The Finance Minister Nirmala Sitharaman has extended the due date of filing the Income-tax returns has from July 31 to November 30. Therefore, the taxpayers got four months’ additional time to file returns for 2019-20. Now, the Central Board of…
What is a joint account? Joint account is a bank account in which two or more persons are account holders to operate the bank accounts. Why do you need a joint account? A single operating account is more comfortable and…
Employee Provident Fund (EPF) is one of the favorite saving schemes among the employees due to the tax benefits and lower risk. It is usually used for wealth creation and corpus building for retirement. The current interest rate is 7.1%…
To withdraw funds from the Employee’s Provident Fund (EPF), it is important that you must have submitted the correct bank account details in your PF Account. It ensures the timely withdrawal of funds. To make the process simple, the EPFO…
Public Provident Fund (PPF) is a popular saving scheme that is long term investment that offers income tax benefit under section 80C of the Income Tax Act, 1961. Any resident individual can open the PPF account. You can also open…
An earning individual looks for the investment opportunities that are safe and secure with some fixed, regular income, and Post Office Monthly Income Scheme is such a type of saving scheme in which you can invest and earn a fixed…
Meaning of Advance Tax Payment : Advance tax is the payment made in advance to the government on the income earned during the financial year. The concept of advance tax works on “pay as you earn.” The tax should be…
In April 2017, there were many case laws regarding rejecting the claim of HRA Exemptions claimed by the salaried individuals for the rent paid to the mother. The tribunal had rejected the claims on the grounds of not having the…
Medical costs are increasing significantly in India and health should be taken care of on priority. Health insurance or Medical insurance is you must have for yourself and your family (especially for senior citizens). Therefore, it is necessary to have…
Living in a rented property and not bothering to take the rent receipts from your landlord? You are paying more tax than expected. Yes, payment of rent can help you to save your tax. If you are living in rented…