Here is how you can calculate your taxable income. All the 5 heads of incomes have been shown in a graphical format for easy interpretation. The deduction under various sections like Section 80C and others is also depicted. The taxable income is the figure on which your final tax is calculated according to the slabRead More
Tax
Clubbing of Income of spouse
Clubbing on income is a very important provision in the Indian Income Tax Act and it makes sure that individuals do not avoid tax by transferring assets to other people. At the back of queries I received on this subject, here is a small primer on clubbing of income of spouse with respect to incomeRead More
Raag Vamdatt’s Income Tax Formula course
The income tax season is fast approaching and many investors who do not understand the basics of income tax planning and filing are going to jeopardize their investments by taking the help of commission trotting agents who will sell them unsuitable products. This is not going to look good in your overall financial planning. WhatRead More
Leave Travel Allowance & LTA Tax Benefits
Leave Travel Allowance or Leave Travel Concession or Leave Travel Assistance (LTA or LTC) is a very powerful weapon given by employers to employees. It can become a very powerful tax planning tool for you to save your income tax if you put things together well ahead of time. Here are the LTA tax benefitsRead More
Smart Ways to Save Income Tax in India
The time will soon come for filing your income tax returns (ITR form) for 2012 in India. The first three quarters of any year are the most dangerous ones for an investor’s financial planning. I say dangerous because he falls prey to people who sell products in the name of tax planning. This is theRead More
Section 80 Income Tax Deductions
Saving income tax every year is a cakewalk for some while a nightmare for the others. Most of the Indians use up Section 80C deductions to save income tax. But beyond the 80C deductions, the income tax act has other Section 80 income tax deductions that can be used to your advantage as well. Let’sRead More