#NSC Interest Rate Calculator

[sandeepk2]

NSC Interest Rate Calculator – Estimate Your Savings Growth Easily

Use our NSC Calculator to estimate your National Savings Certificate (NSC) returns instantly. Check interest rates, maturity amount, and total earnings with this easy-to-use Post Office NSC scheme calculator. Plan your secure investments today!

[atulksposts]

The National Savings Certificate (NSC) is a fixed-deposit scheme in India offering safe investment with attractive interest rates. Calculating its maturity amount aids financial planning by setting goals, comparing investments, and estimating tax liability. Factors affecting maturity include principal, interest rate, and tenure. Two methods are available: using an NSC calculator online or manual calculation using a formula. Understanding these methods helps in informed investment decisions.

[jjtax]

Five Tax Planning Tips for India in 2025

Tax time doesn't have to be painful! By using the right techniques, you can save money and increase your income. Let's simplify it into five easy tax planning tips for FY 2024-25.

Know Your Tax Bracket Your tax liability is based on where you lie in the tax brackets under the new tax regime:

Low-Income Group: Up to ₹3 lakh yearly – No tax.

Middle-Income Group: ₹3 lakh to ₹7 lakh – 5% tax (rebate of up to ₹25,000 under Section 87A).

High-Income Group: More than ₹7 lakh – Tax rate between 10% and 30%.

Knowing your tax bracket enables you to manage deductions and investments effectively.

Determine Your Taxable IncomeGetting the tax calculations right avoids last-minute hassles. Follow this step-by-step guide:

✔ List all the sources of income (salary, rental income, interest, capital gains, etc.). ✔ Calculate them to arrive at your gross income. ✔ Deduct qualifying deductions (housing loan interest, school fees, doctor's bills, etc.). ✔ Calculate your taxable income and plan accordingly.

Invest and Spend Wisely to Save Tax Investments for tax savings can trim your burden. Some astute choices are:

ELSS Funds – Deduction up to ₹1.5 lakh (Section 80C).

PPF – Tax savings up to ₹1.5 lakh (Section 80C).

NSC – Subject to deductions under Section 80C.

NPS – Save up to ₹2 lakh (₹1.5 lakh under 80CCD(1) + ₹50,000 under 80CCD(1B)).

Expense Planning:

Opt for home loan interest (upto ₹2 lakh) and medical bills (upto ₹25,000) as expenses.

Cutdown non-essential expenditures to decrease taxable income.

Maintain Your Tax Files Messy documents = tax time headache! Store all necessary files handy:

Salary slips, investment proofs, bank statements, receipts, and tax forms. Create digital backups for security. Retain tax-related documents for at least 8 years as per IT regulations.

File Your ITR on TimeAvoid penalties and claim refunds smoothly by filing your Income Tax Return (ITR) on time.

Make use of the Income Tax e-filing portal for ease of processing.???? Monitor status and updates online. Seek help from tax professionals if necessary for compliance and accuracy.

Final Thoughts

Tax planning isn't about mere compliance—it's about intelligent financial management! Being informed and well-organized, you can save more, invest smarter, and accumulate wealth.

Require tax professional advice? JJ Tax is here to help with tax planning, budgeting, and compliance. Get in touch with us today and make tax season a breeze.

Download the JJ TAX APP

[insurance-patner]

New Tax Regime vs Old Tax Regime Calculator: Understanding the Difference

Taxpayers in India are now faced with a choice between two tax regimes – the Old Tax Regime and the New Tax Regime introduced in 2020. The decision on which regime to opt for significantly impacts an individual’s income tax liability. To help make an informed choice, tools like the New Tax Regime vs Old Tax Regime Calculator by financial institutions like PNB MetLife come in handy. Let’s delve deeper into how these calculators work and how to use them effectively.

Understanding the Old Tax Regime

The Old Tax Regime allows taxpayers to reduce their taxable income by claiming various deductions and exemptions. Some key features of this regime include:

Deductions and Exemptions:

Section 80C: Up to ₹1.5 lakh for investments in specified instruments (e.g., ELSS, PPF, NSC).

Section 80D: For medical insurance premiums.

House Rent Allowance (HRA): Based on actual rent paid.

Standard Deduction: ₹50,000 for salaried individuals.

Tax Slabs:

Income up to ₹2.5 lakh: No tax.

₹2.5 lakh to ₹5 lakh: 5%.

₹5 lakh to ₹10 lakh: 20%.

Above ₹10 lakh: 30%.

Flexibility for Tax Planning:

Encourages savings and investments through eligible instruments.

Suitable for individuals with higher eligible deductions.

Features of the New Tax Regime

The New Tax Regime offers lower tax rates but eliminates most deductions and exemptions. Key features include:

Simplified Tax Slabs:

Income up to ₹2.5 lakh: No tax.

₹2.5 lakh to ₹5 lakh: 5%.

₹5 lakh to ₹7.5 lakh: 10%.

₹7.5 lakh to ₹10 lakh: 15%.

₹10 lakh to ₹12.5 lakh: 20%.

₹12.5 lakh to ₹15 lakh: 25%.

Above ₹15 lakh: 30%.

No Major Deductions:

Most exemptions like HRA, Section 80C, and standard deductions are not applicable.

Ease of Compliance:

Reduces the complexity of filing returns.

Beneficial for individuals without significant deductions.

How the Calculator Works

PNB MetLife’s New Tax Regime vs Old Tax Regime Calculator helps taxpayers compare their liabilities under both regimes based on income, exemptions, and deductions. Here’s how it typically functions:

Input Your Financial Details:

Annual income (salary, business income, or others).

Investments and deductions (e.g., 80C, 80D, home loan interest).

HRA, standard deduction, or other eligible exemptions.

