Filing an income tax return (ITR) involves a lot of documents related to the taxpayer’s finances. These documents may not be required for submission, but are essential to finalise the ITR. Below are the different documents that are needed for filing ITR. PAN card and Form 16 PAN card and Form 16 are crucial for ITR filing and must … Read more
Prime Minster Narendra Modi on Thursday unveiled the taxpayers’ charter, which spells out the Income Tax (I-T) department’s commitments to taxpayers as well as expectations from them. Finance Minister Nirmala Sitharaman had announced that the charter was in the works during Union Budget 2020. Here are your key rights and duties under charter. Income tax department’s commitments … Read more
80C deduction, do you know what it is? It’s that time of the year again when you have to arrange for your tax proof documents and submit them to your employer. Whatever tax investments you had declared at the starting of the year, you will have to submit the supporting documents for those. Based on … Read more
ELSS funds are one of the best categories of mutual funds available in the market. Not only do they help to save tax but also aid in building wealth over the long term by investing in equity. Under Sec 80C, an individual can claim a tax deduction of up to Rs.1,50,000 by submitting the required … Read more
With the start of the new financial year, people are exploring various options to save on taxes. Under Sec 80C, the Government of India allows investments under various products for tax exemption. Some of them are PPF, ELSS (Equity linked savings scheme), PF, NPS, Senior Citizen Scheme etc. Contents What is ELSS? ELSS or equity … Read more