Section 80C, 80CCF, or Section 80D, not only help you invest for the future, but also provide you a deduction from your net taxable income. … Continue reading Your Health Insurance Plan Is an Effective Tax Saving Tool