Many people in India start saving seriously only after their first salary or when family responsibilities increase. At that stage, most beginners look for something safe, simple, and tax-efficient. The Public Provident Fund (PPF) is often one of the first options they hear about.The Public Provident Fund, commonly called PPF, is one of the safest ways for Indians to save … [Read more...] about Public Provident Fund (PPF) Explained: Tax-Free Long-Term Savings Guide for Indians
Understanding Tax Deduction at Source on Salary: TDS Under Section 192
Tax Deducted at Source (TDS) is a system by the Income Tax Department of India to collect tax at the source of income. Section 192 of the Income Tax Act, 1961, specifically governs TDS on salary payments.As per section 192 of income tax act 1961, employer is required to deduct tax on salary at the time of payment to employee. Employers have to follow the rules in the tax … [Read more...] about Understanding Tax Deduction at Source on Salary: TDS Under Section 192
10 mistakes to avoid while filing Income Tax Return for FY 2023-24
With the concept of e-filing, more and more taxpayers are finding it easy in filing their income tax returns instead of visiting the local tax office.Even with this simplified process, a lot of taxpayers do mistakes while filing their annual tax returns.In this article, we have listed the most common mistakes taxpayers make while filing income tax returns.Mistake … [Read more...] about 10 mistakes to avoid while filing Income Tax Return for FY 2023-24
How bank recurring deposit scheme or RD works in India
Recurring deposits or RD is a systematic investment plan for Indians. Anyone interested in opening a RD account can open it by submitting required documents to the nearest bank or post office.In this article, we will let you know how to open a recurring deposit account in bank and post office, advantages and disadvantages associated to a RD account and Interest rates … [Read more...] about How bank recurring deposit scheme or RD works in India
Income tax return form – How to choose the right ITR for tax filing
Every year, Income tax return (ITR) forms are notified based on certain factors like nature of income, quantum of income, residential status and type of assessee.Old income tax return forms (ITR) notified for earlier financial years can't be used for the recent financial year as new forms incorporate changes brought out in recent amendments to the finance act.While … [Read more...] about Income tax return form – How to choose the right ITR for tax filing