Computation Process:

Under the Old Regime: The calculator deducts all eligible exemptions and deductions from the gross income to compute taxable income.

Under the New Regime: The gross income is directly taxed according to the simplified slabs without considering exemptions.

Comparison:

Displays the tax liability under both regimes.

Highlights potential tax savings and the better-suited regime.

Recommendations:

Suggests whether to opt for the New or Old Tax Regime based on savings and compliance preferences.

Example Calculation

Let’s consider an individual with an annual income of ₹12 lakh who has invested ₹1.5 lakh under Section 80C and pays ₹25,000 for medical insurance premiums.

Old Tax Regime:

Gross Income: ₹12,00,000

Deductions:

Section 80C: ₹1,50,000

Section 80D: ₹25,000

Standard Deduction: ₹50,000

Taxable Income: ₹12,00,000 - ₹2,25,000 = ₹9,75,000

Tax Payable: Approx. ₹87,000 (after applicable rebates and cess).

New Tax Regime:

Gross Income: ₹12,00,000 (No deductions allowed)

Tax Payable: Approx. ₹78,000.

In this case, the New Tax Regime results in lower tax liability, but the choice depends on individual preferences and investment habits.

Benefits of Using a Tax Calculator

Accuracy: Ensures precise calculations of tax liability.

Ease of Use: Intuitive interface with quick results.

Customization: Accommodates various income sources and deductions.

Informed Decision-Making: Helps taxpayers optimize savings.

Choosing the Right Regime

While the New Tax Regime offers reduced tax rates, the Old Tax Regime’s benefits depend on effective tax planning. The decision largely hinges on:

Income Level: Higher-income individuals may benefit more from the Old Regime if they can claim substantial deductions.

Investment Habits: Those who do not invest heavily may prefer the New Regime.

Simplicity vs Savings: Taxpayers seeking simplicity may lean toward the New Regime, while those prioritizing savings might choose the Old Regime.

Conclusion

The New Tax Regime vs Old Tax Regime Calculator by PNB MetLife simplifies the process of comparing tax liabilities and aids in making a well-informed decision. By leveraging such tools, taxpayers can assess their financial scenarios, maximize savings, and ensure compliance with the tax laws. Before making a final choice, it’s advisable to consult a financial advisor to align tax strategies with long-term financial goals.

[financeguidebangalore]

A Comprehensive Guide to Income Tax in India (2024): Everything You Need to Know

Introduction

Income tax is a pivotal component of India’s financial system, serving as a primary revenue source for the government. This guide aims to provide a comprehensive overview of income tax in India for the financial year 2023-24, including its structure, rates, filing procedures, and benefits.

Understanding Income Tax on Income in India

What is Income Tax?

Income tax is a direct tax imposed by the government on the income earned by individuals and businesses. The tax is calculated based on the income slab rates determined by the Tax Department of India. It helps fund various public services, infrastructure projects, and government schemes aimed at the welfare of the citizens.

Who is Liable to Pay Tax?

Individuals: Including salaried employees, self-employed professionals, and freelancers.

Hindu Undivided Families (HUFs): A family consisting of all persons lineally descended from a common ancestor.

Companies: Both domestic and foreign companies operating in India.

Firms: Partnerships and LLPs.

Associations of Persons (AOP) and Body of Individuals (BOI).

Trusts: Including charitable and religious trusts.

How to Calculate Income Tax?

Determine Gross Total Income: Sum of income from all sources – salary, house property, business or profession, capital gains, and other sources.

Claim Deductions and Exemptions: Subtract eligible deductions under various sections such as 80C, 80D, 80G, etc.

Compute Taxable Income: Gross Total Income – Deductions

Apply Relevant Tax Slabs: Apply the applicable tax rates based on the income slab.

Account for Tax Rebates: Apply rebates, if any, such as under Section 87A.

Add Surcharge and Cess: Include any applicable surcharge and 4% health and education cess.

Deductions and Exemptions Income Levy.

Deductions and exemptions play a crucial role in reducing the tax liability of an individual. Some of the common deductions available under the Tax Act are:

Section 80C

Investments in instruments like Public Provident Fund (PPF), Employees’ Provident Fund (EPF), National Savings Certificate (NSC), and life insurance premiums qualify for deductions up to ₹1.5 lakh.

Section 80D

Premiums paid for health insurance for self, spouse, children, and parents can be claimed as deductions. The limit is ₹25,000, which increases to ₹50,000 for senior citizens.

Section 24(b)

Interest on home loan for a self-occupied property can be claimed up to ₹2 lakh.

Section 80E

Interest on an education loan for higher education is deductible without any limit.

Section 80G

Donations to specified relief funds and charitable institutions qualify for deductions.

Filing Tax Returns (ITR)

Step-by-Step Guide to Filing ITR

Gather Documents: Start by collecting necessary documents like Form 16, bank statements, investment proofs, and TDS certificates.

Choose the Correct ITR Form: Determine the appropriate ITR form based on your income sources.

Log in to the Income Tax Portal: Access the e-filing portal of the Income Tax Department.

Fill in the Details: Enter all required details in the selected ITR form.

Verify the Details: Ensure the information entered is accurate by cross-checking it.

Submit and E-Verify: Finally, submit the ITR and complete the e-verification process using methods like Aadhaar OTP, net banking, or EVC.

Due Dates for Filing ITR

Individuals and HUFs: July 31 of the assessment year.

Businesses requiring audit: October 31 of the assessment year.

Revised or belated returns: December 31 of the assessment year.

Penalties for Non-Compliance

Late Filing Fee: Up to ₹10,000 for filing returns after the due date.

Interest on Late Payment: Interest under Sections 234A, 234B, and 234C for late payment of taxes.

Penalty for Underreporting Income: 50% to 200% of the tax due on underreported income.

