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Written by The RupeeManager Team
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Friday, 11 May 2012 00:25 |
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An Equity linked saving scheme (ELSS) is similar to tax saving instruments like National Savings Certificate and Public Provident Fund. However the returns are directly linked to equity. An ELSS has a lock-in period of 3 years.
It is covered under Section 80C of Income Tax Act and allows investment of up to Rs. 1 lakh in the current financial year. The amount invested can be deducted from total income, reducing total taxable income.
ELSS offers benefits by ways of shorter lock-in period (3 yrs) than NSC & PPF. ELSS has the potential of earning higher returns and Dividend payout available during lock-in period
Moreover, Investing through Systematic Investment Plan (SIP) averages out your investments over a period of time.
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Last Updated on Friday, 11 May 2012 00:36 |
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Read more... [Step by step tax saving with ELSS]
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Written by The RupeeManager Team
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Saturday, 14 April 2012 20:13 |
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"'In this world nothing can be said to be certain, except death and taxes." (Benjamin Franklin). So let's get over the taxes anyway. Even after you pay your taxes according to what the government dictates, you still need to file your tax returns. This article is about how to file your tax returns. Today it is possible to file income tax returns online and is popularly known as e filing.
To file Income tax returns one needs to fill different Income Tax returns form which are : ITR-1 (Sahaj) ,ITR-2 ,ITR-3, ITR-4 and ITR-4S( Sugam). ITR-5 and ITR-6 can only be filed through e filing mode.
These forms are released every year by Income Tax Department. Details of forms for individuals and Hindu Undivided Family (HUF) are as follows:
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Read more... [How to file Income Tax Returns in India]
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Written by The RupeeManager Team
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Saturday, 14 April 2012 13:09 |
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Do you know that 200+ years ago, there was nothing like an income tax? Surprised? Well, today income tax is a part of our lives and the Governments all over the world have elaborate establishments to ensure that you and me pay taxes and file returns.
Income taxes are not without criticism. The Government of India gets the right to take money from your income and property without providing commensurate services. The government "unashamedly proclaims the doctrine of collectivized wealth. ... That which it does not take is a concession. Some have argued that the economic effects of an income tax system penalize work, discourage saving and investing, and hinder the competitiveness of business and economic growth.
An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Here's some information about indian income tax slabs and rates for 2012-13.
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Last Updated on Saturday, 14 April 2012 13:38 |
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Read more... [What is Income Tax?]
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Written by The RupeeManager Team
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Friday, 23 December 2011 13:07 |
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December 31 is also often the last date for submitting your tax saving details to your company. We hope you have done your tax planning well in advance of the deadlines. Here's 8 ways of planning your tax efficiently.
Next year, the direct tax code will be applicable, i.e., from April, 2012, assuming the bill is passed before that.
Here's an infographic that gives a snapshot of the DTC implications. (Source)
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Read more... [Direct Tax Code Implications on Tax Savings]
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