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 deduction for interest on savings account – Section 80TTA

Last reviewed on I By

Interest on savings account deposits are are taxable under the head “Income from other sources”. While filing tax return, you are required to declare these interests in addition to all other incomes to find out your total tax liability. However, after including it to your total income, you can claim tax deduction under section 80TTA on interest on savings account … [Read more...] about Tax deduction for interest on savings account – Section 80TTA

How to claim Tax deduction on Life Insurance Premium

Last reviewed on I By

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

Last reviewed on I By

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

Last reviewed on I By

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

Last reviewed on I By

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