Benefits of Filing Tax Returns

1. Loan Approvals: ITR receipts are essential documents for loan approvals. 2. Visa Applications: Many consulate offices require ITR copies for visa processing. 3. Claiming Refunds: Filing on time enables taxpayers to claim refunds for any excess tax paid. 4. Proof of Income: Serving as a valid proof of income, ITR is useful for various financial transactions. To Read more - https://blog.poweroffactorial.in/income-tax/

[financeandinvestment]

Why Shriram Fixed Deposit Stands Out as the Best Investment Choice for Women

Fixed Deposits (FDs) are widely recognized as a secure investment option, particularly favored by women, with 58% expressing a preference for FDs, Public Provident Funds (PPF), or savings accounts. This preference is driven by diverse financial goals, liquidity needs, and investment capabilities unique to women. FDs provide flexibility in tailoring payouts to meet specific financial requirements, offering more attractive interest rates compared to savings accounts.

Shriram Fixed Deposit stands out by offering high-interest rates, reaching up to 9.20%* p.a., inclusive of special benefits for women depositors and senior citizens. The Shriram Fixed Deposit Interest Calculator aids in determining the exact interest amount. For those new to investments or unsure about available options, FDs provide a secure path to safeguard financial futures.

Why is FD a Smart Investment? Fixed deposits are considered a smart investment due to their high degree of safety and low risk. The guaranteed predetermined returns, regardless of market performance, make FDs stand out in comparison to riskier options like stocks and mutual funds.

Types of Fixed Deposits: FDs come in two types: cumulative and non-cumulative. Cumulative FDs pay out at maturity with compounded interest, while non-cumulative FDs offer regular payouts, usually monthly, quarterly, half-yearly, or annually, with simple interest.

Comparing FDs with National Savings Certificate (NSC): While NSCs provide stable income, FDs offer higher liquidity, allowing withdrawal in emergencies with nominal charges. FDs, especially for female investors, are preferable due to hassle-free transactions and high liquidity.

Rule 72: Doubling Your Investment: The Rule 72 helps estimate the time it takes for an investment to double by dividing 72 by the annual interest rate. This rule provides clarity on the doubling of an investment over time.

Advantages of FDs Over Other Investments: FDs offer fixed interest rates, shielding from market fluctuations. Highly liquid, allowing withdrawals as needed. Various tax benefits and insurance coverage. Tax-saver FDs with a 5-year lock-in for deductions under Section 80C. Loan facilities available for emergencies.

Shriram Fixed Deposit for Women: Shriram Finance's FD scheme tailored for women investors offers several advantages. These include higher interest rates, flexible tenures (12 to 60 months), low minimum investment (Rs. 5,000), regular or cumulative interest payments, and a loan facility at attractive rates. With Shriram Unnati Fixed Deposits offering rates up to 9.20%* p.a., they provide a secure and lucrative investment opportunity for women seeking steady returns while minimizing risks. In conclusion, Shriram fixed deposits for women present a wise investment choice with attractive interest rates, flexible tenures, and additional benefits. Invest wisely with Shriram fixed deposits.

[webtelsblog]

Top 5 TDS Software in India

Filing TDS Returns can be a difficult task and finding the right TDS Filing Solution can help you simplify the task of filing TDS/TCS returns. For a CA or tax practitioner firm, having reliable TDS software, and good practice management software is essential. These tools can help to streamline processes, save time, and ensure accuracy in TDS Deduction.

Here is our countdown on the 5 best TDS Software in 2023,

Webtel’s Web-e-TDS

Webtel’s Web-e-TDS Software is the best TDS filing solution for your business. It offers a comprehensive range of features, including the ability to generate ITR forms 1, 2, 3, 4, 5, 6, and 7 e-returns and paper returns, generate tax audit reports in Form 3CA, 3CB, and 3CD, directly import Form 26 AS information, digitally sign income tax returns and other forms, and bulk upload and e-file ITRs. Additionally, the software enables easier calculation of income tax, MAT, MATC, total income, Interest u/s 234A, 234B, & 234C, Late Filing Fees u/s 234F, Deductions, HRA, NSC, Rebate u/s 89, advance tax, and self-assessment tax.

One-stop Solution for all your TDS/TCS Management and ‘e’ Filing Needs.

TRACES Integration

Power-Packed Facilities

Import/Export Utility

Auto-Update Utility

Return Generation

Web-e-TDS is an authorized TDS service provider by NSDL, making it the perfect choice for filing e-TDS and e-TCS returns. It offers a range of features, including the ability to generate e-returns and paper returns for Form 24Q, 26Q, 27Q, and 27EQ, generate original and revised TDS/TCS statements, generate e-TDS/e-TCS returns through Excel utility in case of bulk data, register TAN online at TRACES/TRACES Dashboard, download/generate Form 16, 12BA, 12BB, Quarterly 16A & 27D, and multi-user option. It also facilitates easy corrections in already filed e-TDS returns. With Web-e-TDS, you can be sure of a hassle-free and secure filing experience.

TDSMAN Software

TDSMAN Software is designed to meet the exacting requirements of NSDL, offering a range of versions from Standard to Enterprise. It is the perfect solution for generating e-TDS & e-TCS returns for 24Q, 26Q, 27EQ, and 27Q forms, as well as TDS and TCS certificates.

The benefits of TDSMAN are numerous, from its power-packed convenience to its ability to cover all financial years and support unlimited deductors. Depending on the version purchased, users can store unlimited records, and easily import and export data. Multi-user versions are also available.

TDSMAN also offers a range of default analysis features, such as late payment interest calculations, late fee calculations, late deduction interest calculations, challan validation, and PAN verification. Plus, users can enjoy the convenience of reminders for compliances, auto-update software, and a file validation utility.

