Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

Tax benefits on home loan – All you need to know

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Home loan not only helps you owning your dream house but also offer several tax benefits if you plan wisely. It's important to understand all such tax benefits before applying for a home loan.You can claim following tax benefitsTax deduction for Principal amount paid for repayment of home loanSection 80C of income tax act 1961 allow an individual and HUF to claim … [Read more...] about Tax benefits on home loan – All you need to know

5 best risk free tax saving investments for salaried individuals

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Risk free tax saving investments helps to save tax in addition to guaranteed return. It not only keep your money safe but also help you achieving your long term financial goals.You can invest in any market linked securities such as equity or debt, but return from these investments are not fixed.Return from market linked securities depends on the underlying security and … [Read more...] about 5 best risk free tax saving investments for salaried individuals

These Expenses are disallowed to calculate taxable business income

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Every business incur expenses to generate income. These business expenditures are deducted out of total revenues to calculate taxable income under the head “profits and gains of business or profession”.However, for calculating tax liability of your business or profession, you are required to comply various provisions of Income Tax Act 1961.Certain expenditures are … [Read more...] about These Expenses are disallowed to calculate taxable business income

Salary to spouse can get clubbed in your taxable income

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While tax planning you should take precaution to avoid clubbing. Section 64 of income tax act 1961, states clearly when salary, commission, fees or any other form of remuneration will be clubbed.Salary, commission, fees or any other form of remuneration will be clubbed in the hands of the individual only when he/she has substantial interest in the business. It doesn't … [Read more...] about Salary to spouse can get clubbed in your taxable income

When Tax deduction for interest on home loan can be claimed in ITR

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Tax benefits for interest on home loan can be claimed under section 24 of income tax act, 1961. To claim this benefit, you need to fulfill all the conditions of section 24.The first and most important condition is the purpose of home loan.As per law, interest on home loan is eligible for tax benefits only when it's taken for purchase, or construction or repair or … [Read more...] about When Tax deduction for interest on home loan can be claimed in ITR