You can claim tax deduction for payment of life insurance premium under section 80C of the Income tax act 1961. As per section 80C, amount paid to an insurer to buy or to keep a life insurance policy in force can be claimed as a deduction from taxpayer’s gross total income before arriving at the taxable income.Tax deduction is available on a life insurance policy brought … [Read more...] about How to claim Tax deduction on Life Insurance Premium
TDS on Interest on Fixed deposit – All you want to know
People often asks, is interest on Fixed Deposits taxable? What is the exemption limit of TDS on FD interest? When and How Tax is to be deducted from interest on fixed deposit?In this article, we have discussed provisions related to tax deduction on interest on fixed deposits and answered most of the frequently asked questions.Interest on fixed deposit is chargeable to … [Read more...] about TDS on Interest on Fixed deposit – All you want to know
5 Tax Saving Mistakes to Avoid if You Choose the Old Tax Regime
Many people in India want to save income tax, but they often invest in a hurry without understanding the right way. Most employees wake up to tax planning only when the HR team asks for investment proofs in January or February. By that time, decisions are rushed and money gets locked in wrong products.This guide explains common tax saving mistakes that one can avoid if … [Read more...] about 5 Tax Saving Mistakes to Avoid if You Choose the Old Tax Regime
Income tax Form 26AS – why it’s required before filing IT return
Before filing your Income Tax return, you need to check various documents to know details of your income and amount of tax deducted at source (TDS). To cross check details of tax deducted from your income, you need to first check Form 26AS online.Form 26AS is an online consolidated statement available at income tax website which shows details of tax deducted at source … [Read more...] about Income tax Form 26AS – why it’s required before filing IT return
How to Claim Education Loan Tax Deduction under Section 80E – Complete Guide
If you or your family member has taken an education loan for higher studies—such as an MBA, engineering, or medical degree—you may be eligible for a valuable tax benefit under Section 80E of the Income Tax Act.This guide will help you understand how to claim education loan tax deduction, reduce your financial burden, and make informed financial decisions.What is … [Read more...] about How to Claim Education Loan Tax Deduction under Section 80E – Complete Guide