Saral TDS Software

Saral TDS Software is the perfect solution for professionals, corporations, and institutions looking for a comprehensive TDS filing solution. With Saral TDS, you can easily verify PANs, generate regular statements, and make corrections to returns with ease. Additionally, you can file TDS returns accurately and without any hassle, verify challans, check TDS rates and thresholds, and import and export data with ease.

Saral TDS also offers a range of additional features to make filing TDS returns even easier. These include an auto challan linking feature, detailed MIS reports, a full history of e-returns filed, TAN-based file management, a list of Tin facilitation centres, a proper backup and restore feature, and inbuilt Java.

With Saral TDS, you can purchase the features you need to make filing TDS returns a breeze. Get the comprehensive TDS filing solution you need today with Saral TDS Software.

Zen E-TDS Software

Zen E-TDS Software is a user-friendly and easily accessible software that simplifies filing TDS returns. You can purchase this software through its official website, with prices varying according to the version you choose. Its significant features that will save you time include:

The ability to not only prepare but also validate the e-return file. Generation of various forms such as Form 16, 16A, 15G/H, 26Q, 24Q, 24G, 49B, etc. Preparation of multiple correction statements that keep records and enable error tracking in returns. Identification of wrong PANs through the PAN verification feature. Generation of various MIS reports such as salary reports, challan reports, return status reports, statement analysis reports, etc. Online features such as uploading TDS statements, new deductor registration, PAN verification, Challan verification, and TAN registration. A bank code list is available in the software, with data, easily imported and exported. Monthly calculation of TDS, making return filing a breeze.

Zen E-TDS Software is the perfect solution for anyone looking to streamline their TDS return filing process. With its user-friendly interface, comprehensive features, and time-saving capabilities, it is the ideal choice for anyone looking to make their filing process easier and more efficient.

CompuTDS

CompuTDS is the perfect software for CAs looking to streamline their workflow. It offers a range of features that make it a popular choice, such as:

Easy preparation of E-TDS and E-TCS returns, as well as corrections in forms such as 24Q, 26Q, 27Q, 27EQ, and 26QA.

Automatic preparation of forms such as 15G, 15H, 15I, and 15J.

Hassle-free data import and export.

TAN registration, preparation of TAN application, and modification.

Maintenance of records, e-payment of challan, and generation of digitally signed form 16/16A.

Generation of TDS/TCS certified forms 27D, 12BA, 16, and 27A.

CompuTDS makes it easy to complete tasks quickly and efficiently, freeing up time to focus on other aspects of your business. With accurate work delivered in a timely manner, you can attract more clients and grow your firm.

Software is many in the market, but it is the choice that matters. If the selected software is customized, it will be very useful for your business. The standard software also works best if they are fulfilling your requirements. The software that boosts the growth of your firm by saving time should be bought. The clients need faster results and with the help of software, you can provide them with not only accurate but faster results. This way clients will increase and automatically the success and growth of your firm will increase.

Get the best TDS Software in India: Webtel’s Web-e-TDS

[greythrsoftware]

Proof of Investment (POI): What Employers and Employees Must Know

Proof of Investment (POI)

All employers in India are required to deduct tax from their employees’ salaries. They might deduct more or less if the employees fail to submit the right investment proof. Therefore, all employees must submit proof of investment so their employers can calculate and deduct the right tax amount for the financial year.

What is the difference between exemption and deduction?

Exemption: As per the Indian tax legislation, an exemption is an income that is not treated as taxable income. House rent allowance (HRA), paid by an employer, is an example. When a salaried employee pays rent to a landlord, a part of it becomes exempted. The amount of exemption is dependent on the city (metro or non-metro) in which the employee resides, and the submitted rent payment proof.

Deduction: A deduction is an amount that is treated as a deduction from an employee’s taxable income. Eligible savings instruments and donations fall into this category. These deductions are made during payroll processing and help reduce an employee’s net taxable income.

What is the difference between an investment declaration and proof of investment?

Investment declaration: An investment declaration is made when an employee joins a new organisation or during the beginning of the financial year. Submitted via Form 12BB, a declaration consists of the proposed investments and expenditures in the current financial year. These qualify for certain deductions and exemptions.

Proof of investment: In the month of January or February, every employee is asked to submit proof of the investments that were planned and made. The payroll department computes the final tax liability for the year and makes the necessary adjustments. The earlier computation would have been based on the investment declaration, which is only an estimated figure.

What are the most common savings investment schemes?

There are aggressive investors and conservative investors. The choice of instruments depends on the investor’s risk-taking mentality, expected rate of return and the investment plan made earlier. Furnished below are some of the popular schemes.

Provident Fund: Mandatory for organisations with 20 or more employees, Provident Fund is a government-run scheme with assured returns. The interest rate is in the range of 8.1% to 8.5%. It is fully exempted from income tax if certain conditions are met.

National Pension Scheme (NPS): NPS is a retirement savings scheme with lesser loading and admin charges. This instrument is not fully exempted from tax as of now. But the government has been making amendments to the provisions of the scheme.

National Savings Certificate (NSC): This is a fixed-return savings bond that can be opened at any post office. It offers a 6.8% interest with a 5-year lock-in period. Available only to Indian citizens, NSC is similar to a mutual fund.

Postal Savings Scheme: Offering an interest of 4%‒9% per annum, postal savings schemes are ideal for those who want a safe investment option. There are different types of tax savings schemes offered by the postal department.

Unit-linked Insurance Scheme: It is one scheme that provides the benefit of a long-term investment and a life insurance policy. It offers the provision to make withdrawals after a specified lock-in period. The different types of ULIP address the needs of different types of investors.

Insurance Scheme: A common tax-saving instrument, an insurance scheme is usually intended to protect the future of family members in the event of the death of the insured person. There are also schemes that cover medical exigencies and disabilities.

