Fixed deposits (FD) is one of the most favored risk free investment instruments in India. In a Fixed Deposit scheme, an investor can invest money for a fixed tenure at a predefined interest rate. As it’s invested for a fixed term, it’s also known as term deposit.Different types of Fixed Deposit schemes are available in India to invest for a specific term. However, Income … [Read more...] about How to claim tax deduction on fixed deposits – section 80C
Income Tax
Tax deduction for interest on savings account – Section 80TTA
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
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 Common tax saving mistakes to avoid
Very few taxpayers know how to invest in order to get tax benefits; others come to know when their employer asks for investment details towards the end of the financial year.Everyone wants to minimize their tax outgo by investing in tax saving deductions. But, in a hurry to comply with the mandatory tax declaration submission with employer, employees generally make lot of … [Read more...] about 5 Common tax saving mistakes to avoid