Tax Breaks beyond Sec 80C – Know them

Tax Breaks beyond Sec 80C – Know them

While most of us are aware and familiar with the tax deductions under Sec 80C, it is important that we do not miss out on the other available deductions. Here’s list of deductions you can avail. Medical Insurance Premium. Sec 80D: We sure cannot miss out on this one. When someone in the family, meets with an accident, or succumbs to an illness, the medical expenses can completely wipe out the savings of the family. Paying adequate medical insurance premium for a policy is a financial discipline,that not just safeguards…

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How ‘Tax –free’ is the Freelancer?

How ‘Tax –free’ is the Freelancer?

While the salaried hurry and submit papers on proof of investments for tax benefits before the deadline, freelancers have a different story to tell. The salaried have the employers communicate all the rules and roll out facilities that enable them file their taxes with ease. Freelancers do all the legwork when it comes to filing their taxes but enjoy comparatively higher benefits and advantages. In truth, Freelancers have the best of both the worlds.   Here’s how they claim the tax – saving deductions available to salaried individuals and the…

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Income Tax – Bust the Myths with Facts

Income Tax – Bust the Myths with Facts

Knock, Knock … who’s there? It’s the Taxman because we are in July. Many of us dread this knock on the door this time of the year. The terms ‘Deduction’, ‘Under Section’ and ‘Taxable Income’ can look perplexing to the tax paying Indian. Ignorance and misconceptions are the primary reasons for this confusion and fear. Let’s look at busting some of the tax myths and misconceptions so that the Income tax filing exercise for AY 15-16 is a matter-of-factly and fearless one.   Myth 1: Income Tax Filing is complex,…

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