What are some of the common mistakes in investment-proof submission?

Some people delay the submission of POI and wait till the last minute. Sometimes, they misplace the original documents. This results in last-minute stress and errors. Also, the organisation finds it difficult to handle the sudden surge in the volume of requests and data. Even the server might throw up an error due to the heavy load. Therefore, employees must complete the submission as soon as HR opens the POI window.

Is it mandatory for employees to report their additional income?

There is no mandatory requirement for employees to furnish the details about all their earnings and expenses. But the organisation cannot accurately calculate the final tax liability without these details.

What happens if an employee does not submit any proof of investment?

Some employees may not be ready with the documents, and the organisation might have closed the POI submission window. In this case, the employees can submit the same at the time of IT return filing. Since the employer might have already deducted the TDS, the employee can claim a refund of excess tax by providing the bank account details.

Is there a deduction in the interest paid on a car loan?

If an employee takes a loan to buy an electric car, there is a tax deduction on the interest paid on the EMI. The income tax legislation allows a deduction of up to a maximum of INR 50,000 in this case.

Can an employer avoid the deduction of tax from an employee’s salary?

No, that’s not permitted. As per the law, employers have to deduct tax (TDS) from an employee’s salary and pay the amount to the government within seven days from the end of the month.

Is it compulsory to consider the income of an employee’s previous employer?

It is not mandatory but recommended. If the previous income is not divulged, the employee is likely to pay a higher tax amount. Hence, employees must furnish the details, so the current employer can factor that in and work out the final tax liability accurately.

Source Link - https://medium.com/@greytHRsoftware/proof-of-investment-poi-what-employers-and-employees-must-know-3c6f6b46db44

[new-haryanvi-ragni]

Get your money doubled with these POST OFFICE schemes; Check interest rate, return calculator, maturity time

Get your money doubled with these POST OFFICE schemes; Check interest rate, return calculator, maturity time

Post Office Investment Scheme Return Calculator: If you don’t want to take any risk with your money, you can put your money into these schemes including National Savings Certificate (NSC), Sukanya Samriddhi Yojana, Senior Citizen Saving Scheme (SCSS), Kisan Vikas Patra (KVP) and Senior Citizens Savings Scheme among others. source…

[legal-blogs]

Simple ways to avoid paying income tax in India

Proper tax planning is one of the best ways to avoid paying income taxes in a particular year.The Income Tax Act allows for a wide range of expenses, investments, and savings plans to be deducted.In India, major tax deduction strategies can be utilized to save money on income taxes. Find more about NRI taxation in India.

Venture choices under Area 80C

These are the most well known charge reserve funds choices for NRIs (Non-Occupant Indians) and nearby citizens.You can claim deductions of up to Rs. in accordance with Section 80C of the Income Tax Act.1.5 lakh per year on various expenses and investments.

FD that saves money on taxes:

You can deduct up to Rs by investing in FDs with a five-year tax break.1.5 lakh.In India, interest earned on domestic and NRO fixed deposits is subject to taxation.As a result, non-resident Indians who earn interest on NRO fixed deposits may also receive a deduction of up to Rs.1,50,000 from the Public Provident Fund (PPF) under Section 80C:Due to the fact that the public provident fund allows for a deduction of up to Rs.1.5 lakh in accordance with Section 80C. The public provident fund is a government program that can be found in most banks and post offices.The PPF account typically has a 15-year lock-in period.

If you opened a PPF account before you became an NRI, you can keep it open until it matures, even though NRIs cannot open one.

Certificate of National Savings:

The NSC is a fixed-income plan with numerous tax advantages.The annual compound interest rate for the NSC currently stands at 6.8%.Like the PPF, if a NSC account holder becomes a non-resident Indian (NRI) while the account is active, the account can be continued until maturity on a non-repatriable basis. This means that you can take advantage of tax breaks on both the amount invested and interest earned.ELSS Funds:Equity Linked Savings Schemes, or ELSSs, are one of the most widely used tax-deferred investment options.Equity-focused mutual funds invest at least 80% of their assets primarily in equity.India allows residents and non-residents to invest in ELSS funds to lower their taxable income.

These funds' returns are subject to a 10% LTCG tax.You can get a deduction of up to Rs.1.5 lakh per fiscal yearNRIs and regular residents alike are eligible for tax exemption under Section 80C.

Prices for LIC:

Up to Rs. 1,000, life insurance premiums are tax deductible.1.5 lakh.If the insurance cover is at least 10 times the annual premium, premiums for various insurance policies, such as ULIPs, term insurance, and endowment policies, can be deducted.

NPS: 

The National Pension SystemYou can deduct up to Rs from the NPS, which is a retirement fund supported by the government.1.5 lakh for the NPS contribution.The National Pension Scheme also allows NRIs to make contributions.Fund for employee benefits:The Rs are calculated using the contribution to the Employee Provident Fund (EPF).1.5 lakh limit under Area 80C.

Home advance reimbursement:

A housing loan principal repayment is eligible for a tax deduction of up to Rs.1.5 lakh annually.Schemes for saving money on taxes other than Section 80C In addition to the deductions allowed by Section 80 of the IT Act, there are other deductions that can help you save money on taxes.

Cost of medical insurance:

a deduction in excess of Rs.Under Section 80D, premiums paid for medical insurance are eligible for a reimbursement of 25,000, or Rs.50,000.A person who pays premiums on behalf of both themselves and their elderly parents is eligible to claim a combined deduction of up to Rs.75,000 annually.

Home loan interest is as follows:

A home loan's interest is tax deductible up to Rs.2 lakh annually under the Income Tax Act's Section 24.Additionally, a deduction of up to Rs.50,000 in 80EE-related home loan interest.

