Figyan

Income Tax

Advance Tax: When to Pay, Payment Due Dates & More (FY 2024-25)

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Understanding advance tax is crucial for compliance and effective financial planning.Advance payment of tax is another form of collection of tax in addition to deduction of tax at source (TDS) or collection of tax at source (TCS), in which the government collects in the form of pre-paid taxes.Advance tax helps the government maintain a steady flow of revenue throughout … [Read more...] about Advance Tax: When to Pay, Payment Due Dates & More (FY 2024-25)

Form 15G or 15H – Why, When and How to submit

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Form 15G and 15H is a self declaration required to be furnished under section 197A (1) and (1A) of Income tax act 1961, for non deduction of tax on certain receipts like interest on fixed deposits.In certain cases, banks and financial institutions are required to deduct tax (TDS) on interest income as per the provisions of income tax act 1961.For instance, banks in … [Read more...] about Form 15G or 15H – Why, When and How to submit

Tax Deduction for medical and health insurance-Section 80D

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Section 80D of the Income tax act, 1961, allows an individual and HUF to claim deduction out of income in respect of medical and health insurance premium.As per Section 80D, an individual irrespective of citizenship and residential status can take benefits of this section. Which means both Indian citizens and foreign citizens can claim section 80D tax deduction.NRIs … [Read more...] about Tax Deduction for medical and health insurance-Section 80D

How to save tax on contribution to Public Provident Fund – PPF

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Public provident fund or as popularly known as PPF, is a secured long term investment option backed by the Government of India. In this article we will be discussing tax deduction under section 80C for the contribution to Public provident fund.From tax point of view, PPF falls under the Exempt-Exempt-Exempt (EEE) category. This means, periodic contribution to Public … [Read more...] about How to save tax on contribution to Public Provident Fund – PPF

Tax deduction for Disabled Individuals – Section 80U

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A resident individual suffering from permanent physical disability or mental retardation including blindness, loss of voice, autism, cerebral palsy and multiple disability as per rule 11D is eligible to get tax deduction under section 80U of Income tax act, 1961.Rememeber, tax deduction under section 80U is not available if the taxpayer is non-resident in India for the … [Read more...] about Tax deduction for Disabled Individuals – Section 80U