Here are 10 components that can be used by an employee to minimize their tax burden and plan their salary structure accordingly. 1. Employees' Provident Fund (EPF) As per the EPF Act, 12 percent of...
Investment Based Schemes Particulars Tax Saving FDs PPF (Public Provident Fund) Tax Saver Mutual Funds Unit linked Insurance Plans Sukanya Samriddhi Yojana Eligibility Can be opened by Resident Indian...
S.NO. SCOPE ODITORZ, by professionals OTHERS, by consultants 1 Data Security Safe storage of data No record is maintained 2 Knowledge Horizon IN depth knowledge of law provisions Minimum or no...
S.No Do's Don’ts 1 Invoice for each purchase and sales is must Transaction without documentation 2 Do mention GSTIN of self and customer (if registered) on the sales invoice Accepting invoice with...
Deduction under section 80EEB of Income Tax Act Newly introduced section 80EEB provides deduction in respect of interest paid on loan taken from the financial institution for purchasing of an electric...
A new deduction u/s 80EEA for interest paid on housing loan in order to incentivize the purchase of affordable housing. Deduction under section 80EEA has been proposed by the Finance (No. 2) Bill, 2019 to...
Standard Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000 Rebate under Section 87A changed from Rs 2,500 to Rs 12,500 or 100% of income tax (whichever is lower) for...
Section 80C Investments in Tax Saving FDs Tax-saving FDs are like regular fixed deposits but come with a lock-in period of 5 years and tax break under Section 80C on investments of up to Rs 1.5 lakh....