Earnings from interest on NRE accounts:

Indian NRE accounts allow foreign earnings to be deposited by non-resident Indians.In India, interest on NRE savings accounts and fixed deposits is exempt from tax.As a result, non-residents can save money for tax purposes in an NRE account.

Donations to informed organizations:

Donations to charities are tax-deductible.Contributions to charitable organizations can be deducted from taxable income without a cap.The majority of donations to non-governmental organizations are limited to 50% of the donation and up to 10% of your adjusted total income.Although there are a number of ways to avoid paying income tax in India, it can be difficult for non-resident Indians (NRIs) to comprehend tax laws due to the country's complex tax system and frequent revisions.NRIs may not claim benefits like deductions.We at SBNRI comprehend this struggle.You can connect with our NRI tax experts by downloading the SBNRI App to learn more about the new TDS/TCS rules for NRIs. Additionally, you will receive complete assistance with NRI tax filing.

[atulksposts]

This blog post is about using an NSC calculator to estimate earnings on National Savings Certificates (NSCs) offered by the Post Office in India. NSCs are a safe investment with guaranteed returns but have a 5-year lock-in period. The calculator helps you input investment amount and see the estimated maturity amount and total interest earned. It is a good option for those seeking safe, long-term investment with tax benefits.

[poonamranius]

Post Office NSC Scheme : इस योजना में 100 रुपये का निवेश करें पांच साल बाद 21 लाख प्राप्त करें, जानें कैसे

Post Office NSC Scheme : डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office National Savings Certificate Scheme) क्या आपने कभी डाकघर में बचत और निवेश करने के बारे में सोचा है ! यदि नहीं, तो इसके बारे में सोचें क्योंकि डाकघर (Post Office) में आपके पैसे को सुरक्षित रखने और किसी भी अन्य स्रोतों की तुलना में बदले में अधिक लाभ देने के लिए कई लाभकारी योजनाएं हैं !  इसके अलावा, छोटी बचत का परिणाम आने वाले समय में बड़ा हो सकता है और भविष्य में बड़ी राहत प्रदान कर सकता है ! Post Office NSC Scheme Post Office NSC Scheme डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office National Savings Certificate Yojana) की योजनाओं पर निवेशकों को सालाना 6.8 फीसदी की दर से ब्याज मिलता रहेगा ! यह उन निवेशकों के लिए एक अच्छी खबर है, जो शून्य जोखिम लेने की क्षमता रखते हैं और अपने निवेश पर गारंटीड रिटर्न चाहते हैं ! डाकघर (India Post) लघु बचत योजनाओं का परीक्षण और परीक्षण किया जाता है और यह एक निवेशक को कम समय में कई गुना धन उगाहने में मदद करता है ! डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office NSC Scheme) के अधिकांश निवेशकों को आकर्षित करती है ! यह निवेश उपकरण निवेशकों को सिर्फ 100 रुपये के साथ निवेश शुरू करने में मदद करता है ! ऐसे में आप सरकारी योजनाओं में निवेश कर सकते हैं  !  पोस्ट ऑफिस (India Post) में कई ऐसी योजनाएं हैं जहां आपको निवेश में अच्छा रिटर्न मिल सकता है !  राष्ट्रीय बचत प्रमाणपत्र (National Savings Certificate) भी डाकघर की एक बेहतरीन योजना है !  इस डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office National Savings Certificate Yojana) में आप कुछ वर्षों में बड़ा पैसा जोड़ सकते हैं ! Post Office National Savings Certificate Benefits राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office National Savings Certificate Yojana ) की परिपक्वता अवधि 5 वर्ष है !  ��ास बात यह है कि कुछ शर्तों के साथ आप 1 साल की मैच्योरिटी अवधि के बाद खाते की राशि निकाल सकते हैं !  राष्ट्रीय बचत प्रमाणपत्र में ब्याज दरें (National Savings Certificate Interest Rates) सरकार द्वारा वित्तीय वर्ष की प्रत्येक तिमाही की शुरुआत में निर्धारित की जाती हैं ! आप इसमें 100 रुपये से निवेश शुरू कर सकते हैं ! इस डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office NSC Scheme)पर फिलहाल सालाना 6.8 फीसदी ब्याज मिल रहा है !  इस योजना के तहत आप आयकर की धारा 80सी के तहत सालाना 1.5 लाख रुपये की कर छूट भी प्राप्त कर सकते हैं !   Post Office NSC Scheme भारतीय नागरिक किसी भी डाकघर (Post Office) से एनएससी (NSC) प्राप्त कर सकते हैं !  यह निवेश विकल्प उन व्यक्तियों की पसंदीदा पसंद है जो सुरक्षित निवेश के रास्ते तलाश रहे हैं ! क्योंकि यह भारत सरकार द्वारा समर्थित है, जिसके परिणामस्वरूप कम जोखिम है ! वर्तमान में 5 वर्ष के कार्यकाल के साथ NSC  के लिए उपलब्ध है !  NSC के लिए ब्याज दरें 7-8% PA के बीच होती हैं और हर वित्तीय वर्ष में वित्त मंत्रालय द्वारा तय की जाती हैं !  उदाहरण के लिए, वित्त वर्ष 2019-20 के लिए राष्ट्रीय बचत प्रमाणपत्र (National Savings Certificate) की ब्याज दर सालाना 8% चक्रवृद्धि है ! जबकि न्यूनतम निवेश राशि 100 रुपये है, पीपीएफ के विपरीत जमा की जा सकने वाली अधिकतम राशि की कोई सीमा नहीं है !  हालांकि, केवल 1.5 लाख रुपये सालाना धारा 80 सी के तहत कर छूट के लिए योग्य हैं ! 5 साल में मैच्योर होंगे 21 लाख  उदाहरण के लिए अगर आप शुरुआत में राष्ट्रीय बचत प्रमाणपत्र योजना (National Savings Certificate Yojana) में 15 लाख रुपये का निवेश करते हैं ! तो आपको 5 साल बाद 6.8 की ब्याज दर पर 20.85 लाख रुपये की राशि मिलेगी !  इसमें आपका निवेश 15 लाख होगा, लेकिन ब्याज के रूप में करीब 6 लाख रुपये का फायदा होगा. आप चाहें तो इसे और भी आगे बढ़ा सकते हैं !   राष्ट्रीय बचत प्रमाणपत्र क्या है |  राष्ट्रीय बचत प्रमाणपत्र (National Savings Certificate) भारतीय डाक द्वारा दी जाने वाली छोटी बचत योजनाओं में से एक है ! चूंकि यह सरकार समर्थित निवेश उपकरण है  इसलिए एक निवेशक  यहां पैसा बैंकों की तुलना में अधिक सुरक्षित माना जाता है ! इसलिए, यहां निवेशकों का पैसा किसी भी जोखिम से मुक्त है ! राष्ट्रीय बचत प्रमाणपत्र कैलक्यूलेटर  में निवेश के माध्यम से केवल पांच वर्षों में करोड़पति कैसे बन सकता है ! सेबी पंजीकृत कर और निवेश विशेषज्ञ मणिकरण सिंघल ने कहा, डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office National Savings Certificate Scheme) में, कोई एकमुश्त निवेश पर किसी के रिटर्न को अधिकतम कर सकता है ! का उपयोग करना एनएससी कैलकुलेटर, (NSC Calculator,)अगर कोई निवेशक इस इंडिया पोस्ट (India Post) योजना में 1 लाख रुपये का निवेश करता है, तो पांच साल बाद शुद्ध रिटर्न 1,38,949 रुपये होगा ! राष्ट्रीय बचत प्रमाणपत्र (Post Office NSC Scheme) आप राष्ट्रीय बचत प्रमाणपत्र (National Savings Certificate) में रुपये की छोटी जमा राशि के साथ निवेश कर सकते हैं  !  100 एकल व्यक्ति के रूप में, संयुक्त रूप से या नाबालिग के अभिभावक के रूप में !  इस डाकघर राष्ट्रीय बचत प्रमाणपत्र योजना (Post Office NSC Scheme) के लिए लॉक-इन अवधि 5 वर्ष है !  साथ ही, एनएससी पर वार्षिक ब्याज का पुन: निवेश किया जाता है और परिपक्वता के समय संचित राशि के रूप में भुगतान किया जाता है ! Read the full article

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A Quick Primer on How Mutual Funds Work and the Benefits they Offer

People who are financially inept may be able to avoid Mutual fund investments in India to Despite their simplicity, they can be confusing to some. We can help you understand mutual funds and whether they are safe investments. A mutual fund is the sum of all investments made by many people. It is managed by an expert fund manager. The fund manager invests the pooled sum in bonds, equities and securities such as money market instruments. Each investor receives units that represent their holdings in this scheme.

After deducting expenses, the mutual fund distributes the income from investments proportionately to all investors. The scheme's NAV (Net Asset Value) is used to calculate this. Mutual funds allow even laymen to invest in professionally managed and diversified securities at an affordable price.

What is a Mutual Fund Dividend and how can I get it?

Mutual fund dividend is the distribution of income from an investment scheme. With the assistance of mutual fund distributor. These gains are transferred to a Dividend Equalization Reserve account, and the trustees declare a dividend. Dividends are calculated as a percentage from the plan's face price. If a unit's face value is Rs. If the unit's face value is Rs. 10 and the dividend payment is 20%, each investor who chooses the dividend option will receive Rs. 2 as a dividend. The scheme's NAV will decrease by the same amount after the dividend payment.

The NAV of this scheme is unchanged and growth option investors don't get any dividends. Dividend distribution tax (DDT) is a tax deduction that mutual fund dividends are subject to.

What is Mutual Fund Taxation?

Fixed deposit interest rates are so low that they can be negligible after taking out tax. Financial services mutual funds are a better choice, but you should also be familiar with mutual fund taxation. If units of a scheme are sold, mutual funds are subject to tax.

Short term capital gains tax for equity mutual funds is 15% plus a cessation of 4%. For gains exceeding Rs. 1 lakh, the long term capital gains tax is 10%. 1 lakh for a financial year. Long term gains above Rs. 1 lakh are exempt from tax 1 lakh. Short term capital gains tax for debt mutual funds depends on which tax bracket you are in plus 4% cess. Indexation is also included in long term capital gains tax at 20%.

What are ELSS funds?

ELSS funds (Equity Linked Savings Schemes), are a great way to save tax under Sec 80C. Up to Rs. 1.5 lakhs can be invested in ELSS funds during a financial year, which means that those who are in the highest tax bracket (30%) can save a staggering Rs. 46,800 on taxes.

You should also know that Rs. 1.5 lakhs is the total Sec80 cap. It also includes tax-saving fixed deposits, NSC (National Savings Certificate), life insurance premiums, and EPF (Employee Provident Fund).

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Know well about ITR forms

Who can file Income Tax Returns?

Individuals, HUFs, AOPs, BOIs, firms and companies are mandated to file the income tax return (ITR) if the income earned is taxable. Each of these taxpayers is taxed differently under the Income Tax laws of India wherein the domestic companies and firm have fixed a 22 per cent tax rate but the individuals are taxed as per the tax slabs.

Advantages of filing income tax returns (ITRS)

It has often seen that many individuals believe that if their salaries fall below the taxable bracket then they don’t need to file an income tax return (ITR). However, that is not true! Even if your earned income is not taxable, you should file ITR as it will benefit you in different ways. Listed out the following advantages of filing income tax returns:

Avoid Penalties:

Easy Loan Approval:

Address Proof:

Compensate for Losses in the next Financial Year:

Hassle-free Visa Processing:

Filing ITR timely can help you avoid penalties imposed by the Income Tax Department for belated return that could cost you extra interest.

In India, ITR is one of the important documents asked by banks in sanctioning a loan to an individual. Many banks and NBFCs ask for ITR receipts of the latest 3 years when applying for the loan such as home loan, car loan etc. Such lenders consider ITR as the most authentic document of verifying an individual’s income. Hence, an individual who is filing ITR on time can benefit from hassle-free loan approval.

Income Tax Return (ITR) receipts can serve as a residential proof as it is sent directly to your registered address.

If you are eligible to file ITR but didn’t then you would not be able to carry forward the losses of the current financial year to the next financial year. Hence, it is vital to file the ITR to claim the losses in the future years.

At the time of applying for Visa, the embassies generally ask for past ITR receipts to process the Visa application of an individual. So, filing ITR before the due date can help you in quick Visa processing at the time of Visa application.

Things to remember before filing an Income Tax Return

Income tax return filing is very important and if you have not filed your return yet, it’s a good idea to get going and try to do it as early as possible. Tax filing involves a lot of paperwork, confusion and queries. To ensure a seamless process, give yourself enough lead-time for a smooth and timely return filing. Unfortunately, there are penalties to be paid, if the deadlines are missed. These fines range between Rs. 5,000 to 10,000, depending on the delay.

You can get help from professionals to file your tax return who can advise you on how to save tax, the available deductions and exemptions under 80C and assist you with investment planning. But, if you are planning to file returns yourself, here are a few important things you could keep in mind.

First of all, make sure to collect all the required documents that you will need to file your ITR Form such as Form 16, Form 26AS, investment documents, premium payments, loan statements, salary slips, bank statements, and proof of capital gains (if any) that will help you in providing the details of tax deducted at source (TDS) and to compute the gross taxable income of yours in that financial year.

Similar to this, if you have redeemed mutual fund units within that year, you can reach out to your mutual fund house to provide you with the transaction statements and capital gain statements. Remember, if the gains exceed Rs. 1 lakh, you will be required to pay tax on LTCG. Once you finished computing your total income, the next thing is to calculate your tax liability by applying the tax rates as per your income slab.

Important Things To Remember While Filing Income Tax Returns

Know Your ITR Forms Well

The Central Board of Direct Taxes (CBDT) has made few amendments in the ITR forms to ease the process of filing Income Tax returns. The number of forms to be used by taxpayers has been reduced from 9 to 7. For individuals with annual taxable income (from salary, interest, one house property) of up to Rs. 50 lakh, ITR 1 is required to be filed. Whereas, for individuals with annual taxable income of more than Rs. 50 lakh, ITR 2 is required to be filed.

Mandatory Disclosure

Following up on the Central Government's efforts on demonetisation, the Income Tax department has made it mandatory to disclose cash deposits of Rs. 2 lakh and more in bank accounts. This was first initiated during the demonetisation period and continues to this day. The Income Tax department requires a declaration in a separate column giving details of money deposited along with bank details in the income tax returns. To prevent being taxed at 60% plus surcharge and cess, tax payers need to explain all sources or forms of income or investment.

Carefully Select the Assessment Year and Financial Year

Assessment Year and Financial Year are not the same and you need to be familiar with them in order to correctly file your taxes. Financial Year is the period or year within which you earn the income, whereas Assessment Year is the period or year that follows Financial Year and it is in this year that you file your tax return. Every Financial Year and Assessment Year begins on the 1st of April and ends on 31st of March. Assessment Year always comes after Financial Year.

Since your income is taxed in the Assessment Year, you have to select Assessment Year while filing your income tax return.

Check For Deductions Under 80C

Section 80C entitles you to certain deductions from the gross total income, up to a maximum limit of Rs. 1.5 lakh. It is the most widely used option to save income tax. The investments and expenditures that qualify for deduction under section 80C are investments in National Savings Certificates (NSC), Kisan Vikas Patra (KVP), notified Equity Linked Saving Scheme (ELSS) of a mutual fund, five-year post office term deposits, five-year bank fixed deposits, contribution to Employee Provident Fund (EPF), Public Provident Fund (PPF), Superannuation Funds and premiums paid for life insurance, annuity plan and Unit-Linked Insurance Plans (ULIP), etc.

These investments can not only be claimed as deduction while calculating your total taxable income but can also generate good returns. Moreover, investment in PPF, superannuation funds, etc. also help in accumulating funds for retirement planning.

Check TDS on Form 26A

Form 26A is an important document for tax filing. It provides details of the income paid to you, the tax deducted on that income and the amount of TDS deposited by the payer with the Government. The form also contains details of any refund applicable to you. To check your tax deduction on Form 26A, you have to go to https://incometaxindiaefiling.gov.in and login to your account. Next, you have to go to ‘My Account’ and click on ‘View Form 26AS’ in the drop down.

Conclusion

While filing your income tax return, ensure that you know the relevant ITR forms well, make the necessary disclosures, select appropriate assessment year, take advantage of 80C deductions and verify your TDS from Form 26A. This will ensure a smooth and hassle-free tax filing process.

For reference: http://www.incometaxindiaefiling.gov.in/main/ListOfITRsAndOtherForms

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Most of the individuals want to multiply their wealth but due to market risks, they hesitate while investing. They want to take low risks and higher returns. So, here is an investment option for you that will help you multiply your money and you can also enjoy tax rebates while calculating your annual income. This investment is known as National Saving Certificate and it is available at your nearest post office. This plan is an initiative by the government that helps the individuals to make a risk-free investment. So, you must first understand the meaning of this certificate and see how it will help you to grow your wealth at low risk.